| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| For the transition period from to | |||||
| North Carolina | 1-6780 | 13-2607329 | ||||||||||||
| (State or other Jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
| Delaware | 333-237246 | 91-1313292 | ||||||||||||
| (State or other Jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
| Title of each class | Trading Symbol | Exchange | ||||||
| Common Shares, no par value, of Rayonier Inc. | RYN | New York Stock Exchange | ||||||
| Large Accelerated Filer |
☒
|
Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | ||||||||||||||||||||
| Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer |
☒
|
Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | ||||||||||||||||||||
| Item |
|
Page | |||||||||
| PART I | |||||||||||
| 1. | |||||||||||
| 1A. | |||||||||||
| 1B. | |||||||||||
| 2. | |||||||||||
| 3. | |||||||||||
| 4. | |||||||||||
| PART II | |||||||||||
| 5. | |||||||||||
| 6. | |||||||||||
| 7. | |||||||||||
| 7A. | |||||||||||
| 8. | |||||||||||
| 9. | |||||||||||
| 9A. | |||||||||||
| 9B. | |||||||||||
| PART III | |||||||||||
| 10. | |||||||||||
| 11. | |||||||||||
| 12. | |||||||||||
| 13. | |||||||||||
| 14. | |||||||||||
| PART IV | |||||||||||
| 15. | |||||||||||
| 16. | |||||||||||
| (volumes in thousands of SGT) | ||||||||||||||||||||||||||||||||||||||
| Location | Merchantable Inventory (a) | % | (“Look-through”) Merchantable Inventory (a) (b) | % | ||||||||||||||||||||||||||||||||||
| South | 64,300 | 67 | 64,300 | 70 | ||||||||||||||||||||||||||||||||||
| Pacific Northwest | 11,053 | 11 | 11,053 | 12 | ||||||||||||||||||||||||||||||||||
| New Zealand | 16,274 | 17 | 16,274 | 17 | ||||||||||||||||||||||||||||||||||
| Timber Funds | 5,134 | 5 | 591 | 1 | ||||||||||||||||||||||||||||||||||
| 96,761 | 100 | 92,218 | 100 | |||||||||||||||||||||||||||||||||||
| Segment | Competitors | ||||
| Southern Timber (a) | Weyerhaeuser Company | ||||
| CatchMark Timber Trust | |||||
| Hancock Timber Resource Group | |||||
| Resource Management Service | |||||
| Forest Investment Associates | |||||
| Campbell Global | |||||
| Pacific Northwest Timber (a) | Weyerhaeuser Company | ||||
| Hancock Timber Resource Group | |||||
| Green Diamond Resource Company | |||||
| Campbell Global | |||||
| Port Blakely Tree Farms | |||||
| State of Washington Department of Natural Resources | |||||
| Bureau of Indian Affairs | |||||
| Timber Funds (a) | Weyerhaeuser Company | ||||
| Hancock Timber Resource Group | |||||
| Green Diamond Resource Company | |||||
| Campbell Global | |||||
| Port Blakely Tree Farms | |||||
| State of Washington Department of Natural Resources | |||||
| Bureau of Indian Affairs | |||||
| Sierra Pacific Industries | |||||
| Fruit Growers Supply | |||||
| New Forests (c) | |||||
| Hearst Ranch (c) | |||||
| W.M. Beaty & Associates (c) | |||||
| U.S. Forest Service (c) | |||||
| Michigan-California Timber Company (c) | |||||
| New Zealand (b) | Hancock Natural Resource Group | ||||
| Kaingaroa Timberlands | |||||
| Ernslaw One | |||||
| OneFortyOne Plantations | |||||
| New Forests | |||||
| Core Timberland Holdings | |||||||||||||||||||||||||||||||||||
| (acres in 000s) | As of September 30, 2020 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||
| Owned | Leased | Total | Owned | Leased | Total | ||||||||||||||||||||||||||||||
| Southern | |||||||||||||||||||||||||||||||||||
| Alabama | 226 | 14 | 240 | 223 | 14 | 237 | |||||||||||||||||||||||||||||
| Arkansas | — | 7 | 7 | — | 6 | 6 | |||||||||||||||||||||||||||||
| Florida | 328 | 63 | 391 | 327 | 61 | 388 | |||||||||||||||||||||||||||||
| Georgia | 608 | 72 | 680 | 602 | 71 | 673 | |||||||||||||||||||||||||||||
| Louisiana | 140 | — | 140 | 140 | — | 140 | |||||||||||||||||||||||||||||
| Oklahoma | 92 | — | 92 | 92 | — | 92 | |||||||||||||||||||||||||||||
| South Carolina | 16 | — | 16 | 16 | — | 16 | |||||||||||||||||||||||||||||
| Texas | 183 | — | 183 | 181 | — | 181 | |||||||||||||||||||||||||||||
| 1,593 | 156 | 1,749 | 1,581 | 152 | 1,733 | ||||||||||||||||||||||||||||||
| Pacific Northwest | |||||||||||||||||||||||||||||||||||
| Oregon | 61 | — | 61 | 61 | — | 61 | |||||||||||||||||||||||||||||
| Washington | 442 | 4 | 446 | 442 | 4 | 446 | |||||||||||||||||||||||||||||
| 503 | 4 | 507 | 503 | 4 | 507 | ||||||||||||||||||||||||||||||
| New Zealand (a) | 185 | 231 | 416 | 185 | 232 | 417 | |||||||||||||||||||||||||||||
| Total | 2,281 | 391 | 2,672 | 2,269 | 388 | 2,657 | |||||||||||||||||||||||||||||
| Timber Fund Holdings | |||||||||||||||||||||||
| (acres in 000s) | As of September 30, 2020 | As of December 31, 2020 | |||||||||||||||||||||
| Total | Look-through | Total | Look-through | ||||||||||||||||||||
| Timber Funds | |||||||||||||||||||||||
| Oregon | 51 | 7 | 51 | 7 | |||||||||||||||||||
| Washington | 71 | 9 | 71 | 9 | |||||||||||||||||||
| California | 19 | 1 | 19 | 1 | |||||||||||||||||||
| Total | 141 | 17 | 141 | 17 | |||||||||||||||||||
| (acres in 000s) | Acres Owned | ||||||||||||||||||||||||||||
| December 31, 2019 | Acquisitions | Sales | Other (a) | December 31, 2020 | |||||||||||||||||||||||||
| Southern | |||||||||||||||||||||||||||||
| Alabama | 226 | — | (3) | — | 223 | ||||||||||||||||||||||||
| Florida | 331 | — | (9) | 5 | 327 | ||||||||||||||||||||||||
| Georgia | 628 | — | (26) | — | 602 | ||||||||||||||||||||||||
| Louisiana | 128 | 12 | — | — | 140 | ||||||||||||||||||||||||
| Mississippi | 67 | — | (67) | — | — | ||||||||||||||||||||||||
| Oklahoma | 92 | — | — | — | 92 | ||||||||||||||||||||||||
| South Carolina | 18 | — | (2) | — | 16 | ||||||||||||||||||||||||
| Texas | 184 | — | (3) | — | 181 | ||||||||||||||||||||||||
| 1,674 | 12 | (110) | 5 | 1,581 | |||||||||||||||||||||||||
| Pacific Northwest | |||||||||||||||||||||||||||||
| Oregon | 61 | — | — | — | 61 | ||||||||||||||||||||||||
| Washington | 318 | 120 | — | 4 | 442 | ||||||||||||||||||||||||
| 379 | 120 | — | 4 | 503 | |||||||||||||||||||||||||
| New Zealand (b) | 185 | — | — | — | 185 | ||||||||||||||||||||||||
| Total | 2,238 | 132 | (110) | 9 | 2,269 | ||||||||||||||||||||||||
| (acres in 000s) | Acres Leased | ||||||||||||||||||||||||||||
| December 31, 2019 | New Leases | Sold/Expired Leases (a) | Other (b) | December 31, 2020 | |||||||||||||||||||||||||
| Southern | |||||||||||||||||||||||||||||
| Alabama | 14 | — | — | — | 14 | ||||||||||||||||||||||||
| Arkansas | 7 | — | (1) | — | 6 | ||||||||||||||||||||||||
| Florida | 63 | — | (2) | — | 61 | ||||||||||||||||||||||||
| Georgia | 77 | — | (6) | — | 71 | ||||||||||||||||||||||||
| 161 | — | (9) | — | 152 | |||||||||||||||||||||||||
| Pacific Northwest | |||||||||||||||||||||||||||||
| Washington | — | 4 | — | — | 4 | ||||||||||||||||||||||||
| New Zealand (c) | 229 | 3 | — | — | 232 | ||||||||||||||||||||||||
| Total | 390 | 7 | (9) | — | 388 | ||||||||||||||||||||||||
| (acres in 000s) | Acres Owned | ||||||||||||||||||||||||||||
| December 31, 2019 | Acquisitions | Sales | Other | December 31, 2020 | |||||||||||||||||||||||||
| Fund II | |||||||||||||||||||||||||||||
| Oregon | — | 18 | — | — | 18 | ||||||||||||||||||||||||
| Washington | — | 13 | — | — | 13 | ||||||||||||||||||||||||
| Total Fund II | — | 31 | — | — | 31 | ||||||||||||||||||||||||
| Look-through share of Fund II | — | 6 | — | — | 6 | ||||||||||||||||||||||||
| Fund III | |||||||||||||||||||||||||||||
| Oregon | — | 13 | — | — | 13 | ||||||||||||||||||||||||
| Washington | — | 25 | — | — | 25 | ||||||||||||||||||||||||
| California | — | 19 | — | — | 19 | ||||||||||||||||||||||||
| Total Fund III | — | 57 | — | — | 57 | ||||||||||||||||||||||||
| Look-through share of Fund III | — | 3 | — | — | 3 | ||||||||||||||||||||||||
| Fund IV | |||||||||||||||||||||||||||||
| Oregon | — | 20 | — | — | 20 | ||||||||||||||||||||||||
| Washington | — | 33 | — | — | 33 | ||||||||||||||||||||||||
| Total Fund IV | — | 53 | — | — | 53 | ||||||||||||||||||||||||
| Look-through share of Fund IV | — | 8 | — | — | 8 | ||||||||||||||||||||||||
| Total Timber Funds | — | 141 | — | — | 141 | ||||||||||||||||||||||||
| Look-through share of Funds | — | 17 | — | — | 17 | ||||||||||||||||||||||||
| (acres in 000s) | Lease Expiration | |||||||||||||||||||||||||||||||||||||
| Location | Type of Lease | Total | 2021-2030 | 2031-2040 | 2041-2050 | Thereafter | ||||||||||||||||||||||||||||||||
| Southern | Fixed Term | 138 | 90 | 42 | — | 6 | ||||||||||||||||||||||||||||||||
| Fixed Term with Renewal Option (a) | 14 | 7 | 7 | — | — | |||||||||||||||||||||||||||||||||
| Pacific Northwest | Fixed Term (b) | 4 | — | 1 | 2 | 1 | ||||||||||||||||||||||||||||||||
| New Zealand | CFL - Perpetual (c) | 77 | — | — | — | 77 | ||||||||||||||||||||||||||||||||
| CFL - Fixed Term (c) | 3 | — | — | — | 3 | |||||||||||||||||||||||||||||||||
| CFL - Terminating (c) | 9 | 1 | — | 8 | — | |||||||||||||||||||||||||||||||||
| Forestry Right (c) | 127 | 18 | 26 | 9 | 74 | |||||||||||||||||||||||||||||||||
| Fixed Term Land Leases | 16 | — | — | 2 | 14 | |||||||||||||||||||||||||||||||||
| Total Acres under Long-term Leases | 388 | 116 | 76 | 21 | 175 | |||||||||||||||||||||||||||||||||
| Period |
Total Number of Shares Purchased (a)
|
Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (c) | |||||||||||||||||||||||||
| October 1 to October 31 | — | — | — | 3,456,598 | |||||||||||||||||||||||||
| November 1 to November 30 | 29 | $27.70 | — | 3,114,251 | |||||||||||||||||||||||||
| December 1 to December 31 | — | — | — | 2,985,992 | |||||||||||||||||||||||||
| Total | 29 | — | |||||||||||||||||||||||||||
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
| Rayonier Inc. | $100 | $124 | $153 | $138 | $170 | $159 | |||||||||||||||||||||||||||||
|
S&P 500® Index
|
100 | 112 | 136 | 130 | 171 | 203 | |||||||||||||||||||||||||||||
|
S&P® Global Timber and Forestry Index
|
100 | 111 | 146 | 117 | 136 | 161 | |||||||||||||||||||||||||||||
|
S&P® 1500 Real Estate Sector Index1
|
100 | 109 | 124 | 122 | 167 | 179 | |||||||||||||||||||||||||||||
| Financial Information (in millions of dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Sales | |||||||||||||||||
| Southern Timber | $191.8 | $194.1 | $170.0 | ||||||||||||||
| Pacific Northwest Timber | 120.8 | 85.4 | 109.8 | ||||||||||||||
| New Zealand Timber | 202.3 | 241.9 | 249.0 | ||||||||||||||
| Timber Funds | 29.6 | — | — | ||||||||||||||
| Real Estate | |||||||||||||||||
| Improved Development | 14.5 | 5.9 | 8.4 | ||||||||||||||
| Unimproved Development | 8.4 | 19.5 | 8.6 | ||||||||||||||
| Rural (a) | 67.2 | 47.7 | 46.3 | ||||||||||||||
| Timberlands & Non-Strategic - U.S. (a) | 19.3 | 1.3 | 47.4 | ||||||||||||||
| Timberlands & Non-Strategic - N.Z. | — | — | 27.9 | ||||||||||||||
| Conservation Easement | 3.1 | — | — | ||||||||||||||
| Deferred Revenue/Other (b) | 0.9 | 0.5 | — | ||||||||||||||
| Large Dispositions | 116.0 | — | — | ||||||||||||||
| Total Real Estate | 229.3 | 74.9 | 138.6 | ||||||||||||||
| Trading | 89.0 | 115.4 | 148.8 | ||||||||||||||
| Intersegment Eliminations | (3.6) | (0.1) | (0.1) | ||||||||||||||
| Total Sales | $859.2 | $711.6 | $816.1 | ||||||||||||||
| Operating Income (Loss) | |||||||||||||||||
| Southern Timber | $41.3 | $57.8 | $44.2 | ||||||||||||||
| Pacific Northwest Timber | (10.0) | (12.4) | 8.1 | ||||||||||||||
| New Zealand Timber | 30.0 | 48.0 | 62.8 | ||||||||||||||
| Timber Funds | (13.2) | — | — | ||||||||||||||
| Real Estate (c) | 72.0 | 38.7 | 76.2 | ||||||||||||||
| Trading | (0.5) | — | 1.0 | ||||||||||||||
| Corporate and other | (45.2) | (25.1) | (22.3) | ||||||||||||||
| Operating Income | 74.4 | 107.0 | 170.1 | ||||||||||||||
| Interest Expense | (38.8) | (31.7) | (32.1) | ||||||||||||||
| Interest and other miscellaneous income, net | 1.2 | 5.3 | 4.6 | ||||||||||||||
| Income Tax Expense | (7.0) | (12.9) | (25.3) | ||||||||||||||
| Net Income (c) | 29.8 | 67.7 | 117.3 | ||||||||||||||
| Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates | 7.8 | (8.6) | (15.1) | ||||||||||||||
| Net Income Attributable to Rayonier, L.P. (c) | $37.6 | $59.1 | $102.2 | ||||||||||||||
| Less: Net income attributable to noncontrolling interest in the Operating Partnership | (0.5) | — | — | ||||||||||||||
| Net Income Attributable to Rayonier Inc. (c) | $37.1 | $59.1 | $102.2 | ||||||||||||||
| Adjusted EBITDA (d) | |||||||||||||||||
| Southern Timber | $109.1 | $119.7 | $102.8 | ||||||||||||||
| Pacific Northwest Timber | 37.1 | 16.7 | 40.9 | ||||||||||||||
| New Zealand Timber | 55.0 | 75.8 | 90.8 | ||||||||||||||
| Timber Funds | 1.8 | — | — | ||||||||||||||
| Real Estate | 91.4 | 59.5 | 123.4 | ||||||||||||||
| Trading | (0.5) | — | 1.0 | ||||||||||||||
| Corporate and other | (26.6) | (23.9) | (21.1) | ||||||||||||||
| Total Adjusted EBITDA (d) | $267.4 | $247.8 | $337.7 | ||||||||||||||
| Southern Timber Overview | 2020 | 2019 | 2018 | ||||||||||||||
| Sales Volume (in thousands of tons) | |||||||||||||||||
| Pine Pulpwood | 3,804 | 3,640 | 3,444 | ||||||||||||||
| Pine Sawtimber | 2,243 | 2,191 | 2,034 | ||||||||||||||
| Total Pine Volume | 6,047 | 5,831 | 5,478 | ||||||||||||||
| Hardwood | 152 | 235 | 240 | ||||||||||||||
| Total Volume | 6,199 | 6,066 | 5,718 | ||||||||||||||
| Percentage Delivered Sales | 41 | % | 33 | % | 30 | % | |||||||||||
| Percentage Stumpage Sales | 59 | % | 67 | % | 70 | % | |||||||||||
| Net Stumpage Prices (dollars per ton) | |||||||||||||||||
| Pine Pulpwood | $15.83 | $16.42 | $16.20 | ||||||||||||||
| Pine Sawtimber | 25.72 | 24.86 | 25.59 | ||||||||||||||
| Weighted Average Pine | $19.50 | $19.59 | $19.69 | ||||||||||||||
| Hardwood | 11.52 | 16.93 | 12.27 | ||||||||||||||
| Weighted Average Total | $19.30 | $19.49 | $19.37 | ||||||||||||||
| Summary Financial Data (in millions of dollars) | |||||||||||||||||
| Timber Sales | $170.2 | $159.2 | $143.9 | ||||||||||||||
| Less: Cut, Haul & Freight | (50.6) | (41.0) | (33.1) | ||||||||||||||
| Net Stumpage Sales | $119.6 | $118.2 | $110.8 | ||||||||||||||
| Non-Timber Sales | 21.6 | 35.0 | 26.1 | ||||||||||||||
| Total Sales | $191.8 | $194.1 | $170.0 | ||||||||||||||
| Operating Income | $41.3 | $57.8 | $44.2 | ||||||||||||||
| (+) Timber write-offs resulting from casualty events (a) | 6.0 | — | — | ||||||||||||||
| (+) Depreciation, depletion and amortization | 61.8 | 61.9 | 58.6 | ||||||||||||||
| Adjusted EBITDA (b) | $109.1 | $119.7 | $102.8 | ||||||||||||||
| Other Data | |||||||||||||||||
| Year-End Acres (in thousands) | 1,733 | 1,835 | 1,807 | ||||||||||||||
| Pacific Northwest Timber Overview | 2020 | 2019 | 2018 | ||||||||||||||
| Sales Volume (in thousands of tons) | |||||||||||||||||
| Pulpwood | 297 | 254 | 299 | ||||||||||||||
| Sawtimber | 1,306 | 956 | 1,007 | ||||||||||||||
| Total Volume | 1,603 | 1,211 | 1,305 | ||||||||||||||
| Sales Volume (converted to MBF) | |||||||||||||||||
| Pulpwood | 28,184 | 24,109 | 28,307 | ||||||||||||||
| Sawtimber | 169,715 | 126,717 | 132,795 | ||||||||||||||
| Total Volume | 197,899 | 150,826 | 161,102 | ||||||||||||||
| Percentage Delivered Sales | 90 | % | 94 | % | 86 | % | |||||||||||
| Percentage Sawtimber Sales | 82 | % | 79 | % | 77 | % | |||||||||||
| Delivered Log Pricing (in dollars per ton) | |||||||||||||||||
| Pulpwood | $35.51 | $41.09 | $47.82 | ||||||||||||||
| Sawtimber | 84.93 | 78.41 | 96.24 | ||||||||||||||
| Weighted Average Log Price | $75.44 | $70.34 | $84.29 | ||||||||||||||
| Summary Financial Data (in millions of dollars) | |||||||||||||||||
| Timber Sales | $116.6 | $82.7 | $106.5 | ||||||||||||||
| Less: Cut and Haul | (54.6) | (45.9) | (44.9) | ||||||||||||||
| Net Stumpage Sales | $62.0 | $36.8 | $61.5 | ||||||||||||||
| Non-Timber Sales | 4.2 | 2.7 | 3.4 | ||||||||||||||
| Total Sales | $120.8 | $85.4 | $109.8 | ||||||||||||||
| Operating (Loss) Income | ($10.0) | ($12.4) | $8.1 | ||||||||||||||
| (+) Depreciation, depletion and amortization | 47.1 | 29.2 | 32.8 | ||||||||||||||
| Adjusted EBITDA (a) | $37.1 | $16.7 | $40.9 | ||||||||||||||
| Other Data | |||||||||||||||||
| Year-End Acres (in thousands) | 507 | 379 | 378 | ||||||||||||||
| Sawtimber (in dollars per MBF) (b) | $666 | $587 | $725 | ||||||||||||||
| Estimated Percentage of Export Volume | 10 | % | 17 | % | 23 | % | |||||||||||
| New Zealand Timber Overview | 2020 | 2019 | 2018 | ||||||||||||||
| Sales Volume (in thousands of tons) | |||||||||||||||||
| Domestic Pulpwood (Delivered) | 470 | 490 | 507 | ||||||||||||||
| Domestic Sawtimber (Delivered) | 665 | 803 | 864 | ||||||||||||||
| Export Pulpwood (Delivered) | 133 | 148 | 94 | ||||||||||||||
| Export Sawtimber (Delivered) | 1,221 | 1,290 | 1,210 | ||||||||||||||
| Total Volume | 2,488 | 2,731 | 2,675 | ||||||||||||||
| Delivered Log Pricing (in dollars per ton) | |||||||||||||||||
| Domestic Pulpwood | $33.79 | $37.93 | $37.00 | ||||||||||||||
| Domestic Sawtimber | 70.37 | 77.85 | 83.29 | ||||||||||||||
| Export Sawtimber | 98.47 | 105.65 | 117.03 | ||||||||||||||
| Weighted Average Log Price | $78.17 | $84.75 | $90.44 | ||||||||||||||
| Summary Financial Data (in millions of dollars) | |||||||||||||||||
| Timber Sales | $194.5 | $231.4 | $241.9 | ||||||||||||||
| Less: Cut and Haul | (77.6) | (88.1) | (85.9) | ||||||||||||||
| Less: Port and Freight Costs | (42.9) | (51.0) | (49.5) | ||||||||||||||
| Net Stumpage Sales | $74.0 | $92.3 | $106.5 | ||||||||||||||
| Non-Timber Sales / Carbon Credits | 7.8 | 10.5 | 7.1 | ||||||||||||||
| Total Sales | $202.3 | $241.9 | $249.0 | ||||||||||||||
| Operating Income | $30.0 | $48.0 | $62.8 | ||||||||||||||
| (+) Depreciation, depletion and amortization | 25.0 | 27.8 | 28.0 | ||||||||||||||
| Adjusted EBITDA (a) | $55.0 | $75.8 | $90.8 | ||||||||||||||
| Other Data | |||||||||||||||||
| New Zealand Dollar to U.S. Dollar Exchange Rate (b) | 0.6522 | 0.6615 | 0.6935 | ||||||||||||||
| Net Plantable Year-End Acres (in thousands) | 296 | 295 | 289 | ||||||||||||||
|
Export Sawtimber (in dollars per JAS m3)
|
$114.50 | $122.84 | $136.07 | ||||||||||||||
| Domestic Sawtimber (in $NZD per tonne) | $118.69 | $129.46 | $132.22 | ||||||||||||||
| Timber Funds Overview | 2020 | 2019 | 2018 | |||||||||||||||||
| Sales Volume (in thousands of tons) | ||||||||||||||||||||
| Pulpwood | 27 | — | — | |||||||||||||||||
| Sawtimber | 288 | — | — | |||||||||||||||||
| Total Volume | 315 | — | — | |||||||||||||||||
| Summary Financial Data (in millions of dollars) | ||||||||||||||||||||
| Timber Sales | $26.0 | — | — | |||||||||||||||||
| Less: Cut and Haul | (10.2) | — | — | |||||||||||||||||
| Net Stumpage Sales | $15.8 | — | — | |||||||||||||||||
| Non-Timber Sales | $0.1 | — | — | |||||||||||||||||
| Timberland Management Fees | 3.4 | — | — | |||||||||||||||||
| Total Sales | $29.6 | — | — | |||||||||||||||||
| Operating Loss | ($13.2) | — | — | |||||||||||||||||
| Operating loss attributable to NCI in Timber Funds | 11.6 | — | — | |||||||||||||||||
| (+) Timber write-offs resulting from casualty events attributable to Rayonier (a) | 1.8 | — | — | |||||||||||||||||
| (+) Depreciation, depletion and amortization (“Look-through”) | 1.6 | — | — | |||||||||||||||||
| Adjusted EBITDA (b) | $1.8 | — | — | |||||||||||||||||
| Other Data | ||||||||||||||||||||
| Year-End Acres (in thousands) | 141 | — | — | |||||||||||||||||
| “Look-through” Year-End Acres (in thousands) | 17 | — | — | |||||||||||||||||
| Trading Overview | 2020 | 2019 | 2018 | |||||||||||||||||
| Sales Volume (in thousands of tons) | ||||||||||||||||||||
| U.S. Pacific Northwest | 1 | 1 | — | |||||||||||||||||
| NZ Trading - Domestic | 28 | 67 | 90 | |||||||||||||||||
| NZ Trading - Export | 931 | 1,039 | 1,221 | |||||||||||||||||
| Total Volume | 960 | 1,107 | 1,311 | |||||||||||||||||
| Summary Financial Data (in millions of dollars) | ||||||||||||||||||||
| Trading Sales | $87.6 | $114.6 | $148.1 | |||||||||||||||||
| Non-Timber Sales | 1.4 | 0.8 | 0.7 | |||||||||||||||||
| Total Sales | $89.0 | $115.4 | $148.8 | |||||||||||||||||
| Operating (Loss) Income | ($0.5) | — | $1.0 | |||||||||||||||||
| Adjusted EBITDA (a) | ($0.5) | — | $1.0 | |||||||||||||||||
| Real Estate Overview | 2020 | 2019 | 2018 | ||||||||||||||
| Sales (in millions of dollars) | |||||||||||||||||
| Improved Development (a) | $14.5 | $5.9 | $8.4 | ||||||||||||||
| Unimproved Development | 8.4 | 19.5 | 8.6 | ||||||||||||||
| Rural (b) | 67.2 | 47.7 | 46.3 | ||||||||||||||
| Timberland & Non-Strategic - U.S. (b) | 19.3 | 1.3 | 47.4 | ||||||||||||||
| Timberland & Non-Strategic - N.Z. | — | — | 27.9 | ||||||||||||||
| Conservation Easement | 3.1 | — | — | ||||||||||||||
| Deferred Revenue/Other (d) | 0.9 | 0.5 | — | ||||||||||||||
| Large Dispositions (c) | 116.0 | — | — | ||||||||||||||
| Total Sales | $229.3 | $74.9 | $138.6 | ||||||||||||||
| Acres Sold | |||||||||||||||||
| Improved Development (a) | 330 | 44 | 44 | ||||||||||||||
| Unimproved Development | 570 | 1,196 | 751 | ||||||||||||||
| Rural (b) | 22,437 | 15,089 | 11,427 | ||||||||||||||
| Timberland & Non-Strategic - U.S. (b) | 20,701 | 821 | 16,396 | ||||||||||||||
| Timberland & Non-Strategic - N.Z. (e) | — | — | 4,996 | ||||||||||||||
| Large Dispositions (c) | 66,946 | — | — | ||||||||||||||
| Total Acres Sold | 110,984 | 17,151 | 33,614 | ||||||||||||||
| Price per Acre (dollars per acre) | |||||||||||||||||
| Improved Development (a) | $43,957 | $132,412 | $189,154 | ||||||||||||||
| Unimproved Development | 14,780 | 16,290 | 11,486 | ||||||||||||||
| Rural (b) | 2,993 | 3,158 | 4,050 | ||||||||||||||
| Timberland & Non-Strategic - U.S. (b) | 930 | 1,629 | 2,889 | ||||||||||||||
| Timberland & Non-Strategic - N.Z. | — | — | 5,588 | ||||||||||||||
| Large Dispositions (c) | 1,733 | — | — | ||||||||||||||
| Weighted Average (Total) (f) | $2,483 | $4,335 | $4,121 | ||||||||||||||
| Weighted Average (Adjusted) (g) | $2,170 | $4,002 | $3,878 | ||||||||||||||
| Total Sales (Excluding Large Dispositions) | $113.3 | $74.9 | $138.6 | ||||||||||||||
| Operating Income | $72.0 | $38.7 | $76.2 | ||||||||||||||
| (+) Depreciation, depletion and amortization - U.S. | 17.7 | 8.2 | 19.1 | ||||||||||||||
| (+) Depreciation, depletion and amortization - N.Z. | — | — | 4.5 | ||||||||||||||
| (+) Non-cash cost of land and improved development - U.S. | 30.4 | 12.6 | 23.6 | ||||||||||||||
| (–) Large Dispositions (c) | (28.7) | — | — | ||||||||||||||
| Adjusted EBITDA (h) | $91.4 | $59.5 | $123.4 | ||||||||||||||
| Capital Expenditures By Segment | 2020 | 2019 | 2018 | ||||||||||||||
| Timber Capital Expenditures (in millions of dollars) | |||||||||||||||||
| Southern Timber | |||||||||||||||||
| Reforestation, silvicultural and other capital expenditures | $20.7 | $18.8 | $20.0 | ||||||||||||||
| Property taxes | 6.8 | 7.1 | 6.6 | ||||||||||||||
| Lease and timber deed payments | 3.5 | 4.4 | 4.6 | ||||||||||||||
| Allocated overhead | 4.4 | 4.3 | 4.2 | ||||||||||||||
| Subtotal Southern Timber | $35.5 | $34.6 | $35.4 | ||||||||||||||
| Pacific Northwest Timber | |||||||||||||||||
| Reforestation, silvicultural and other capital expenditures | 6.5 | 7.4 | 6.2 | ||||||||||||||
| Property taxes | 0.8 | 0.7 | 0.8 | ||||||||||||||
| Allocated overhead | 4.1 | 3.1 | 2.4 | ||||||||||||||
| Subtotal Pacific Northwest Timber | $11.4 | $11.2 | $9.3 | ||||||||||||||
| New Zealand Timber | |||||||||||||||||
| Reforestation, silvicultural and other capital expenditures | 8.9 | 9.4 | 9.7 | ||||||||||||||
| Property taxes | 0.7 | 0.6 | 0.7 | ||||||||||||||
| Lease and timber deed payments | 4.3 | 4.7 | 4.1 | ||||||||||||||
| Allocated overhead | 2.7 | 2.6 | 2.8 | ||||||||||||||
| Subtotal New Zealand Timber | $16.6 | $17.4 | $17.3 | ||||||||||||||
| Total Timber Segments Capital Expenditures | $63.5 | $63.2 | $62.0 | ||||||||||||||
| Timber Funds (“Look-through”) (a) | 0.3 | — | — | ||||||||||||||
| Real Estate | 0.4 | 0.2 | 0.3 | ||||||||||||||
| Corporate | — | 0.6 | — | ||||||||||||||
| Total Capital Expenditures | $64.2 | $64.0 | $62.3 | ||||||||||||||
| Timberland Acquisitions | |||||||||||||||||
| Southern Timber | $24.2 | $98.9 | $45.9 | ||||||||||||||
| Pacific Northwest Timber | — | 7.3 | — | ||||||||||||||
| New Zealand Timber | 0.5 | 36.0 | 11.7 | ||||||||||||||
| Total Timberland Acquisitions | $24.7 | $142.3 | $57.6 | ||||||||||||||
| Real Estate Development Investments (b) | $6.5 | $6.8 | $9.5 | ||||||||||||||
| Sales | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | $194.1 | $85.4 | $241.9 | — | $74.9 | $115.4 | ($0.1) | $711.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Volume | 2.6 | 12.0 | (20.5) | — | 113.0 | (15.3) | — | 91.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Price | (1.2) | 13.2 | (10.3) | — | (78.9) | (11.7) | — | (88.9) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Non-timber sales | (13.3) | 1.5 | (2.5) | — | — | 0.6 | — | (13.7) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign exchange (a) | — | — | (1.0) | — | — | — | — | (1.0) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other | 9.6 | (b) | 8.7 | (b) | (5.3) | (c) | 29.6 | (d) | 120.3 | (e) | — | (3.5) | (f) | 159.4 | ||||||||||||||||||||||||||||||||||||||||||
| 2020 | $191.8 | $120.8 | $202.3 | $29.6 | $229.3 | $89.0 | ($3.6) | $859.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Income | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||
| 2019 | $57.8 | ($12.4) | $48.0 | — | $38.7 | — | ($25.1) | $107.0 | ||||||||||||||||||||||||||||||||||||||||||
| Volume | 1.3 | — | (6.0) | — | 81.1 | — | — | 76.4 | ||||||||||||||||||||||||||||||||||||||||||
| Price (a) | (1.2) | 13.2 | (10.3) | — | (78.9) | — | — | (77.2) | ||||||||||||||||||||||||||||||||||||||||||
| Cost | 1.4 | (3.7) | (0.2) | — | (4.1) | (0.2) | (2.6) | (9.4) | ||||||||||||||||||||||||||||||||||||||||||
| Non-timber income | (13.4) | 1.5 | (2.0) | — | — | (0.3) | — | (14.2) | ||||||||||||||||||||||||||||||||||||||||||
| Foreign exchange (b) | — | — | 0.3 | — | — | — | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation, depletion & amortization | 1.4 | (8.6) | 0.2 | — | 2.9 | — | (0.3) | (4.4) | ||||||||||||||||||||||||||||||||||||||||||
| Non-cash cost of land and improved development | — | — | — | — | 1.4 | — | — | 1.4 | ||||||||||||||||||||||||||||||||||||||||||
| Other (c) | (6.0) | — | — | (13.2) | 30.9 | — | (17.2) | (5.5) | ||||||||||||||||||||||||||||||||||||||||||
| 2020 | $41.3 | ($10.0) | $30.0 | ($13.2) | $72.0 | ($0.5) | ($45.2) | $74.4 | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA (a) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||
| 2019 | $119.7 | $16.7 | $75.8 | — | $59.5 | — | ($23.9) | $247.8 | ||||||||||||||||||||||||||||||||||||||||||
| Volume | 2.6 | 9.4 | (8.2) | — | 112.9 | — | — | 116.7 | ||||||||||||||||||||||||||||||||||||||||||
| Price (b) | (1.2) | 13.2 | (10.3) | — | (78.9) | — | — | (77.2) | ||||||||||||||||||||||||||||||||||||||||||
| Cost | 1.4 | (3.7) | (0.2) | — | (4.1) | (0.2) | (2.6) | (9.4) | ||||||||||||||||||||||||||||||||||||||||||
| Non-timber income | (13.4) | 1.5 | (2.0) | — | — | (0.3) | — | (14.2) | ||||||||||||||||||||||||||||||||||||||||||
| Foreign exchange (c) | — | — | (0.1) | — | — | — | — | (0.1) | ||||||||||||||||||||||||||||||||||||||||||
| Other (d) | — | — | — | 1.8 | 2.0 | — | — | 3.8 | ||||||||||||||||||||||||||||||||||||||||||
| 2020 | $109.1 | $37.1 | $55.0 | $1.8 | $91.4 | ($0.5) | ($26.6) | $267.4 | ||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Shares of common stock issued under the ATM program | 1,103,012 | — | |||||||||
| Gross proceeds | $33.4 | — | |||||||||
| As of December 31, | |||||||||||||||||
| (in millions of dollars) | 2020 | 2019 | 2018 | ||||||||||||||
| Cash and cash equivalents (excluding Timber Funds) | $80.5 | $68.7 | $148.4 | ||||||||||||||
| Total debt (excluding Timber Funds) (a) | 1,294.9 | 1,057.0 | 975.0 | ||||||||||||||
| Noncontrolling interest in the Operating Partnership | 130.1 | — | — | ||||||||||||||
| Shareholders’ equity | 1,862.6 | 1,537.6 | 1,654.6 | ||||||||||||||
| Net Income Attributable to Rayonier Inc. | 37.1 | 59.1 | 102.2 | ||||||||||||||
| Adjusted EBITDA (b) | 267.4 | 247.8 | 337.7 | ||||||||||||||
| Total capitalization (total debt plus permanent and temporary equity) | 3,287.6 | 2,594.6 | 2,629.6 | ||||||||||||||
| Debt to capital ratio | 39 | % | 41 | % | 37 | % | |||||||||||
| Debt to Adjusted EBITDA (b) | 4.8 | 4.3 | 2.9 | ||||||||||||||
| Net debt to Adjusted EBITDA (b)(c) | 4.5 | 4.0 | 2.4 | ||||||||||||||
| Net debt to enterprise value (c)(d) | 23 | % | 19 | % | 19 | % | |||||||||||
| (in millions) | December 31, 2020 | December 31, 2019 | |||||||||
| Current assets | $69.7 | $51.7 | |||||||||
| Non-current assets | 48.3 | 48.8 | |||||||||
| Current liabilities | 21.0 | 100.2 | |||||||||
| Non-current liabilities | 1,942.4 | 1,632.7 | |||||||||
| Due to non-guarantors | 596.7 | 587.0 | |||||||||
| (in millions) | December 31, 2020 | December 31, 2019 | |||||||||
| Cost and expenses | ($43.4) | ($22.0) | |||||||||
| Operating loss | (43.4) | (22.0) | |||||||||
| Net loss | (81.3) | (54.2) | |||||||||
| Revenue from non-guarantors | 859.2 | 711.6 | |||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Total cash provided by (used for): | |||||||||||||||||
| Operating activities | $204.2 | $214.3 | $310.1 | ||||||||||||||
| Investing activities | (213.6) | (219.4) | (132.9) | ||||||||||||||
| Financing activities | 27.0 | (79.6) | (193.7) | ||||||||||||||
| Effect of exchange rate changes on cash | (0.1) | (1.8) | 0.6 | ||||||||||||||
| Change in cash, cash equivalents and restricted cash | $17.5 | ($86.5) | ($15.9) | ||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
| Net Income to Adjusted EBITDA Reconciliation | |||||||||||||||||||||||||||||
| Net Income | $29.8 | $67.7 | $117.3 | ||||||||||||||||||||||||||
| Operating loss attributable to NCI in Timber Funds | 11.6 | — | — | ||||||||||||||||||||||||||
| Interest, net attributable to NCI in Timber Funds | 0.5 | — | — | ||||||||||||||||||||||||||
| Income Tax expense attributable to NCI in Timber Funds | 0.2 | — | — | ||||||||||||||||||||||||||
| Net income (Excluding NCI in Timber Funds) | 42.1 | 67.7 | 117.3 | ||||||||||||||||||||||||||
| Interest, net and miscellaneous income attributable to Rayonier | 38.0 | 29.1 | 29.7 | ||||||||||||||||||||||||||
| Income tax expense attributable to Rayonier | 6.8 | 12.9 | 25.2 | ||||||||||||||||||||||||||
| Depreciation, depletion and amortization attributable to Rayonier | 154.7 | 128.2 | 144.1 | ||||||||||||||||||||||||||
|
Non-cash cost of land and improved development
|
30.4 | 12.6 | 23.6 | ||||||||||||||||||||||||||
| Timber write-offs resulting from casualty events attributable to Rayonier (a) | 7.9 | — | — | ||||||||||||||||||||||||||
| Non-operating income | (0.9) | (2.7) | (2.2) | ||||||||||||||||||||||||||
| Costs related to the merger with Pope Resources (b) | 17.2 | — | — | ||||||||||||||||||||||||||
| Large Dispositions (c) | (28.7) | — | — | ||||||||||||||||||||||||||
| Adjusted EBITDA | $267.4 | $247.8 | $337.7 | ||||||||||||||||||||||||||
| Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading |
Corporate
and Other |
Total | |||||||||||||||||||||||||||||||||||||||||||
| 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $41.3 | ($10.0) | $30.0 | ($13.2) | $72.0 | ($0.5) | ($45.2) | $74.4 | ||||||||||||||||||||||||||||||||||||||||||
| Add: | Operating loss attributable to NCI in Timber Funds (a) | — | — | — | 11.6 | — | — | — | 11.6 | |||||||||||||||||||||||||||||||||||||||||
| Add: | Timber write-offs resulting from casualty events attributable to Rayonier (b) | 6.0 | — | — | 1.8 | — | — | — | 7.9 | |||||||||||||||||||||||||||||||||||||||||
| Add: | Costs related to the merger with Pope Resources (c) | — | — | — | — | — | — | 17.2 | 17.2 | |||||||||||||||||||||||||||||||||||||||||
| Add: | Depreciation, depletion and amortization | 61.8 | 47.1 | 25.0 | 1.6 | 17.7 | — | 1.4 | 154.7 | |||||||||||||||||||||||||||||||||||||||||
| Add: | Non-cash cost of land and improved development | — | — | — | — | 30.4 | — | — | 30.4 | |||||||||||||||||||||||||||||||||||||||||
| Less: | Large Dispositions (d) | — | — | — | — | (28.7) | — | — | (28.7) | |||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $109.1 | $37.1 | $55.0 | $1.8 | $91.4 | ($0.5) | ($26.6) | $267.4 | ||||||||||||||||||||||||||||||||||||||||||
| 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $57.8 | ($12.4) | $48.0 | — | $38.7 | — | ($25.1) | $107.0 | ||||||||||||||||||||||||||||||||||||||||||
| Add: | Depreciation, depletion and amortization | 61.9 | 29.2 | 27.8 | — | 8.2 | — | 1.2 | 128.2 | |||||||||||||||||||||||||||||||||||||||||
| Add: | Non-cash cost of land and improved development | — | — | — | — | 12.6 | — | — | 12.6 | |||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $119.7 | $16.7 | $75.8 | — | $59.5 | — | ($23.9) | $247.8 | ||||||||||||||||||||||||||||||||||||||||||
| 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $44.2 | $8.1 | $62.8 | — | $76.2 | $1.0 | ($22.3) | $170.1 | ||||||||||||||||||||||||||||||||||||||||||
| Add: | Depreciation, depletion and amortization | 58.6 | 32.8 | 28.0 | — | 23.6 | — | 1.2 | 144.1 | |||||||||||||||||||||||||||||||||||||||||
| Add: | Non-cash cost of land and improved development | — | — | — | — | 23.6 | — | — | 23.6 | |||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $102.8 | $40.9 | $90.8 | — | $123.4 | $1.0 | ($21.1) | $337.7 | ||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
| Cash provided by operating activities | $204.2 | $214.3 | $310.1 | ||||||||||||||||||||||||||
| Capital expenditures from continuing operations (a) | (66.5) | (64.0) | (62.3) | ||||||||||||||||||||||||||
| Costs related to the merger with Pope Resources (b) | 17.2 | — | — | ||||||||||||||||||||||||||
| CAD attributable to NCI in Timber Funds | (2.8) | — | — | ||||||||||||||||||||||||||
| Working capital and other balance sheet changes | 10.3 | (0.9) | (7.7) | ||||||||||||||||||||||||||
| CAD | $162.4 | $149.4 | $240.1 | ||||||||||||||||||||||||||
| Mandatory debt repayments (c) | — | (82.0) | — | ||||||||||||||||||||||||||
| Adjusted CAD | $162.4 | $67.4 | $240.1 | ||||||||||||||||||||||||||
| Cash used for investing activities | ($213.6) | ($219.4) | ($132.9) | ||||||||||||||||||||||||||
| Cash provided by (used for) financing activities | $27.0 | ($79.6) | ($193.7) | ||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
| Purchase of timberlands | ($24.7) | ($142.3) | ($57.6) | ||||||||||||||||||||||||||
| Real Estate Development Investments | (6.5) | (6.8) | (9.5) | ||||||||||||||||||||||||||
| Distributions to noncontrolling interests in consolidated affiliates (a) | (12.6) | (9.2) | (14.4) | ||||||||||||||||||||||||||
| Contractual Financial Obligations (in millions) | Total | Payments Due by Period | |||||||||||||||||||||||||||
| 2021 | 2022-2023 | 2024-2025 | Thereafter | ||||||||||||||||||||||||||
| Long-term debt, excluding Timber Funds (a) | $1,294.9 | — | $325.0 | $284.9 | $685.0 | ||||||||||||||||||||||||
| Long-term debt, Timber Funds (b) | 57.4 | — | 43.0 | 14.4 | — | ||||||||||||||||||||||||
| Interest payments on long-term debt, excluding Timber Funds (c) | 144.3 | 32.6 | 46.9 | 36.5 | 28.3 | ||||||||||||||||||||||||
| Interest payments on long-term debt, Timber Funds | 5.9 | 2.0 | 3.4 | 0.5 | — | ||||||||||||||||||||||||
| Operating leases — timberland (d) | 185.8 | 8.3 | 15.3 | 14.1 | 148.1 | ||||||||||||||||||||||||
| Operating leases — PP&E, offices (d) | 7.4 | 1.6 | 2.2 | 1.9 | 1.7 | ||||||||||||||||||||||||
| Commitments — derivatives (e) | 103.3 | 13.8 | 34.8 | 25.5 | 29.2 | ||||||||||||||||||||||||
| Commitments - environmental remediation (f) | 11.6 | 1.0 | 3.7 | 4.2 | 2.7 | ||||||||||||||||||||||||
| Commitments — other (g) | 16.7 | 11.3 | 1.0 | 0.5 | 3.9 | ||||||||||||||||||||||||
| Total contractual cash obligations | $1,827.3 | $70.6 | $475.3 | $382.5 | $898.9 | ||||||||||||||||||||||||
| (Dollars in thousands) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair Value | |||||||||||||||||||||||||||||||||||||||
| Variable rate debt: | |||||||||||||||||||||||||||||||||||||||||||||||
| Principal amounts | — | — | — | — | $250,000 | $650,000 | $900,000 | $900,000 | |||||||||||||||||||||||||||||||||||||||
| Average interest rate (a)(b) | — | — | — | — | 2.00% | 1.89% | 1.92% | ||||||||||||||||||||||||||||||||||||||||
| Fixed rate debt, excluding Timber Funds: | |||||||||||||||||||||||||||||||||||||||||||||||
| Principal amounts | — | $325,000 | — | — | $34,903 | $35,000 | $394,903 | $413,631 | |||||||||||||||||||||||||||||||||||||||
| Average interest rate (b) | — | 3.75% | — | — | 3.84% | 4.98% | 3.87% | ||||||||||||||||||||||||||||||||||||||||
| Fixed rate debt, Timber Funds: | |||||||||||||||||||||||||||||||||||||||||||||||
| Principal amounts | — | $25,000 | $17,980 | $14,400 | — | — | $57,380 | $60,474 | |||||||||||||||||||||||||||||||||||||||
| Average interest rate (b) | — | 1.95% | 5.10% | 4.45% | — | — | 3.56% | ||||||||||||||||||||||||||||||||||||||||
| Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||||||||
| Notional amount | — | — | — | $350,000 | — | $550,000 | $900,000 | ($51,580) | |||||||||||||||||||||||||||||||||||||||
| Average pay rate (b) | — | — | — | 2.28% | — | 1.31% | 1.69% | ||||||||||||||||||||||||||||||||||||||||
| Average receive rate (b) | — | — | — | 0.15% | — | 0.15% | 0.15% | ||||||||||||||||||||||||||||||||||||||||
| Forward-starting interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||
| Notional amount | — | — | — | — | — | $475,000 | $475,000 | ($12,529) | |||||||||||||||||||||||||||||||||||||||
| Average pay rate (b) | — | — | — | — | — | 1.22% | 1.22% | ||||||||||||||||||||||||||||||||||||||||
| Average receive rate (b) | — | — | — | — | — | 0.15% | 0.15% | ||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | 0-1 months | 1-2 months | 2-3 months | 3-6 months | 6-12 months | 12-18 months | 18-24 months | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign exchange contracts to sell U.S. dollar for New Zealand dollar | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notional amount | $14,500 | $4,000 | $2,000 | $8,000 | $15,500 | $5,000 | — | $49,000 | $6,018 | ||||||||||||||||||||||||||||||||||||||||||||
| Average contract rate | 1.3841 | 1.3839 | 1.3839 | 1.3837 | 1.3838 | 1.3841 | — | 1.3839 | |||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency option contracts to sell U.S. dollar for New Zealand dollar | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notional amount | $2,000 | $4,000 | $6,000 | $8,000 | $8,000 | — | — | $28,000 | $1,515 | ||||||||||||||||||||||||||||||||||||||||||||
| Average strike price | 1.5848 | 1.5846 | 1.5729 | 1.5633 | 1.6063 | — | — | 1.5822 | |||||||||||||||||||||||||||||||||||||||||||||
| Page | |||||
| Rayonier Inc.: | |||||
| Rayonier, L.P.: | |||||
| RAYONIER INC. | |||||
| By: | /s/ DAVID L. NUNES | ||||
|
David L. Nunes
President and Chief Executive Officer
(Principal Executive Officer)
|
|||||
| February 22, 2021 | |||||
| By: | /s/ MARK MCHUGH | ||||
|
Mark McHugh
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|||||
| February 22, 2021 | |||||
| By: | /s/ APRIL TICE | ||||
|
April Tice
Vice President, Financial Services and Corporate Controller
(Principal Accounting Officer)
|
|||||
| February 22, 2021 | |||||
| RAYONIER, L.P. | |||||
| By: | RAYONIER, INC., its sole general partner | ||||
| By: | /s/ DAVID L. NUNES | ||||
|
David L. Nunes
President and Chief Executive Officer
(Principal Executive Officer)
|
|||||
| February 22, 2021 | |||||
| By: | /s/ MARK MCHUGH | ||||
|
Mark McHugh
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|||||
| February 22, 2021 | |||||
| By: | /s/ APRIL TICE | ||||
|
April Tice
Vice President, Financial Services and Corporate Controller
(Principal Accounting Officer)
|
|||||
| February 22, 2021 | |||||
| /s/ Ernst & Young LLP | ||
| Depletion of Timber | |||||
|
Description of the Matter
|
For the year ended December 31, 2020, the Company recognized $195 million in depletion expense and the Timber and Timberlands balance, net of depletion and amortization, was $3,262 million at December 31, 2020. As described in Note 1 to the financial statements, the Company establishes an annual depletion rate for each particular region. Depletion rates are determined by region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Company charges accumulated costs attributed to merchantable timber to depletion expense (cost of sales) at the time the timber is harvested or when the underlying timberland is sold.
Auditing management’s annual depletion rate was complex and subjective due to the estimation uncertainty in determining the standing merchantable inventory volume utilized in the calculation of the depletion rate for each region. In particular, estimating the standing merchantable inventory volume involves statistical sampling and growth modeling using inputs such as growth estimates, harvest information and environmental and operational restrictions.
|
||||
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process for establishing the annual depletion rate for each geographic region. For example, we tested controls over management’s review of the standing merchantable inventory volume that was determined for each geographic region.
To test the annual depletion rates (including standing merchantable inventory volume), our audit procedures included, among others, evaluating the methodology used and testing the completeness and accuracy of the underlying data used by the Company. We inspected satellite images to test timber existence and assessed the timberland for features that would impact the Company’s ability to harvest its timber. In addition, we evaluated current year changes to harvestability, analyzed the change in depletion as a percentage of sales, utilized published industry growth rates to assess the increase in timber volume growth and compared actual volume harvested to the volume estimated by the Company.
|
||||
| Business Combination: Valuation of Core Timber and Timberlands | |||||
|
Description of the Matter
|
On May 8, 2020, the Company completed its acquisition of Pope Resources for net consideration of $538 million, as disclosed in Note 2 to the consolidated financial statements. The transaction was accounted for as a business combination.
Auditing the Company's accounting for its acquisition of Pope Resources was complex due to the significant estimation required by management to determine the fair value of the Core Timber and Timberlands. The significant estimation was primarily due to the sensitivity of the respective fair values to the significant underlying assumptions, including the discount rate and harvest volumes that are used to estimate forecasted revenue. These significant assumptions are forward looking and could be affected by future economic and market conditions.
|
||||
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company's controls over the valuation of the acquired Core Timber and Timberlands. For example, we tested controls over management’s review of the valuation models and the significant assumptions used in the valuation models.
To test the fair value of the Core Timber and Timberlands we performed audit procedures that included, among others, evaluating the Company's selection of the valuation methodologies, evaluating the methods and significant assumptions used by the Company, and evaluating the completeness and accuracy of the underlying data supporting the significant assumptions and estimates. We involved our valuation specialists to assist with our evaluation of the methodologies used by the Company and significant assumptions included in valuation. We compared the significant assumptions to market and economic trends, to the historical results of the acquired business and compared the overall fair value of the Core Timber and Timberlands to other third-party property appraisals that were performed close to the date of the acquisition.
|
||||
|
/s/ Ernst & Young LLP
|
||
| Depletion of Timber | |||||
|
Description of the Matter
|
For the year ended December 31, 2020, the Operating Partnership recognized $195 million in depletion expense and the Timber and Timberlands balance, net of depletion and amortization, was $3,262 million at December 31, 2020. As described in Note 1 to the financial statements, the Operating Partnership establishes an annual depletion rate for each particular region. Depletion rates are determined by region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Operating Partnership charges accumulated costs attributed to merchantable timber to depletion expense (cost of sales) at the time the timber is harvested or when the underlying timberland is sold.
Auditing management’s annual depletion rate was complex and subjective due to the estimation uncertainty in determining the standing merchantable inventory volume utilized in the calculation of the depletion rate for each region. In particular, estimating the standing merchantable inventory volume involves statistical sampling and growth modeling using inputs such as growth estimates, harvest information and environmental and operational restrictions.
|
||||
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Operating Partnership’s process for establishing the annual depletion rate for each geographic region. For example, we tested controls over management’s review of the standing merchantable inventory volume that was determined for each geographic region.
To test the annual depletion rates (including standing merchantable inventory volume), our audit procedures included, among others, evaluating the methodology used and testing the completeness and accuracy of the underlying data used by the Operating Partnership. We inspected satellite images to test timber existence and assessed the timberland for features that would impact the Operating Partnership’s ability to harvest its timber. In addition, we evaluated current year changes to harvestability, analyzed the change in depletion as a percentage of sales, utilized published industry growth rates to assess the increase in timber volume growth and compared actual volume harvested to the volume estimated by the Operating Partnership.
|
||||
| Business Combination: Valuation of Core Timber and Timberlands | |||||
|
Description of the Matter
|
On May 8, 2020, the Operating Partnership completed its acquisition of Pope Resources for net consideration of $538 million, as disclosed in Note 2 to the consolidated financial statements. The transaction was accounted for as a business combination.
Auditing the Operating Partnership’s accounting for its acquisition of Pope Resources was complex due to the significant estimation required by management to determine the fair value of the Core Timber and Timberlands. The significant estimation was primarily due to the sensitivity of the respective fair values to the significant underlying assumptions, including the discount rate and harvest volumes that are used to estimate forecasted revenue. These significant assumptions are forward looking and could be affected by future economic and market conditions.
|
||||
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of the Operating Partnership's controls over the valuation of the acquired Core Timber and Timberlands. For example, we tested controls over management’s review of the valuation models and the significant assumptions used in the valuation models.
To test the fair value of the Core Timber and Timberlands we performed audit procedures that included, among others, evaluating the Operating Partnership's selection of the valuation methodologies, evaluating the methods and significant assumptions used by the Operating Partnership, and evaluating the completeness and accuracy of the underlying data supporting the significant assumptions and estimates. We involved our valuation specialists to assist with our evaluation of the methodologies used by the Operating Partnership and significant assumptions included in valuation. We compared the significant assumptions to market and economic trends, to the historical results of the acquired business and compared the overall fair value of the Core Timber and Timberlands to other third-party property appraisals that were performed close to the date of the acquisition. |
||||
|
/s/ Ernst & Young LLP
|
||
| 2020 | 2019 | 2018 | |||||||||||||||
|
SALES (NOTE 3)
|
$859,154 | $711,556 | $816,138 | ||||||||||||||
| Costs and Expenses | |||||||||||||||||
| Cost of sales | (712,436) | (558,350) | (605,259) | ||||||||||||||
| Selling and general expenses | (50,645) | (41,646) | (41,951) | ||||||||||||||
|
Other operating (expense) income, net (Note 20)
|
(21,685) | (4,533) | 1,140 | ||||||||||||||
| (784,766) | (604,529) | (646,070) | |||||||||||||||
| OPERATING INCOME | 74,388 | 107,027 | 170,068 | ||||||||||||||
| Interest expense | (38,768) | (31,716) | (32,066) | ||||||||||||||
| Interest and other miscellaneous income, net | 1,173 | 5,307 | 4,564 | ||||||||||||||
|
INCOME BEFORE INCOME TAXES
|
36,793 | 80,618 | 142,566 | ||||||||||||||
|
Income tax expense (Note 11)
|
(7,009) | (12,940) | (25,236) | ||||||||||||||
| NET INCOME | 29,784 | 67,678 | 117,330 | ||||||||||||||
| Less: Net income attributable to noncontrolling interest in the Operating Partnership | (528) | — | — | ||||||||||||||
| Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates | 7,828 | (8,573) | (15,114) | ||||||||||||||
| NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 37,084 | 59,105 | 102,216 | ||||||||||||||
| OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||
|
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0
|
28,272 | 963 | (22,759) | ||||||||||||||
|
Cash flow hedges, net of income tax effect of $1,845, $664 and $1,270
|
(61,055) | (30,482) | 5,029 | ||||||||||||||
|
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax effect of $0, $0 and $711
|
(925) | (1,350) | (1,630) | ||||||||||||||
| Total other comprehensive loss | (33,708) | (30,869) | (19,360) | ||||||||||||||
| COMPREHENSIVE (LOSS) INCOME | (3,924) | 36,809 | 97,970 | ||||||||||||||
| Less: Comprehensive income attributable to noncontrolling interests in the Operating Partnership | (3,068) | — | — | ||||||||||||||
| Less: Comprehensive loss (income) attributable to noncontrolling interest in consolidated affiliates | 1,393 | (9,146) | (8,931) | ||||||||||||||
| COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. | ($5,599) | $27,663 | $89,039 | ||||||||||||||
|
EARNINGS PER COMMON SHARE (NOTE 15)
|
|||||||||||||||||
|
Basic earnings per share attributable to Rayonier Inc.
|
$0.28 | $0.46 | $0.79 | ||||||||||||||
|
Diluted earnings per share attributable to Rayonier Inc.
|
$0.27 | $0.46 | $0.79 | ||||||||||||||
| 2020 | 2019 | ||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS | |||||||||||
| Cash and cash equivalents, excluding Timber Funds | $80,454 | $68,735 | |||||||||
| Cash and cash equivalents, Timber Funds | 4,053 | — | |||||||||
| Total cash and cash equivalents | 84,507 | 68,735 | |||||||||
|
Accounts receivable, less allowance for doubtful accounts of $25 and $24
|
49,082 | 27,127 | |||||||||
|
Inventory (Note 22)
|
10,594 | 14,518 | |||||||||
| Prepaid logging roads | 12,073 | 12,128 | |||||||||
| Prepaid expenses | 4,095 | 2,600 | |||||||||
|
Assets held for sale (Note 25)
|
3,449 | — | |||||||||
| Other current assets | 6,765 | 867 | |||||||||
| Total current assets | 170,565 | 125,975 | |||||||||
| TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 3,262,126 | 2,482,047 | |||||||||
|
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
INVESTMENTS (NOTE 9)
|
108,518 | 81,791 | |||||||||
| PROPERTY, PLANT AND EQUIPMENT | |||||||||||
| Land | 6,548 | 4,131 | |||||||||
| Buildings | 31,024 | 23,095 | |||||||||
| Machinery and equipment | 4,615 | 4,339 | |||||||||
| Construction in progress | 452 | 348 | |||||||||
| Total property, plant and equipment, gross | 42,639 | 31,913 | |||||||||
| Less—accumulated depreciation | (12,238) | (9,662) | |||||||||
| Total property, plant and equipment, net | 30,401 | 22,251 | |||||||||
|
RESTRICTED CASH (NOTE 23)
|
2,975 | 1,233 | |||||||||
|
RIGHT-OF-USE ASSETS (NOTE 5)
|
108,992 | 99,942 | |||||||||
|
OTHER ASSETS (NOTE 24)
|
45,156 | 47,757 | |||||||||
| TOTAL ASSETS | $3,728,733 | $2,860,996 | |||||||||
| LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Accounts payable | $24,790 | $18,160 | |||||||||
|
Current maturities of long-term debt, excluding Timber Funds (Note 8)
|
— | 82,000 | |||||||||
| Accrued taxes | 7,347 | 3,032 | |||||||||
| Accrued payroll and benefits | 12,327 | 8,869 | |||||||||
| Accrued interest | 6,325 | 5,205 | |||||||||
| Deferred revenue | 11,112 | 11,440 | |||||||||
| Other current liabilities | 29,234 | 22,480 | |||||||||
| Total current liabilities | 91,135 | 151,186 | |||||||||
|
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS, EXCLUDING TIMBER FUNDS (NOTE 8)
|
1,300,336 | 973,129 | |||||||||
|
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS, TIMBER FUNDS (NOTE 8)
|
60,179 | — | |||||||||
|
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 18)
|
23,344 | 25,311 | |||||||||
|
LONG-TERM LEASE LIABILITY (NOTE 5)
|
100,251 | 90,481 | |||||||||
| OTHER NON-CURRENT LIABILITIES | 160,722 | 83,247 | |||||||||
| 130,121 | — | ||||||||||
| SHAREHOLDERS’ EQUITY | |||||||||||
|
Common Shares, 480,000,000 shares authorized, 137,678,822 and 129,331,069 shares issued and outstanding
|
1,101,675 | 888,177 | |||||||||
| Retained earnings | 446,267 | 583,006 | |||||||||
|
Accumulated other comprehensive loss (Note 26)
|
(73,885) | (31,202) | |||||||||
| TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,474,057 | 1,439,981 | |||||||||
|
Noncontrolling interests in consolidated affiliates (Note 6)
|
388,588 | 97,661 | |||||||||
| TOTAL SHAREHOLDERS’ EQUITY | 1,862,645 | 1,537,642 | |||||||||
| TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | $3,728,733 | $2,860,996 | |||||||||
| Common Shares |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Noncontrolling Interests in Consolidated Affiliates |
Shareholders’
Equity |
|||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance, December 31, 2017 | 128,970,776 | $872,228 | $707,378 | $13,417 | $99,917 | $1,692,940 | |||||||||||||||||||||||||||||
|
Cumulative-effect adjustment due to adoption
of ASU No. 2018-02 |
— | — | 711 | (711) | — | — | |||||||||||||||||||||||||||||
| Net income | — | — | 102,216 | — | 15,114 | 117,330 | |||||||||||||||||||||||||||||
|
Dividends ($1.06 per share)
|
— | — | (137,934) | — | — | (137,934) | |||||||||||||||||||||||||||||
| Issuance of shares under incentive stock plans | 599,422 | 8,591 | — | — | — | 8,591 | |||||||||||||||||||||||||||||
| Stock-based compensation | — | 6,428 | — | — | — | 6,428 | |||||||||||||||||||||||||||||
| Repurchase of common shares | (81,523) | (2,984) | — | — | — | (2,984) | |||||||||||||||||||||||||||||
| Actuarial change and amortization of pension and postretirement plan liabilities | — | — | — | (919) | — | (919) | |||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | (17,329) | (5,430) | (22,759) | |||||||||||||||||||||||||||||
| Cash flow hedges | — | — | — | 5,781 | (752) | 5,029 | |||||||||||||||||||||||||||||
| Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (11,172) | (11,172) | |||||||||||||||||||||||||||||
| Balance, December 31, 2018 | 129,488,675 | $884,263 | $672,371 | $239 | $97,677 | $1,654,550 | |||||||||||||||||||||||||||||
| Net income | — | — | 59,105 | — | 8,573 | 67,678 | |||||||||||||||||||||||||||||
|
Dividends ($1.08 per share)
|
— | — | (140,040) | — | — | (140,040) | |||||||||||||||||||||||||||||
| Issuance of shares under incentive stock plans | 298,003 | 1,260 | — | — | — | 1,260 | |||||||||||||||||||||||||||||
| Stock-based compensation | — | 6,904 | — | — | — | 6,904 | |||||||||||||||||||||||||||||
| Repurchase of common shares | (455,609) | (4,250) | (8,430) | — | — | (12,680) | |||||||||||||||||||||||||||||
| Actuarial change and amortization of pension and postretirement plan liabilities | — | — | — | (1,350) | — | (1,350) | |||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | 784 | 179 | 963 | |||||||||||||||||||||||||||||
| Cash flow hedges | — | — | — | (30,875) | 393 | (30,482) | |||||||||||||||||||||||||||||
| Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (9,161) | (9,161) | |||||||||||||||||||||||||||||
| Balance, December 31, 2019 | 129,331,069 | $888,177 | $583,006 | ($31,202) | $97,661 | $1,537,642 | |||||||||||||||||||||||||||||
| Issuances of shares associated with the merger with Pope Resources | 7,181,071 | 172,418 | — | — | — | 172,418 | |||||||||||||||||||||||||||||
| Net income (loss) | — | — | 37,612 | — | (7,828) | 29,784 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interest in the Operating Partnership | — | — | (528) | — | — | (528) | |||||||||||||||||||||||||||||
|
Dividends ($1.08 per share) (a)
|
— | — | (146,278) | — | — | (146,278) | |||||||||||||||||||||||||||||
|
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $799
|
1,103,012 | 32,574 | — | — | — | 32,574 | |||||||||||||||||||||||||||||
| Issuance of shares under incentive stock plans | 266,036 | 1,589 | — | — | — | 1,589 | |||||||||||||||||||||||||||||
| Stock-based compensation | — | 8,026 | — | — | — | 8,026 | |||||||||||||||||||||||||||||
| Repurchase of common shares | (219,619) | (1,605) | (3,152) | — | — | (4,757) | |||||||||||||||||||||||||||||
| Acquisition of noncontrolling interests in consolidated affiliates | — | — | — | — | 333,366 | 333,366 | |||||||||||||||||||||||||||||
| Adjustment of noncontrolling interest in the Operating Partnership | — | — | (24,393) | — | — | (24,393) | |||||||||||||||||||||||||||||
| Conversion of units into common shares | 17,253 | 496 | — | — | — | 496 | |||||||||||||||||||||||||||||
| Actuarial change and amortization of pension and postretirement plan liabilities | — | — | — | (925) | — | (925) | |||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | 22,928 | 5,344 | 28,272 | |||||||||||||||||||||||||||||
| Cash flow hedges | — | — | — | (62,146) | 1,091 | (61,055) | |||||||||||||||||||||||||||||
| Allocation of other comprehensive income to noncontrolling interests in the Operating Partnership | — | — | — | (2,540) | — | (2,540) | |||||||||||||||||||||||||||||
| Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (12,643) | (12,643) | |||||||||||||||||||||||||||||
| Noncontrolling interests in consolidated affiliates redemption of shares | — | — | — | — | (28,403) | (28,403) | |||||||||||||||||||||||||||||
| Balance, December 31, 2020 | 137,678,822 | $1,101,675 | $446,267 | ($73,885) | $388,588 | $1,862,645 | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| OPERATING ACTIVITIES | |||||||||||||||||
| Net income | $29,784 | $67,678 | $117,330 | ||||||||||||||
| Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||
| Depreciation, depletion and amortization | 164,996 | 128,235 | 144,121 | ||||||||||||||
| Non-cash cost of land and improved development | 30,368 | 12,565 | 23,553 | ||||||||||||||
| Stock-based incentive compensation expense | 8,026 | 6,904 | 6,428 | ||||||||||||||
| Deferred income taxes | 7,541 | 11,314 | 22,832 | ||||||||||||||
| Amortization of losses from pension and postretirement plans | 869 | 449 | 675 | ||||||||||||||
| Timber write-offs due to casualty events | 15,203 | — | — | ||||||||||||||
| Gain on sale of large disposition of timberlands | (28,655) | — | — | ||||||||||||||
| Other | (11,100) | (4,999) | (2,613) | ||||||||||||||
| Changes in operating assets and liabilities, net of effects of merger with Pope Resources: | |||||||||||||||||
| Receivables | (15,378) | (849) | 765 | ||||||||||||||
| Inventories | (1,448) | 1,224 | 1,773 | ||||||||||||||
| Accounts payable | 5,668 | (1,554) | (4,626) | ||||||||||||||
| All other operating activities | (1,700) | (6,714) | (142) | ||||||||||||||
| CASH PROVIDED BY OPERATING ACTIVITIES | 204,174 | 214,253 | 310,096 | ||||||||||||||
| INVESTING ACTIVITIES | |||||||||||||||||
| Capital expenditures | (66,500) | (63,996) | (62,325) | ||||||||||||||
| Real estate development investments | (6,462) | (6,803) | (9,501) | ||||||||||||||
| Purchase of timberlands | (24,695) | (142,287) | (57,608) | ||||||||||||||
| Net proceeds from large disposition of timberlands | 115,666 | — | — | ||||||||||||||
| Cash consideration for merger with Pope Resources, net of cash acquired | (231,068) | — | — | ||||||||||||||
| Other | (584) | (6,304) | (3,421) | ||||||||||||||
| CASH USED FOR INVESTING ACTIVITIES | (213,643) | (219,390) | (132,855) | ||||||||||||||
| FINANCING ACTIVITIES | |||||||||||||||||
| Issuance of debt | 320,000 | 82,000 | 1,014 | ||||||||||||||
| Repayment of debt | (152,000) | — | (54,416) | ||||||||||||||
| Dividends paid on common stock | (146,348) | (141,071) | (136,772) | ||||||||||||||
| Distributions to noncontrolling interests in the Operating Partnership | (3,596) | — | — | ||||||||||||||
| Proceeds from the issuance of common shares under incentive stock plan | 1,368 | 1,260 | 8,591 | ||||||||||||||
| Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 32,574 | — | — | ||||||||||||||
| Repurchase of common shares to pay withholding taxes on vested incentive stock awards | (1,605) | (4,250) | (2,984) | ||||||||||||||
| Repurchase of common shares under repurchase program | (3,152) | (8,430) | — | ||||||||||||||
| Debt issuance costs | (2,483) | (132) | — | ||||||||||||||
| Proceeds from shareholder distribution hedge | — | 135 | 2,025 | ||||||||||||||
| Noncontrolling interests in consolidated affiliates redemption of shares | (5,113) | — | — | ||||||||||||||
| Distributions to noncontrolling interests in consolidated affiliates | (12,643) | (9,161) | (11,172) | ||||||||||||||
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 27,002 | (79,649) | (193,714) | ||||||||||||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | (19) | (1,700) | 571 | ||||||||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||||||||
| Change in cash, cash equivalents and restricted cash | 17,514 | (86,486) | (15,902) | ||||||||||||||
| Balance, beginning of year | 69,968 | 156,454 | 172,356 | ||||||||||||||
| Balance, end of year | $87,482 | $69,968 | $156,454 | ||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||||||||
| Cash paid during the year: | |||||||||||||||||
| Interest (a) | $40,895 | $32,782 | $33,120 | ||||||||||||||
| Income taxes | 816 | 1,691 | 2,150 | ||||||||||||||
| Non-cash investing activity: | |||||||||||||||||
| Capital assets purchased on account | $3,205 | $3,568 | $2,001 | ||||||||||||||
| Non-cash financing activity: | |||||||||||||||||
| Equity consideration for merger with Pope Resources | $172,640 | — | — | ||||||||||||||
| Redeemable Operating Partnership Unit consideration for merger with Pope Resources | 106,752 | — | — | ||||||||||||||
| Noncontrolling interests in consolidated affiliates redemption of shares (b) | 23,290 | — | — | ||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
|
SALES (NOTE 3)
|
$859,154 | $711,556 | $816,138 | ||||||||||||||
| Costs and Expenses | |||||||||||||||||
| Cost of sales | (712,436) | (558,350) | (605,259) | ||||||||||||||
| Selling and general expenses | (50,645) | (41,646) | (41,951) | ||||||||||||||
|
Other operating (expense) income, net (Note 20)
|
(21,685) | (4,533) | 1,140 | ||||||||||||||
| (784,766) | (604,529) | (646,070) | |||||||||||||||
| OPERATING INCOME | 74,388 | 107,027 | 170,068 | ||||||||||||||
| Interest expense | (38,768) | (31,716) | (32,066) | ||||||||||||||
| Interest and other miscellaneous income, net | 1,173 | 5,307 | 4,564 | ||||||||||||||
|
INCOME BEFORE INCOME TAXES
|
36,793 | 80,618 | 142,566 | ||||||||||||||
|
Income tax expense (Note 11)
|
(7,009) | (12,940) | (25,236) | ||||||||||||||
| NET INCOME | 29,784 | 67,678 | 117,330 | ||||||||||||||
| Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates | 7,828 | (8,573) | (15,114) | ||||||||||||||
| NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS | 37,612 | 59,105 | 102,216 | ||||||||||||||
| OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||
|
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $0
|
28,272 | 963 | (22,759) | ||||||||||||||
|
Cash flow hedges, net of income tax effect of $1,845, $664 and $1,270
|
(61,055) | (30,482) | 5,029 | ||||||||||||||
|
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax effect of $0, $0 and $711
|
(925) | (1,350) | (1,630) | ||||||||||||||
| Total other comprehensive loss | (33,708) | (30,869) | (19,360) | ||||||||||||||
| COMPREHENSIVE (LOSS) INCOME | (3,924) | 36,809 | 97,970 | ||||||||||||||
| Less: Comprehensive loss (income) attributable to noncontrolling interest in consolidated affiliates | 1,393 | (9,146) | (8,931) | ||||||||||||||
| COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS | ($2,531) | $27,663 | $89,039 | ||||||||||||||
|
EARNINGS PER UNIT (NOTE 15)
|
|||||||||||||||||
| Basic earnings per unit attributable to Rayonier, L.P. | $0.28 | $0.46 | $0.79 | ||||||||||||||
| Diluted earnings per unit attributable to Rayonier, L.P. | $0.27 | $0.46 | $0.79 | ||||||||||||||
| 2020 | 2019 | ||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS | |||||||||||
| Cash and cash equivalents, excluding Timber Funds | $80,454 | $68,735 | |||||||||
| Cash and cash equivalents, Timber Funds | 4,053 | — | |||||||||
| Total cash and cash equivalents | 84,507 | 68,735 | |||||||||
|
Accounts receivable, less allowance for doubtful accounts of $25 and $24
|
49,082 | 27,127 | |||||||||
| 10,594 | 14,518 | ||||||||||
| Prepaid logging roads | 12,073 | 12,128 | |||||||||
| Prepaid expenses | 4,095 | 2,600 | |||||||||
| 3,449 | — | ||||||||||
| Other current assets | 6,765 | 867 | |||||||||
| Total current assets | 170,565 | 125,975 | |||||||||
| TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 3,262,126 | 2,482,047 | |||||||||
|
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
|
108,518 | 81,791 | |||||||||
| PROPERTY, PLANT AND EQUIPMENT | |||||||||||
| Land | 6,548 | 4,131 | |||||||||
| Buildings | 31,024 | 23,095 | |||||||||
| Machinery and equipment | 4,615 | 4,339 | |||||||||
| Construction in progress | 452 | 348 | |||||||||
| Total property, plant and equipment, gross | 42,639 | 31,913 | |||||||||
| Less — accumulated depreciation | (12,238) | (9,662) | |||||||||
| Total property, plant and equipment, net | 30,401 | 22,251 | |||||||||
| 2,975 | 1,233 | ||||||||||
| 108,992 | 99,942 | ||||||||||
| 45,156 | 47,757 | ||||||||||
| TOTAL ASSETS | $3,728,733 | $2,860,996 | |||||||||
| LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Accounts payable | $24,790 | $18,160 | |||||||||
| — | 82,000 | ||||||||||
| Accrued taxes | 7,347 | 3,032 | |||||||||
| Accrued payroll and benefits | 12,327 | 8,869 | |||||||||
| Accrued interest | 6,325 | 5,205 | |||||||||
| Deferred revenue | 11,112 | 11,440 | |||||||||
| Other current liabilities | 29,234 | 22,480 | |||||||||
| Total current liabilities | 91,135 | 151,186 | |||||||||
| 1,300,336 | 973,129 | ||||||||||
| 60,179 | — | ||||||||||
| 23,344 | 25,311 | ||||||||||
| 100,251 | 90,481 | ||||||||||
| OTHER NON-CURRENT LIABILITIES | 160,722 | 83,247 | |||||||||
| 130,121 | — | ||||||||||
| CAPITAL | |||||||||||
| General partners’ capital | 15,454 | 14,712 | |||||||||
| Limited partners’ capital | 1,529,948 | 1,456,471 | |||||||||
| (71,345) | (31,202) | ||||||||||
| TOTAL CONTROLLING INTEREST CAPITAL | 1,474,057 | 1,439,981 | |||||||||
| 388,588 | 97,661 | ||||||||||
| TOTAL CAPITAL | 1,862,645 | 1,537,642 | |||||||||
| TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | $3,728,733 | $2,860,996 | |||||||||
|
Accumulated
Other Comprehensive Income (Loss) |
Noncontrolling Interests in Consolidated Affiliates | Total Capital | ||||||||||||||||||||||||||||||
| Units | ||||||||||||||||||||||||||||||||
| General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||
| Balance, December 31, 2017 | $15,796 | $1,563,810 | $13,417 | $99,917 | $1,692,940 | |||||||||||||||||||||||||||
| Cumulative-effect adjustment due to adoption of ASU No. 2018-02 | 7 | 704 | (711) | — | — | |||||||||||||||||||||||||||
| Net income | 1,022 | 101,194 | — | 15,114 | 117,330 | |||||||||||||||||||||||||||
|
Distributions on units ($1.06 per unit)
|
(1,379) | (136,555) | — | — | (137,934) | |||||||||||||||||||||||||||
| Issuance of units under incentive stock plans | 86 | 8,505 | — | — | 8,591 | |||||||||||||||||||||||||||
| Stock-based compensation | 64 | 6,364 | — | — | 6,428 | |||||||||||||||||||||||||||
| Repurchase of units | (30) | (2,954) | — | — | (2,984) | |||||||||||||||||||||||||||
| Actuarial change and amortization of pension and postretirement plan liabilities | — | — | (919) | — | (919) | |||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | (17,329) | (5,430) | (22,759) | |||||||||||||||||||||||||||
| Cash flow hedges | — | — | 5,781 | (752) | 5,029 | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (11,172) | (11,172) | |||||||||||||||||||||||||||
| Balance, December 31, 2018 | $15,566 | $1,541,068 | $239 | $97,677 | $1,654,550 | |||||||||||||||||||||||||||
| Net income | 591 | 58,514 | — | 8,573 | 67,678 | |||||||||||||||||||||||||||
|
Distributions on units ($1.08 per unit)
|
(1,400) | (138,640) | — | — | (140,040) | |||||||||||||||||||||||||||
| Issuance of units under incentive stock plans | 13 | 1,247 | — | — | 1,260 | |||||||||||||||||||||||||||
| Stock-based compensation | 69 | 6,835 | — | — | 6,904 | |||||||||||||||||||||||||||
| Repurchase of units | (127) | (12,553) | — | — | (12,680) | |||||||||||||||||||||||||||
| Actuarial change and amortization of pension and postretirement plan liabilities | — | — | (1,350) | — | (1,350) | |||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | 784 | 179 | 963 | |||||||||||||||||||||||||||
| Cash flow hedges | — | — | (30,875) | 393 | (30,482) | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (9,161) | (9,161) | |||||||||||||||||||||||||||
| Balance, December 31, 2019 | $14,712 | $1,456,471 | ($31,202) | $97,661 | $1,537,642 | |||||||||||||||||||||||||||
| Issuance of units associated with the merger with Pope Resources | 1,724 | 170,694 | — | — | 172,418 | |||||||||||||||||||||||||||
| Net income (loss) | 376 | 37,236 | — | (7,828) | 29,784 | |||||||||||||||||||||||||||
|
Distributions on units ($1.08 per unit)
|
(1,500) | (148,375) | — | — | (149,875) | |||||||||||||||||||||||||||
|
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $799
|
326 | 32,248 | — | — | 32,574 | |||||||||||||||||||||||||||
| Issuance of units under incentive stock plans | 16 | 1,573 | — | — | 1,589 | |||||||||||||||||||||||||||
| Stock-based compensation | 81 | 7,945 | — | — | 8,026 | |||||||||||||||||||||||||||
| Repurchase of units | (47) | (4,710) | — | — | (4,757) | |||||||||||||||||||||||||||
| Adjustment of Redeemable Operating Partnership Units | (239) | (23,625) | — | — | (23,864) | |||||||||||||||||||||||||||
| Acquisition of noncontrolling interests in consolidated affiliates | — | — | — | 333,366 | 333,366 | |||||||||||||||||||||||||||
| Conversion of units to common shares | 5 | 491 | — | — | 496 | |||||||||||||||||||||||||||
| Actuarial change and amortization of pension and postretirement plan liabilities | — | — | (925) | — | (925) | |||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | 22,928 | 5,344 | 28,272 | |||||||||||||||||||||||||||
| Cash flow hedges | — | — | (62,146) | 1,091 | (61,055) | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (12,643) | (12,643) | |||||||||||||||||||||||||||
| Noncontrolling interests in consolidated affiliates redemption of unit equivalents | — | — | — | (28,403) | (28,403) | |||||||||||||||||||||||||||
| Balance, December 31, 2020 | $15,454 | $1,529,948 | ($71,345) | $388,588 | $1,862,645 | |||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| OPERATING ACTIVITIES | |||||||||||||||||
| Net income | $29,784 | $67,678 | $117,330 | ||||||||||||||
| Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||
| Depreciation, depletion and amortization | 164,996 | 128,235 | 144,121 | ||||||||||||||
| Non-cash cost of land and improved development | 30,368 | 12,565 | 23,553 | ||||||||||||||
| Stock-based incentive compensation expense | 8,026 | 6,904 | 6,428 | ||||||||||||||
| Deferred income taxes | 7,541 | 11,314 | 22,832 | ||||||||||||||
| Amortization of losses from pension and postretirement plans | 869 | 449 | 675 | ||||||||||||||
| Timber write-offs due to casualty events | 15,203 | — | — | ||||||||||||||
| Gain on sale of large disposition of timberlands | (28,655) | — | — | ||||||||||||||
| Other | (11,100) | (4,999) | (2,613) | ||||||||||||||
| Changes in operating assets and liabilities, net of effects of merger with Pope Resources: | |||||||||||||||||
| Receivables | (15,378) | (849) | 765 | ||||||||||||||
| Inventories | (1,448) | 1,224 | 1,773 | ||||||||||||||
| Accounts payable | 5,668 | (1,554) | (4,626) | ||||||||||||||
| All other operating activities | (1,700) | (6,714) | (142) | ||||||||||||||
| CASH PROVIDED BY OPERATING ACTIVITIES | 204,174 | 214,253 | 310,096 | ||||||||||||||
| INVESTING ACTIVITIES | |||||||||||||||||
| Capital expenditures | (66,500) | (63,996) | (62,325) | ||||||||||||||
| Real estate development investments | (6,462) | (6,803) | (9,501) | ||||||||||||||
| Purchase of timberlands | (24,695) | (142,287) | (57,608) | ||||||||||||||
| Net proceeds from large disposition of timberlands | 115,666 | — | — | ||||||||||||||
| Cash consideration for merger with Pope Resources, net of cash acquired | (231,068) | — | — | ||||||||||||||
| Other | (584) | (6,304) | (3,421) | ||||||||||||||
| CASH USED FOR INVESTING ACTIVITIES | (213,643) | (219,390) | (132,855) | ||||||||||||||
| FINANCING ACTIVITIES | |||||||||||||||||
| Issuance of debt | 320,000 | 82,000 | 1,014 | ||||||||||||||
| Repayment of debt | (152,000) | — | (54,416) | ||||||||||||||
| Distributions on units | (149,944) | (141,071) | (136,772) | ||||||||||||||
| Proceeds from the issuance of units under incentive stock plan | 1,368 | 1,260 | 8,591 | ||||||||||||||
| Repurchase of units to pay withholding taxes on vested incentive stock awards | (1,605) | (4,250) | (2,984) | ||||||||||||||
| Debt issuance costs | (2,483) | (132) | — | ||||||||||||||
| Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 32,574 | — | — | ||||||||||||||
| Repurchase of units made under repurchase program | (3,152) | (8,430) | — | ||||||||||||||
| Proceeds from shareholder distribution hedge | — | 135 | 2,025 | ||||||||||||||
| Noncontrolling interests in consolidated affiliates redemption of shares | (5,113) | — | — | ||||||||||||||
| Distributions to noncontrolling interests in consolidated affiliates | (12,643) | (9,161) | (11,172) | ||||||||||||||
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 27,002 | (79,649) | (193,714) | ||||||||||||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | (19) | (1,700) | 571 | ||||||||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||||||||
| Change in cash, cash equivalents and restricted cash | 17,514 | (86,486) | (15,902) | ||||||||||||||
| Balance, beginning of year | 69,968 | 156,454 | 172,356 | ||||||||||||||
| Balance, end of period | $87,482 | $69,968 | $156,454 | ||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||||||||
| Cash paid during the period: | |||||||||||||||||
| Interest (a) | $40,895 | $32,782 | $33,120 | ||||||||||||||
| Income taxes | 816 | 1,691 | 2,150 | ||||||||||||||
| Non-cash investing activity: | |||||||||||||||||
| Capital assets purchased on account | $3,205 | $3,568 | $2,001 | ||||||||||||||
| Non-cash financing activity: | |||||||||||||||||
| Unit consideration for merger with Pope Resources | $172,640 | — | — | ||||||||||||||
| Redeemable Operating Partnership Unit consideration for merger with Pope Resources | 106,752 | — | — | ||||||||||||||
| Noncontrolling interests in consolidated affiliates redemption of shares (b) | 23,290 | — | — | ||||||||||||||
|
Year Ended
December 31, |
|||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
| Operating income | — | — | — | ||||||||||||||||||||||||||
| Net income attributable to Rayonier, L.P. (a) | ($14,384) | ($14,384) | ($14,384) | ||||||||||||||||||||||||||
| Basic earnings per unit attributable to Rayonier, L.P. | ($0.11) | ($0.11) | ($0.11) | ||||||||||||||||||||||||||
| Diluted earnings per unit attributable to Rayonier, L.P. | ($0.11) | ($0.11) | ($0.11) | ||||||||||||||||||||||||||
| Contract Type |
Performance
Obligation |
Timing of
Revenue Recognition |
General
Payment Terms |
|||||||||||||||||
| Stumpage Pay-as-Cut | Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber |
As timber is severed
(point-in-time) |
Initial payment between
5% and 20% of estimated contract value; collection generally within 10 days of severance
|
|||||||||||||||||
| Stumpage Lump Sum | Right to harvest an agreed upon acreage of standing timber |
Contract execution
(point-in-time) |
Full payment due upon contract execution | |||||||||||||||||
| Stumpage Agreed Volume | Right to harvest an agreed upon volume of standing timber |
As timber is severed
(over-time) |
Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed | |||||||||||||||||
| Delivered Wood (Domestic) | Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility |
Upon delivery to customer’s facility
(point-in-time) |
No initial payment and on open credit terms; collection generally within 30 days of invoice
|
|||||||||||||||||
| Delivered Wood (Export) | Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel |
Upon delivery onto export vessel
(point-in-time) |
Letter of credit from an approved bank; collection generally within 30 days of delivery
|
|||||||||||||||||
| Cash consideration: | ||||||||
| Pope Resources units outstanding as of May 8, 2020 | 4,366,636 | |||||||
| Less: Pope Resources units held by us | (114,400) | |||||||
| Units outstanding, net | 4,252,236 | |||||||
| Cash consideration (per Pope Resources unit) | $37.50 | |||||||
| Cash consideration for elections | $159,463 | |||||||
| General partner interest | 10,000 | |||||||
| Repayment of Pope Resources debt | 65,943 | |||||||
| Prepayment penalty and accrued interest on Pope Resources’ debt | 2,275 | |||||||
| Closing costs paid on behalf of Pope Resources | 9,637 | |||||||
| Cash consideration transferred | $247,318 | |||||||
| Equity consideration: | ||||||||
| Rayonier common shares issued | 7,181,071 | |||||||
| Rayonier share price (a) | $24.01 | |||||||
| Equity consideration for elections | $172,418 | |||||||
| Pope Resources replacement awards (b)(c) | 222 | |||||||
| Equity consideration transferred | $172,640 | |||||||
| Redeemable Operating Partnership Unit consideration: | ||||||||
| Redeemable Operating Partnership Units issued | 4,446,153 | |||||||
| Rayonier share price (a) | $24.01 | |||||||
| Redeemable Operating Partnership Unit consideration transferred | $106,752 | |||||||
| Fair value of Pope Resources units held by us (d) | $11,211 | |||||||
| Total consideration | $537,921 | |||||||
| December 31, 2020 | |||||
| Cash consideration transferred | $247,318 | ||||
| Less: Cash assumed in merger | (16,250) | ||||
| Net cash consideration shown in the Consolidated Statements of Cash Flows | $231,068 | ||||
| Three months ended December 31, 2020 | |||||||||||||||||||||||||||||
| Pacific Northwest Timber | Real Estate | Timber Funds | Corporate | Total | |||||||||||||||||||||||||
| Depletion | $2,412 | — | ($1,000) | — | $1,412 | ||||||||||||||||||||||||
| Depreciation | — | 506 | — | 41 | 547 | ||||||||||||||||||||||||
| Total | $2,412 | $506 | ($1,000) | $41 | $1,959 | ||||||||||||||||||||||||
| Core Timberlands | Timber Funds | Total | |||||||||||||||
| Timberland and Real Estate Business | |||||||||||||||||
| Cash | $7,380 | $8,870 | $16,250 | ||||||||||||||
| Accounts receivable | 2,459 | 1,788 | 4,247 | ||||||||||||||
| Other current assets | 703 | 260 | 963 | ||||||||||||||
| Timber and Timberlands | 514,103 | 432,500 | 946,603 | ||||||||||||||
| Higher and Better Use Timberlands and Real Estate Development Investments | 26,510 | — | 26,510 | ||||||||||||||
| Property, plant and equipment | 11,616 | — | 11,616 | ||||||||||||||
| Other assets | 4,403 | — | 4,403 | ||||||||||||||
| Total identifiable assets acquired | $567,174 | $443,418 | $1,010,592 | ||||||||||||||
| Accounts payable | 274 | 293 | 567 | ||||||||||||||
| Current maturities of long-term debt | — | 25,084 | 25,084 | ||||||||||||||
| Accrued interest | 244 | 275 | 519 | ||||||||||||||
| Other current liabilities | 9,038 | 2,080 | 11,118 | ||||||||||||||
| Long-term debt | 53,502 | 35,759 | 89,261 | ||||||||||||||
| Long-term environmental and natural resource damage liabilities | 10,748 | — | 10,748 | ||||||||||||||
| Other non-current liabilities (a) | 2,009 | — | 2,009 | ||||||||||||||
| Total liabilities assumed | $75,815 | $63,491 | $139,306 | ||||||||||||||
| Net identifiable assets | $491,359 | $379,927 | $871,286 | ||||||||||||||
| Less: noncontrolling interest | (3,379) | (329,986) | (333,365) | ||||||||||||||
| Total net assets acquired | $487,980 | $49,941 | $537,921 | ||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Sales | $890,400 | $821,500 | |||||||||||||||||||||
| Net income (loss) attributable to Rayonier Inc. | $36,819 | $26,927 | |||||||||||||||||||||
| Basic earnings (loss) per share attributable to Rayonier Inc. | $0.27 | $0.20 | |||||||||||||||||||||
| Diluted earnings (loss) per share attributable to Rayonier Inc. | $0.27 | $0.20 | |||||||||||||||||||||
| Net income (loss) attributable to Rayonier, L.P. | $38,032 | $27,804 | |||||||||||||||||||||
| Basic earnings (loss) per unit attributable to Rayonier, L.P. | $0.27 | $0.20 | |||||||||||||||||||||
| Diluted earnings (loss) per unit attributable to Rayonier, L.P. | $0.27 | $0.20 | |||||||||||||||||||||
| Year Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Revenue recognized from contract liability balance at the beginning of the year (a) | $10,857 | $10,039 | |||||||||
| Year Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pulpwood | $94,108 | $10,581 | $27,558 | $784 | — | $10,260 | — | $143,291 | |||||||||||||||||||||||||||||||||||||||||||||
| Sawtimber | 73,683 | 106,051 | 166,935 | 25,195 | — | 77,314 | — | 449,178 | |||||||||||||||||||||||||||||||||||||||||||||
| Hardwood | 2,430 | — | — | — | — | — | — | 2,430 | |||||||||||||||||||||||||||||||||||||||||||||
| Total Timber Sales | 170,221 | 116,632 | 194,493 | 25,979 | — | 87,574 | — | 594,899 | |||||||||||||||||||||||||||||||||||||||||||||
| License Revenue, Primarily From Hunting | 17,765 | 843 | 307 | 17 | — | — | — | 18,932 | |||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Timber/Carbon Revenue | 3,845 | 3,334 | 7,515 | 124 | — | — | — | 14,818 | |||||||||||||||||||||||||||||||||||||||||||||
| Agency Fee Income | — | — | — | — | — | 1,160 | — | 1,160 | |||||||||||||||||||||||||||||||||||||||||||||
| Total Non-Timber Sales | 21,610 | 4,177 | 7,822 | 141 | — | 1,160 | — | 34,910 | |||||||||||||||||||||||||||||||||||||||||||||
| Improved Development | — | — | — | — | 14,498 | — | — | 14,498 | |||||||||||||||||||||||||||||||||||||||||||||
| Unimproved Development | — | — | — | — | 8,426 | — | — | 8,426 | |||||||||||||||||||||||||||||||||||||||||||||
| Rural | — | — | — | — | 67,152 | — | — | 67,152 | |||||||||||||||||||||||||||||||||||||||||||||
| Timberland & Non-Strategic | — | — | — | — | 19,255 | — | — | 19,255 | |||||||||||||||||||||||||||||||||||||||||||||
| Conservation Easement | — | — | — | — | 3,099 | — | — | 3,099 | |||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue/Other (b) | — | — | — | — | 283 | — | — | 283 | |||||||||||||||||||||||||||||||||||||||||||||
| Large Dispositions | — | — | — | — | 116,027 | — | — | 116,027 | |||||||||||||||||||||||||||||||||||||||||||||
| Total Real Estate Sales | — | — | — | — | 228,740 | — | — | 228,740 | |||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers | 191,831 | 120,809 | 202,315 | 26,120 | 228,740 | 88,734 | — | 858,549 | |||||||||||||||||||||||||||||||||||||||||||||
| Lease Revenue | — | — | — | — | 605 | — | — | 605 | |||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | — | — | — | 3,437 | — | 239 | (3,676) | — | |||||||||||||||||||||||||||||||||||||||||||||
| Total Revenue | $191,831 | $120,809 | $202,315 | $29,557 | $229,345 | $88,973 | ($3,676) | $859,154 | |||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pulpwood | $86,537 | $10,350 | $32,925 | — | — | $13,351 | — | $143,163 | |||||||||||||||||||||||||||||||||||||||||||||
| Sawtimber | 67,360 | 72,377 | 198,481 | — | — | 101,255 | — | 439,473 | |||||||||||||||||||||||||||||||||||||||||||||
| Hardwood | 5,259 | — | — | — | — | — | — | 5,259 | |||||||||||||||||||||||||||||||||||||||||||||
| Total Timber Sales | 159,156 | 82,727 | 231,406 | — | — | 114,606 | — | 587,895 | |||||||||||||||||||||||||||||||||||||||||||||
| License Revenue, Primarily from Hunting | 18,270 | 717 | 361 | — | — | — | — | 19,348 | |||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Timber/Carbon Revenue | 16,685 | 1,970 | 10,094 | — | — | — | — | 28,749 | |||||||||||||||||||||||||||||||||||||||||||||
| Agency Fee Income | — | — | — | — | — | 677 | — | 677 | |||||||||||||||||||||||||||||||||||||||||||||
| Total Non-Timber Sales | 34,955 | 2,687 | 10,455 | — | — | 677 | — | 48,774 | |||||||||||||||||||||||||||||||||||||||||||||
| Improved Development | — | — | — | — | 5,882 | — | — | 5,882 | |||||||||||||||||||||||||||||||||||||||||||||
| Unimproved Development | — | — | — | — | 19,476 | — | — | 19,476 | |||||||||||||||||||||||||||||||||||||||||||||
| Rural (a) | — | — | — | — | 47,647 | — | — | 47,647 | |||||||||||||||||||||||||||||||||||||||||||||
| Timberland & Non-Strategic (a) | — | — | — | — | 1,338 | — | — | 1,338 | |||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue/Other (b) | — | — | — | — | 544 | — | — | 544 | |||||||||||||||||||||||||||||||||||||||||||||
| Total Real Estate Sales | — | — | — | — | 74,887 | — | — | 74,887 | |||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers | 194,111 | 85,414 | 241,861 | — | 74,887 | 115,283 | — | 711,556 | |||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | — | — | — | — | — | 155 | (155) | — | |||||||||||||||||||||||||||||||||||||||||||||
| Total Revenue | $194,111 | $85,414 | $241,861 | — | $74,887 | $115,438 | ($155) | $711,556 | |||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pulpwood | $80,134 | $14,305 | $28,737 | — | — | $13,771 | — | $136,947 | |||||||||||||||||||||||||||||||||||||||||||||
| Sawtimber | 60,295 | 92,166 | 213,206 | — | — | 134,299 | — | 499,966 | |||||||||||||||||||||||||||||||||||||||||||||
| Hardwood | 3,433 | — | — | — | — | — | — | 3,433 | |||||||||||||||||||||||||||||||||||||||||||||
| Total Timber Sales | 143,863 | 106,471 | 241,943 | — | — | 148,070 | — | 640,347 | |||||||||||||||||||||||||||||||||||||||||||||
| License Revenue, Primarily from Hunting | 16,285 | 709 | 401 | — | — | — | — | 17,395 | |||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Timber/Carbon Revenue | 9,847 | 2,652 | 6,670 | — | — | — | — | 19,169 | |||||||||||||||||||||||||||||||||||||||||||||
| Agency Fee Income | — | — | — | — | — | 652 | — | 652 | |||||||||||||||||||||||||||||||||||||||||||||
| Total Non-Timber Sales | 26,132 | 3,361 | 7,071 | — | — | 652 | — | 37,216 | |||||||||||||||||||||||||||||||||||||||||||||
| Improved Development | — | — | — | — | 8,336 | — | — | 8,336 | |||||||||||||||||||||||||||||||||||||||||||||
| Unimproved Development | — | — | — | — | 8,621 | — | — | 8,621 | |||||||||||||||||||||||||||||||||||||||||||||
| Rural (a) | — | — | — | — | 46,280 | — | — | 46,280 | |||||||||||||||||||||||||||||||||||||||||||||
| Timberland & Non-Strategic (a) | — | — | — | — | 75,281 | — | — | 75,281 | |||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue/Other (b) | — | — | — | — | 57 | — | — | 57 | |||||||||||||||||||||||||||||||||||||||||||||
| Total Real Estate Sales | — | — | — | — | 138,575 | — | — | 138,575 | |||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers | 169,995 | 109,832 | 249,014 | — | 138,575 | 148,722 | — | 816,138 | |||||||||||||||||||||||||||||||||||||||||||||
| Intersegment | — | — | — | — | — | 92 | (92) | — | |||||||||||||||||||||||||||||||||||||||||||||
| Total Revenue | $169,995 | $109,832 | $249,014 | — | $138,575 | $148,814 | ($92) | $816,138 | |||||||||||||||||||||||||||||||||||||||||||||
| Year Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Trading | Total | |||||||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||||||||
| Stumpage Pay-as-Cut | $68,684 | — | — | $1,731 | — | $70,415 | |||||||||||||||||||||||||||||
| Stumpage Lump Sum | 2,027 | 8,142 | — | — | — | 10,169 | |||||||||||||||||||||||||||||
| Total Stumpage | 70,711 | 8,142 | — | 1,731 | — | 80,584 | |||||||||||||||||||||||||||||
| Delivered Wood (Domestic) | 85,996 | 108,490 | 62,568 | 24,248 | 1,768 | 283,070 | |||||||||||||||||||||||||||||
| Delivered Wood (Export) | 13,514 | — | 131,925 | — | 85,806 | 231,245 | |||||||||||||||||||||||||||||
| Total Delivered | 99,510 | 108,490 | 194,493 | 24,248 | 87,574 | 514,315 | |||||||||||||||||||||||||||||
| Total Timber Sales | $170,221 | $116,632 | $194,493 | $25,979 | $87,574 | $594,899 | |||||||||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||||||||
| Stumpage Pay-as-Cut | $71,943 | — | — | — | — | $71,943 | |||||||||||||||||||||||||||||
|
Stumpage Lump Sum
|
7,428 | 2,749 | — | — | — | 10,177 | |||||||||||||||||||||||||||||
| Total Stumpage | 79,371 | 2,749 | — | — | — | 82,120 | |||||||||||||||||||||||||||||
|
Delivered Wood (Domestic)
|
71,054 | 79,978 | 80,974 | — | 5,488 | 237,494 | |||||||||||||||||||||||||||||
|
Delivered Wood (Export)
|
8,731 | — | 150,432 | — | 109,118 | 268,281 | |||||||||||||||||||||||||||||
| Total Delivered | 79,785 | 79,978 | 231,406 | — | 114,606 | 505,775 | |||||||||||||||||||||||||||||
|
Total Timber Sales
|
$159,156 | $82,727 | $231,406 | — | $114,606 | $587,895 | |||||||||||||||||||||||||||||
| December 31, 2018 | |||||||||||||||||||||||||||||||||||
| Stumpage Pay-as-Cut | $72,385 | — | — | — | — | $72,385 | |||||||||||||||||||||||||||||
|
Stumpage Lump Sum
|
4,988 | 11,854 | — | — | — | 16,842 | |||||||||||||||||||||||||||||
| Total Stumpage | 77,373 | 11,854 | — | — | — | 89,227 | |||||||||||||||||||||||||||||
|
Delivered Wood (Domestic)
|
60,931 | 94,617 | 90,631 | — | 6,141 | 252,320 | |||||||||||||||||||||||||||||
|
Delivered Wood (Export)
|
5,559 | — | 151,312 | — | 141,929 | 298,800 | |||||||||||||||||||||||||||||
| Total Delivered | 66,490 | 94,617 | 241,943 | — | 148,070 | 551,120 | |||||||||||||||||||||||||||||
|
Total Timber Sales
|
$143,863 | $106,471 | $241,943 | — | $148,070 | $640,347 | |||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Cost | Acres (a) | Cost | Acres | ||||||||||||||||||||
| Alabama | $100 | 56 | — | — | |||||||||||||||||||
| Florida | — | — | 71,183 | 42,522 | |||||||||||||||||||
| Georgia | 18 | 20 | 13,395 | 10,271 | |||||||||||||||||||
| Louisiana | 24,123 | 12,558 | — | — | |||||||||||||||||||
| Texas | — | — | 14,349 | 6,643 | |||||||||||||||||||
| Washington | — | — | 7,340 | 2,260 | |||||||||||||||||||
| New Zealand | 454 | 2,378 | 36,020 | 9,223 | |||||||||||||||||||
| Total Acquisitions | $24,695 | 15,012 | $142,287 | 70,919 | |||||||||||||||||||
| Year of Expiration | ||||||||||||||||||||||||||||||||||||||||||||
| Lease obligations | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||||||||||||||||||||||||
| Operating lease liabilities | $196,279 | $9,813 | $8,842 | $8,745 | $8,681 | $7,872 | $152,326 | |||||||||||||||||||||||||||||||||||||
| Total Undiscounted Cash Flows | $196,279 | $9,813 | $8,842 | $8,745 | $8,681 | $7,872 | $152,326 | |||||||||||||||||||||||||||||||||||||
| Imputed interest | (87,257) | |||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 | $109,022 | |||||||||||||||||||||||||||||||||||||||||||
| Less: Current portion | (8,771) | |||||||||||||||||||||||||||||||||||||||||||
| Non-current portion at December 31, 2020 | $100,251 | |||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| Lease Cost Components | 2020 | 2019 | ||||||||||||||||||
| Operating lease cost | $9,647 | $10,870 | ||||||||||||||||||
| Variable lease cost (a) | 230 | 235 | ||||||||||||||||||
| Total lease cost (b) | $9,877 | $11,105 | ||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| Supplemental Cash Flow Information Related to Leases: | 2020 | 2019 | |||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
| Operating cash flows from operating leases | $2,127 | $2,567 | |||||||||||||||
| Investing cash flows from operating leases | 7,520 | 8,303 | |||||||||||||||
| Total cash flows from operating leases | $9,647 | $10,870 | |||||||||||||||
| Weighted-average remaining lease term in years - operating leases | 29 | 28 | |||||||||||||||
| Weighted-average discount rate - operating leases | 5 | % | 5 | % | |||||||||||||
|
Year Ended
December 31, |
|||||||||||||||||||||||||||||
| Lease Income Components | 2020 | 2019 | |||||||||||||||||||||||||||
| Operating lease income | $605 | — | |||||||||||||||||||||||||||
| Total lease income | $605 | — | |||||||||||||||||||||||||||
| Year of Expiration | ||||||||||||||||||||||||||||||||||||||||||||
| Lease assets | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||||||||||||||||||||||||
| Operating lease Income | $574 | $247 | $150 | $120 | $57 | — | — | |||||||||||||||||||||||||||||||||||||
| Practical Expedient | Description | |||||||
| Short-term leases | We do not record right-of-use assets or liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised). | |||||||
| Separation of lease and non-lease components | We do not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease. | |||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Net income attributable to noncontrolling interest in the New Zealand subsidiary | $4,920 | $8,573 | |||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Net loss attributable to noncontrolling interest in the Funds: | ($12,221) | — | |||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Net (loss) attributable to noncontrolling interest in the Ferncliff Investors: | ($526) | — | |||||||||||||||||||||
| 2020 | |||||||||||||||||
| Beginning noncontrolling interests in the Operating Partnership | — | ||||||||||||||||
|
Issuances of Redeemable Operating Partnership Units
|
106,752 | ||||||||||||||||
| Adjustment of noncontrolling interests in the Operating Partnership | 24,393 | ||||||||||||||||
|
Conversions of Redeemable Operating Partnership Units to Common Shares
|
(496) | ||||||||||||||||
| Net (Loss) Income attributable to noncontrolling interests in the Operating Partnership | 528 | ||||||||||||||||
| Other Comprehensive Income attributable to noncontrolling interests in the Operating Partnership | 2,540 | ||||||||||||||||
| Distributions to noncontrolling interests in the Operating Partnership | (3,596) | ||||||||||||||||
| Total noncontrolling interests in the Operating Partnership | $130,121 | ||||||||||||||||
| Sales by Product Line | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Southern Timber | $191,831 | $194,111 | $169,995 | ||||||||||||||
| Pacific Northwest Timber | 120,809 | 85,414 | 109,832 | ||||||||||||||
| New Zealand Timber | 202,315 | 241,861 | 249,014 | ||||||||||||||
| Timber Funds (a) | 29,557 | — | — | ||||||||||||||
| Real Estate | |||||||||||||||||
| Improved Development | 14,498 | 5,882 | 8,336 | ||||||||||||||
| Unimproved Development | 8,426 | 19,476 | 8,621 | ||||||||||||||
| Rural (b) | 67,152 | 47,647 | 46,280 | ||||||||||||||
| Timberland & Non-Strategic (b) | 19,255 | 1,338 | 75,281 | ||||||||||||||
| Conservation Easement | 3,099 | — | — | ||||||||||||||
| Deferred Revenue/Other | 888 | 544 | 57 | ||||||||||||||
| Large Dispositions | 116,027 | — | — | ||||||||||||||
| Total Real Estate | 229,345 | 74,887 | 138,575 | ||||||||||||||
| Trading | 88,973 | 115,438 | 148,814 | ||||||||||||||
| Intersegment eliminations (c) | (3,676) | (155) | (92) | ||||||||||||||
| Total Sales | $859,154 | $711,556 | $816,138 | ||||||||||||||
| Operating Income (Loss) | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Southern Timber (a) | $41,247 | $57,804 | $44,245 | ||||||||||||||
| Pacific Northwest Timber | (9,979) | (12,427) | 8,137 | ||||||||||||||
| New Zealand Timber | 29,984 | 48,035 | 62,754 | ||||||||||||||
| Timber Funds (b) | (13,195) | — | — | ||||||||||||||
| Real Estate (c) | 71,951 | 38,665 | 76,240 | ||||||||||||||
| Trading | (462) | 8 | 953 | ||||||||||||||
| Corporate and other (d) | (45,158) | (25,058) | (22,261) | ||||||||||||||
| Total Operating Income | 74,388 | 107,027 | 170,068 | ||||||||||||||
| Unallocated interest expense and other | (37,595) | (26,409) | (27,502) | ||||||||||||||
| Total Income before Income Taxes | $36,793 | $80,618 | $142,566 | ||||||||||||||
| Gross Capital Expenditures | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Capital Expenditures (a) | |||||||||||||||||
| Southern Timber | $35,505 | $34,574 | $35,388 | ||||||||||||||
| Pacific Northwest Timber | 11,367 | 11,220 | 9,311 | ||||||||||||||
| New Zealand Timber | 16,595 | 17,357 | 17,318 | ||||||||||||||
| Timber Funds (b) | 2,606 | — | — | ||||||||||||||
| Real Estate | 428 | 204 | 284 | ||||||||||||||
| Corporate and other | — | 641 | 24 | ||||||||||||||
| Total capital expenditures | $66,500 | $63,996 | $62,325 | ||||||||||||||
| Timberland Acquisitions (c) | |||||||||||||||||
| Southern Timber | $24,241 | $98,927 | $45,943 | ||||||||||||||
| Pacific Northwest Timber | — | 7,340 | — | ||||||||||||||
| New Zealand Timber | 454 | 36,020 | 11,665 | ||||||||||||||
| Total timberland acquisitions | $24,695 | $142,287 | $57,608 | ||||||||||||||
| Total Gross Capital Expenditures | $91,195 | $206,283 | $119,933 | ||||||||||||||
|
Depreciation,
Depletion and Amortization |
|||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Southern Timber | $61,827 | $61,923 | $58,609 | ||||||||||||||
| Pacific Northwest Timber | 47,107 | 29,165 | 32,779 | ||||||||||||||
| New Zealand Timber | 25,030 | 27,761 | 28,007 | ||||||||||||||
| Timber Funds (a) | 11,884 | — | — | ||||||||||||||
| Real Estate (b) | 53,093 | 8,229 | 23,566 | ||||||||||||||
| Corporate and other | 1,427 | 1,157 | 1,160 | ||||||||||||||
| Total | $200,368 | $128,235 | $144,121 | ||||||||||||||
| Non-Cash Cost of Land and Improved Development | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Real Estate (a) | $82,008 | $12,565 | $23,553 | ||||||||||||||
| Geographical Operating Information | |||||||||||||||||||||||||||||||||||||||||||||||
| Sales | Operating Income | Identifiable Assets | |||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
| United States | $567,998 | $354,395 | $390,396 | $44,877 | $58,945 | $83,357 | $3,104,916 | $2,288,642 | |||||||||||||||||||||||||||||||||||||||
| New Zealand | 291,156 | 357,161 | 425,742 | 29,511 | 48,082 | 86,711 | 623,817 | 572,354 | |||||||||||||||||||||||||||||||||||||||
| Total | $859,154 | $711,556 | $816,138 | $74,388 | $107,027 | $170,068 | $3,728,733 | $2,860,996 | |||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||
| Debt, excluding Timber Funds: | |||||||||||
|
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at December 31, 2020
|
$350,000 | $350,000 | |||||||||
|
Senior Notes due 2022 at a fixed interest rate of 3.75%
|
325,000 | 325,000 | |||||||||
|
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at December 31, 2020
|
300,000 | 300,000 | |||||||||
|
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at December 31, 2020
|
250,000 | — | |||||||||
|
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at December 31, 2020
|
— | 82,000 | |||||||||
|
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95%
|
24,903 | — | |||||||||
| Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches (a) | |||||||||||
|
Due 2025 at a fixed interest rate of 6.1%
|
11,601 | — | |||||||||
|
Due 2028 at a fixed interest rate of 4.1%
|
12,018 | — | |||||||||
|
Due 2033 at a fixed interest rate of 5.3%
|
19,430 | — | |||||||||
|
Due 2036 at a fixed interest rate of 5.4%
|
9,868 | — | |||||||||
| Total debt, excluding Timber Funds | 1,302,820 | 1,057,000 | |||||||||
| Less: Current maturities of long-term debt | — | (82,000) | |||||||||
| Less: Deferred financing costs, excluding Timber Funds | (2,484) | (1,871) | |||||||||
| Long-term debt, net of deferred financing costs, excluding Timber Funds | 1,300,336 | 973,129 | |||||||||
| Debt, Timber Funds: | |||||||||||
|
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest
payments, as follows: (a) |
|||||||||||
|
Due 2022 at a fixed interest rate of 2.0%
|
11,000 | — | |||||||||
|
Due 2022 at a fixed interest rate of 2.0%
|
14,000 | — | |||||||||
|
Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest
payments, as follows (a): |
|||||||||||
|
Due 2023 at a fixed interest rate of 5.1%
|
19,563 | — | |||||||||
|
Due 2024 at a fixed interest rate of 4.5%
|
15,626 | — | |||||||||
| Total debt, Timber Funds | 60,189 | — | |||||||||
| Less: Deferred financing costs, Timber Funds | (10) | — | |||||||||
| Long-term debt, net of deferred financing costs, Timber Funds | 60,179 | — | |||||||||
| Long-term debt, net of deferred financing costs | $1,360,515 | $973,129 | |||||||||
| Excluding Timber Funds | Timber Funds | Total | |||||||||||||||
| 2021 | — | — | — | ||||||||||||||
| 2022 | 325,000 | 25,000 | 350,000 | ||||||||||||||
| 2023 | — | 17,980 | 17,980 | ||||||||||||||
| 2024 | — | 14,400 | 14,400 | ||||||||||||||
| 2025 | 284,903 | — | 284,903 | ||||||||||||||
| Thereafter | 685,000 | — | 685,000 | ||||||||||||||
| Total debt | $1,294,903 | $57,380 | $1,352,283 | ||||||||||||||
| Tranche | Stated Fixed Interest Rate | Effective Fixed Interest Rate (a) | Stated Principal Amount | Est. Fair Value at Merger Date (b) | |||||||||||||||||||
| Tranche 2 (Due 2025) | 6.1 | % | 4.8 | % | $10,000 | $11,838 | |||||||||||||||||
| Tranche 4 (Due 2028) | 4.1 | % | 3.1 | % | 11,000 | 12,108 | |||||||||||||||||
| Tranches 6 & 7 (Due 2033) | 5.3 | % | 4.2 | % | 16,000 | 19,609 | |||||||||||||||||
| Tranche 8 (Due 2036) | 5.4 | % | 4.3 | % | 8,000 | 9,947 | |||||||||||||||||
| Total NWFCS Credit Facility assumed | $45,000 | $53,502 | |||||||||||||||||||||
| Maturity Date | Stated Fixed Interest Rate (a) | Stated Principal Amount | Est. Fair Value at Merger Date (b) | |||||||||||||||||
| September 2022 | 2.0 | % | $11,000 | $11,061 | ||||||||||||||||
| September 2022 | 2.0 | % | 14,000 | 14,023 | ||||||||||||||||
| $25,000 | $25,084 | |||||||||||||||||||
| Maturity Date | Stated Fixed Interest Rate | Effective Fixed Interest Rate (a) | Stated Principal Amount | Est. Fair Value at Merger Date (b) | ||||||||||||||||||||||
| December 2023 | 5.1 | % | 3.9 | % | $17,980 | $19,915 | ||||||||||||||||||||
| October 2024 | 4.5 | % | 3.2 | % | 14,400 | 15,844 | ||||||||||||||||||||
| $32,380 | $35,759 | |||||||||||||||||||||||||
| Covenant Requirement | Actual Ratio | Favorable | |||||||||||||||
| Covenant EBITDA to consolidated interest expense should not be less than |
2.5 to 1
|
9.20 to 1
|
6.70 | ||||||||||||||
| Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % | 47 | % | 18 | % | |||||||||||
| Covenant Requirement | Actual Ratio | Favorable | |||||||||||||||
| Covenant loan-to-appraised value shall not exceed | 50% | 12% | 38 | % | |||||||||||||
| Covenant EBITDA to consolidated interest expense should not be less than |
2.5 to 1
|
9.20 to 1
|
6.70 | ||||||||||||||
| Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % | 47 | % | 18 | % | |||||||||||
|
Higher and Better Use Timberlands and Real Estate Development Investments
|
|||||||||||||||||
| Land and Timber | Development Investments | Total | |||||||||||||||
| Non-current portion at December 31, 2019 | $58,091 | $23,700 | $81,791 | ||||||||||||||
| Plus: Current portion (a) | 274 | 12,389 | 12,663 | ||||||||||||||
| Total Balance at December 31, 2019 | 58,365 | 36,089 | 94,454 | ||||||||||||||
| Non-cash cost of land and improved development | (1,834) | (7,390) | (9,224) | ||||||||||||||
| Timber depletion from harvesting activities and basis of timber sold in real estate sales | (725) | — | (725) | ||||||||||||||
| Capitalized real estate development investments (b) | — | 6,462 | 6,462 | ||||||||||||||
| HBU properties acquired in merger with Pope Resources (c) | 26,510 | — | 26,510 | ||||||||||||||
| Capital expenditures (silviculture) | 427 | — | 427 | ||||||||||||||
| Intersegment transfers | (2,630) | — | (2,630) | ||||||||||||||
| Total Balance at December 31, 2020 | 80,113 | 35,161 | 115,274 | ||||||||||||||
| Less: Current portion (a) | (212) | (6,544) | (6,756) | ||||||||||||||
| Non-current portion at December 31, 2020 | $79,901 | $28,617 | $108,518 | ||||||||||||||
| Environmental Remediation (a) | Development Projects (b) | Commitments (c) | Total | ||||||||||||||||||||||||||
| 2021 | $1,026 | $10,723 | $14,341 | $26,090 | |||||||||||||||||||||||||
| 2022 | 1,864 | 267 | 17,232 | 19,363 | |||||||||||||||||||||||||
| 2023 | 1,853 | 267 | 17,996 | 20,116 | |||||||||||||||||||||||||
| 2024 | 1,853 | 267 | 15,228 | 17,348 | |||||||||||||||||||||||||
| 2025 | 2,338 | 267 | 10,303 | 12,908 | |||||||||||||||||||||||||
| Thereafter | 2,706 | 3,899 | 29,171 | 35,776 | |||||||||||||||||||||||||
| $11,640 | $15,690 | $104,271 | $131,601 | ||||||||||||||||||||||||||
|
|
2020 | 2019 | 2018 | |||||||||||||||||
|
Current
|
||||||||||||||||||||
|
U.S. federal
|
($237) | $2 | $2 | |||||||||||||||||
|
State
|
(339) | (122) | 37 | |||||||||||||||||
|
Foreign
|
(5,391) | (1,542) | (1,914) | |||||||||||||||||
| (5,967) | (1,662) | (1,875) | ||||||||||||||||||
|
Deferred
|
||||||||||||||||||||
|
U.S. federal
|
8,355 | 465 | 3,803 | |||||||||||||||||
|
State
|
325 | 17 | 146 | |||||||||||||||||
|
Foreign
|
(3,027) | (11,278) | (23,360) | |||||||||||||||||
| 5,653 | (10,796) | (19,411) | ||||||||||||||||||
|
Changes in valuation allowance
|
(6,695) | (482) | (3,950) | |||||||||||||||||
|
Total
|
($7,009) | ($12,940) | ($25,236) | |||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
| U.S. federal statutory income tax rate | ($7,726) | (21.0) | % | ($16,930) | (21.0) | % | ($29,939) | (21.0) | % | |||||||||||||||||||||||||||||
| U.S. and foreign REIT income | 16,569 | 45.0 | 19,902 | 24.7 | 32,949 | 23.1 | ||||||||||||||||||||||||||||||||
| Matariki Group and Rayonier New Zealand Ltd | (7,698) | (20.8) | (11,181) | (13.9) | (23,166) | (16.2) | ||||||||||||||||||||||||||||||||
| Change in valuation allowance | (6,695) | (18.2) | (482) | (0.6) | (3,950) | (2.8) | ||||||||||||||||||||||||||||||||
| State Net Operating Loss | 1,118 | 3.0 | — | — | — | — | ||||||||||||||||||||||||||||||||
| Prepaid land sales | (1,084) | (2.9) | — | — | — | — | ||||||||||||||||||||||||||||||||
| Internal transfer of assets deferred | — | — | (1,815) | (2.3) | — | — | ||||||||||||||||||||||||||||||||
| Foreign income tax withholding | (721) | (2.0) | (1,535) | (1.9) | (1,848) | (1.3) | ||||||||||||||||||||||||||||||||
| Other | (772) | (2.1) | (899) | (1.1) | 718 | 0.5 | ||||||||||||||||||||||||||||||||
| Income tax expense as reported for net income | ($7,009) | (19.0) | % | ($12,940) | (16.1) | % | ($25,236) | (17.7) | % | |||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||
| Gross deferred tax assets: | |||||||||||
| Pension, postretirement and other employee benefits | $1,403 | $1,512 | |||||||||
| New Zealand subsidiary | 23,461 | 23,211 | |||||||||
| CBPC tax credit carry forwards | 14,555 | 14,555 | |||||||||
| Capitalized real estate costs | 1,459 | 6,635 | |||||||||
| U.S. TRS net operating loss | 18,363 | 5,410 | |||||||||
| Land basis difference | 9,468 | 10,626 | |||||||||
| Other | 5,502 | 4,356 | |||||||||
| Total gross deferred tax assets | 74,211 | 66,305 | |||||||||
| Less: Valuation allowance | (46,015) | (39,320) | |||||||||
| Total deferred tax assets after valuation allowance | $28,196 | $26,985 | |||||||||
| Gross deferred tax liabilities: | |||||||||||
| Accelerated depreciation | (38) | (23) | |||||||||
| New Zealand subsidiary | (98,245) | (87,548) | |||||||||
| Other | (4,884) | (3,938) | |||||||||
| Total gross deferred tax liabilities | (103,167) | (91,509) | |||||||||
| Net deferred tax liability reported as noncurrent | ($74,971) | ($64,524) | |||||||||
| Tax Effected Balance | Expiration | |||||||||||||||||||
| 2020 | ||||||||||||||||||||
| U.S. Federal NOL Carryforwards- Pre TCJA (a) | $2,363 | 2036 | ||||||||||||||||||
| U.S. Federal NOL Carryforwards- Post TCJA (a) | 13,017 | None | ||||||||||||||||||
| U.S State NOL Carryforwards (b) | 2,983 | 2031 | ||||||||||||||||||
| Cellulosic Biofuel Producer Credit (c) | 14,555 | 2023 | ||||||||||||||||||
| 2019 | ||||||||||||||||||||
| New Zealand subsidiary NOL carryforwards | $3,262 | None | ||||||||||||||||||
| U.S. Federal NOL Carryforwards- Pre TCJA (a) | 2,363 | 2036 | ||||||||||||||||||
| U.S. Federal NOL Carryforwards- Post TCJA (a) | 1,872 | None | ||||||||||||||||||
| U.S State NOL Carryforwards (b) | 1,175 | 2031 | ||||||||||||||||||
| Cellulosic Biofuel Producer Credit (c) | 14,555 | 2023 | ||||||||||||||||||
| Taxing Jurisdiction | Open Tax Years | ||||
| U.S. Internal Revenue Service | 2017 - 2019 | ||||
| New Zealand Inland Revenue | 2015 - 2019 | ||||
|
|
2020 | 2019 | 2018 | |||||||||||||||||
|
Total dividends/distributions paid per common share/unit
|
$1.08 | $1.08 | $1.06 | |||||||||||||||||
| Tax characteristics: | ||||||||||||||||||||
| Capital gain | 100 | % | 100 | % | 100 | % | ||||||||||||||
| Port Gamble, WA (a) | |||||
|
Total Balance at December 31, 2019
|
— | ||||
| Liabilities assumed in merger with Pope Resources | 13,003 | ||||
| Expenditures | (1,362) | ||||
|
Total Balance at December 31, 2020
|
11,641 | ||||
| Less: Current portion | 1,026 | ||||
|
Non-current portion at December 31, 2020
|
$10,615 | ||||
| Financial Commitments (a) |
Maximum Potential
Payment |
||||||||||
| Standby letters of credit | $885 | ||||||||||
| Surety bonds (b) | 7,284 | ||||||||||
| Total financial commitments | $8,169 | ||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Earnings per common share - basic | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net Income | $29,784 | $67,678 | $117,330 | ||||||||||||||
| Less: Net (income) attributable to noncontrolling interest in the Operating Partnership | (528) | — | — | ||||||||||||||
| Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates | 7,828 | (8,573) | (15,114) | ||||||||||||||
| Net income attributable to Rayonier Inc. | $37,084 | $59,105 | $102,216 | ||||||||||||||
| Denominator: | |||||||||||||||||
| Denominator for basic earnings per common share - weighted average shares | 133,865,867 | 129,257,202 | 129,043,627 | ||||||||||||||
| Basic earnings per common share attributable to Rayonier Inc.: | $0.28 | $0.46 | $0.79 | ||||||||||||||
| Earnings per common share - diluted | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net Income | $29,784 | $67,678 | $117,330 | ||||||||||||||
| Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates | 7,828 | (8,573) | (15,114) | ||||||||||||||
| Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the Operating Partnership | $37,612 | $59,105 | $102,216 | ||||||||||||||
| Denominator: | |||||||||||||||||
| Denominator for basic earnings per common share - weighted average shares | 133,865,867 | 129,257,202 | 129,043,627 | ||||||||||||||
| Add: Dilutive effect of: | |||||||||||||||||
| Stock options | 633 | 12,209 | 71,276 | ||||||||||||||
| Performance shares, restricted shares and restricted stock units | 198,955 | 328,977 | 575,328 | ||||||||||||||
| Noncontrolling interests in Operating Partnership units | 2,877,447 | — | — | ||||||||||||||
| Denominator for diluted earnings per common share - adjusted weighted average shares | 136,942,902 | 129,598,388 | 129,690,231 | ||||||||||||||
| Diluted earnings per common share attributable to Rayonier Inc.: | $0.27 | $0.46 | $0.79 | ||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
|
Anti-dilutive shares excluded from computations of diluted earnings per share:
|
|||||||||||||||||
| Stock options, performance shares, restricted shares and restricted stock units | 450,551 | 450,681 | 254,282 | ||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Earnings per unit - basic | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net Income | $29,784 | $67,678 | $117,330 | ||||||||||||||
| Less: Net loss (income) attributable to noncontrolling interests in consolidated affiliates | 7,828 | (8,573) | (15,114) | ||||||||||||||
| Net income available to unitholders | $37,612 | $59,105 | $102,216 | ||||||||||||||
| Denominator: | |||||||||||||||||
| Denominator for basic earnings per unit - weighted average units | 136,743,314 | 129,257,202 | 129,043,627 | ||||||||||||||
| Basic earnings per unit attributable to Rayonier, L.P.: | $0.28 | $0.46 | $0.79 | ||||||||||||||
| Earnings per unit - diluted | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net Income | $29,784 | $67,678 | $117,330 | ||||||||||||||
| Less: Net loss (income) attributable to noncontrolling interest in consolidated affiliates | 7,828 | (8,573) | (15,114) | ||||||||||||||
| Net income available to unitholders | $37,612 | $59,105 | $102,216 | ||||||||||||||
| Denominator: | |||||||||||||||||
| Denominator for basic earnings per unit - weighted average units | 136,743,314 | 129,257,202 | 129,043,627 | ||||||||||||||
| Add: Dilutive effect of unit equivalents: | |||||||||||||||||
| Stock options | 633 | 12,209 | 71,276 | ||||||||||||||
| Performance shares, restricted shares and restricted stock units | 198,955 | 328,977 | 575,328 | ||||||||||||||
| Denominator for diluted earnings per unit - adjusted weighted average units | 136,942,902 | 129,598,388 | 129,690,231 | ||||||||||||||
| Diluted earnings per unit attributable to Rayonier, L.P. | $0.27 | $0.46 | $0.79 | ||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Anti-dilutive unit equivalents excluded from computations of diluted earnings per unit: | |||||||||||||||||
| Stock options, performance shares, restricted shares and restricted stock units | 450,551 | 450,681 | 254,282 | ||||||||||||||
| Outstanding Interest Rate Swaps (a) | ||||||||||||||||||||
| Date Entered Into | Term | Notional Amount | Related Debt Facility | Fixed Rate of Swap (b) |
Bank Margin
on Debt |
Total Effective Interest Rate (c) | ||||||||||||||
| August 2015 | 9 years | $170,000 | Term Credit Agreement | 2.20 | % | 1.60 | % | 3.80 | % | |||||||||||
| August 2015 | 9 years | 180,000 | Term Credit Agreement | 2.35 | % | 1.60 | % | 3.95 | % | |||||||||||
| April 2016 | 10 years | 100,000 | Incremental Term Loan | 1.60 | % | 1.90 | % | 3.50 | % | |||||||||||
| April 2016 | 10 years | 100,000 | Incremental Term Loan | 1.60 | % | 1.90 | % | 3.50 | % | |||||||||||
| July 2016 | 10 years | 100,000 | Incremental Term Loan | 1.26 | % | 1.90 | % | 3.16 | % | |||||||||||
| June 2020 | 10 years | 250,000 | 2020 Incremental Term Loan | 1.10 | % | 1.85 | % | 2.95 | % | |||||||||||
| Converted Treasury Rate Locks (a) | |||||||||||||||||
| Date Entered Into | Term | Notional Amount | Rate | Related Debt Facility (b) | Expiration Date | ||||||||||||
| January 2020 | 10 years | $100,000 | 1.53% | 2020 Incremental Term Loan Facility | March 30, 2020 | ||||||||||||
| January 2020 | 10 years | 100,000 | 1.53% | 2020 Incremental Term Loan Facility | March 31, 2020 | ||||||||||||
| February 2020 | 10 years | 50,000 | 1.35% | 2020 Incremental Term Loan Facility | March 31, 2020 | ||||||||||||
| Converted Interest Rate Swap Locks (a) | |||||||||||||||||
| Date Entered Into | Term | Notional Amount | Fixed Rate of Swap Lock (b) | Related Debt Facility (c) | Termination Date | ||||||||||||
| March 2020 | 10 years | $100,000 | 1.56% | 2020 Incremental Term Loan Facility | June 30, 2020 | ||||||||||||
| March 2020 | 10 years | 100,000 | 1.59% | 2020 Incremental Term Loan Facility | June 30, 2020 | ||||||||||||
| March 2020 | 10 years | 50,000 | 1.41% | 2020 Incremental Term Loan Facility | June 30, 2020 | ||||||||||||
| Outstanding Forward-Starting Interest Rate Swaps (a) | ||||||||||||||||||||
| Date Entered Into | Term | Notional Amount | Fixed Rate of Swap | Related Debt Facility | Forward Date | Maximum Period Ending for Forecasted Issuance Date | ||||||||||||||
| February 2020 | 10 years | $325,000 | 1.40 | % | Anticipated refinancing of Senior Notes due 2022 | April 2022 | April 2022 | |||||||||||||
| March 2020 | 4 years | 100,000 | 0.88 | % | Term Credit Agreement | August 2024 | N/A | |||||||||||||
| May 2020 | 4 years | 50,000 | 0.74 | % | Term Credit Agreement | August 2024 | N/A | |||||||||||||
| Location on Statement of Income and Comprehensive Income | 2020 | 2019 | 2018 | ||||||||||||||||||||
| Derivatives designated as cash flow hedges: | |||||||||||||||||||||||
| Foreign currency exchange contracts | Other comprehensive (loss) income | $5,376 | $2,211 | ($4,357) | |||||||||||||||||||
| Foreign currency option contracts | Other comprehensive (loss) income | 1,211 | 159 | (180) | |||||||||||||||||||
| Interest rate swaps | Other comprehensive (loss) income | (76,567) | (29,893) | 8,745 | |||||||||||||||||||
| Interest rate products | Interest Expense | 10,769 | (2,296) | (449) | |||||||||||||||||||
| Derivatives designated as a net investment hedge: | |||||||||||||||||||||||
| Foreign currency exchange contract | Other comprehensive (loss) income | — | — | (344) | |||||||||||||||||||
| Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
| Foreign currency exchange contracts | Interest and other miscellaneous income, net | — | $135 | $2,183 | |||||||||||||||||||
| Carbon options | Interest and other miscellaneous income, net | 563 | (105) | (158) | |||||||||||||||||||
| Notional Amount | |||||||||||
| 2020 | 2019 | ||||||||||
| Derivatives designated as cash flow hedges: | |||||||||||
| Foreign currency exchange contracts | $49,000 | $56,350 | |||||||||
| Foreign currency option contracts | 28,000 | 22,000 | |||||||||
| Interest rate swaps | 900,000 | 650,000 | |||||||||
| Forward-starting interest rate swaps | 475,000 | — | |||||||||
| Derivatives not designated as hedging instruments: | |||||||||||
| Carbon options (a) | — | 9,592 | |||||||||
| Fair Value Assets (Liabilities) (a) | |||||||||||||||||
| Location on Balance Sheet | 2020 | 2019 | |||||||||||||||
| Derivatives designated as cash flow hedges: | |||||||||||||||||
| Foreign currency exchange contracts | Other current assets | $4,968 | $424 | ||||||||||||||
| Other assets | 1,050 | 390 | |||||||||||||||
| Other current liabilities | — | (172) | |||||||||||||||
| Foreign currency option contracts | Other current assets | 1,526 | 151 | ||||||||||||||
| Other assets | — | 209 | |||||||||||||||
| Other current liabilities | (11) | (27) | |||||||||||||||
| Other non-current liabilities | — | (30) | |||||||||||||||
| Interest rate swaps | Other assets | — | 2,614 | ||||||||||||||
| Other non-current liabilities | (51,580) | (11,068) | |||||||||||||||
| Forward-starting interest rate swaps | Other assets | 513 | — | ||||||||||||||
| Other non-current liabilities | (13,042) | — | |||||||||||||||
| Derivatives not designated as hedging instruments: | |||||||||||||||||
| Carbon options (a) | Other current liabilities | — | (607) | ||||||||||||||
| Total derivative contracts: | |||||||||||||||||
| Other current assets | $6,494 | $575 | |||||||||||||||
| Other assets | 1,563 | 3,213 | |||||||||||||||
| Total derivative assets | $8,057 | $3,788 | |||||||||||||||
| Other current liabilities | (11) | (806) | |||||||||||||||
| Other non-current liabilities | (64,622) | (11,098) | |||||||||||||||
| Total derivative liabilities | ($64,633) | ($11,904) | |||||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
| Asset (liability) (a) |
Carrying
Amount |
Fair Value |
Carrying
Amount |
Fair Value | |||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||||||||||||||||||||
| Cash and cash equivalents, excluding Timber Funds | $80,454 | $80,454 | — | $68,735 | $68,735 | — | |||||||||||||||||||||||||||||
| Cash and cash equivalents, Timber Funds | 4,053 | 4,053 | — | — | — | — | |||||||||||||||||||||||||||||
| Restricted cash (b) | 2,975 | 2,975 | — | 1,233 | 1,233 | — | |||||||||||||||||||||||||||||
| Current maturities of long-term debt, excluding Timber Funds | — | — | — | (82,000) | — | (82,000) | |||||||||||||||||||||||||||||
| Long-term debt, excluding Timber Funds (c) | (1,300,336) | — | (1,313,631) | (973,129) | — | (981,500) | |||||||||||||||||||||||||||||
| Long-term debt, Timber Funds (c) | (60,179) | — | (60,474) | — | — | — | |||||||||||||||||||||||||||||
| Interest rate swaps (d) | (51,580) | — | (51,580) | (8,454) | — | (8,454) | |||||||||||||||||||||||||||||
| Forward-starting interest rate swaps (d) | (12,529) | — | (12,529) | — | — | — | |||||||||||||||||||||||||||||
| Foreign currency exchange contracts (d) | 6,018 | — | 6,018 | 642 | — | 642 | |||||||||||||||||||||||||||||
| Foreign currency option contracts (d) | 1,515 | — | 1,515 | 303 | — | 303 | |||||||||||||||||||||||||||||
| Carbon options contracts (d) | — | — | — | (607) | — | (607) | |||||||||||||||||||||||||||||
| Marketable equity securities (e) | — | — | — | 10,582 | 10,582 | — | |||||||||||||||||||||||||||||
| Noncontrolling Interests in the Operating Partnership (f) | 130,121 | 130,121 | — | — | — | — | |||||||||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| Carrying Amount | Less than 12 Months | 12 Months or Greater | Total | Carrying Amount | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||||||||||||||||||
| Fair value of marketable equity securities | — | — | — | — | $10,582 | $10,582 | — | $10,582 | |||||||||||||||||||||||||||||||||||||||
| Unrealized gains | — | — | — | — | — | 3,043 | — | 3,043 | |||||||||||||||||||||||||||||||||||||||
| Pension | Postretirement | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Change in Projected Benefit Obligation | |||||||||||||||||||||||
| Projected benefit obligation at beginning of year | $90,261 | $79,559 | $1,634 | $1,303 | |||||||||||||||||||
| Service cost | — | — | 6 | 6 | |||||||||||||||||||
| Interest cost | 2,706 | 3,197 | 51 | 54 | |||||||||||||||||||
| Actuarial loss (gain) | 10,915 | 10,828 | 209 | 285 | |||||||||||||||||||
| Benefits paid | (3,413) | (3,323) | (14) | (14) | |||||||||||||||||||
| Projected benefit obligation at end of year | $100,469 | $90,261 | $1,886 | $1,634 | |||||||||||||||||||
| Change in Plan Assets | |||||||||||||||||||||||
| Fair value of plan assets at beginning of year | $66,460 | $50,949 | — | — | |||||||||||||||||||
| Actual return on plan assets | 13,329 | 12,975 | — | — | |||||||||||||||||||
| Employer contributions | 3,005 | 6,413 | 14 | 14 | |||||||||||||||||||
| Benefits paid | (3,413) | (3,284) | (14) | (14) | |||||||||||||||||||
| Other expense | (498) | (593) | — | — | |||||||||||||||||||
| Fair value of plan assets at end of year | $78,883 | $66,460 | — | — | |||||||||||||||||||
| Funded Status at End of Year: | |||||||||||||||||||||||
| Net accrued benefit cost | ($21,586) | ($23,801) | ($1,886) | ($1,634) | |||||||||||||||||||
| Amounts Recognized in the Consolidated | |||||||||||||||||||||||
| Balance Sheets Consist of: | |||||||||||||||||||||||
| Current liabilities | ($86) | ($86) | ($41) | ($38) | |||||||||||||||||||
| Noncurrent liabilities | (21,500) | (23,715) | (1,845) | (1,596) | |||||||||||||||||||
| Net amount recognized | ($21,586) | ($23,801) | ($1,886) | ($1,634) | |||||||||||||||||||
| Pension | Postretirement | ||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
| Net (losses) gains | ($1,587) | ($1,514) | ($1,743) | ($207) | ($285) | $149 | |||||||||||||||||||||||||||||
| Pension | Postretirement | ||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
| Amortization of losses (gains) | $861 | $449 | $673 | $8 | — | $2 | |||||||||||||||||||||||||||||
| Pension | Postretirement | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Net losses | ($25,043) | ($24,317) | ($491) | ($292) | |||||||||||||||||||
| Deferred income tax benefit | 1,216 | 1,216 | 6 | 6 | |||||||||||||||||||
| AOCI | ($23,827) | ($23,101) | ($485) | ($286) | |||||||||||||||||||
| 2020 | 2019 | ||||||||||
| Projected benefit obligation | $100,469 | $90,261 | |||||||||
| Accumulated benefit obligation | 100,469 | 90,261 | |||||||||
| Fair value of plan assets | 78,883 | 66,460 | |||||||||
| Pension | Postretirement | ||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
| Components of Net Periodic Benefit Cost (Credit) | |||||||||||||||||||||||||||||||||||
| Service cost | — | — | — | $6 | $6 | $7 | |||||||||||||||||||||||||||||
| Interest cost | 2,706 | 3,197 | 3,021 | 51 | 54 | 38 | |||||||||||||||||||||||||||||
| Expected return on plan assets | (3,504) | (3,107) | (3,934) | — | — | — | |||||||||||||||||||||||||||||
| Amortization of losses (gains) | 861 | 449 | 673 | 8 | — | 2 | |||||||||||||||||||||||||||||
| Net periodic benefit cost (credit) | $63 | $539 | ($240) | $65 | $60 | $47 | |||||||||||||||||||||||||||||
| Pension | Postretirement | ||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
| Assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||||||||||||
| Discount rate | 2.26 | % | 3.06 | % | 4.11 | % | 2.42 | % | 3.16 | % | 4.18 | % | |||||||||||||||||||||||
|
Assumptions used to determine net periodic benefit cost for years ended December 31:
|
|||||||||||||||||||||||||||||||||||
| Discount rate | 3.06 | % | 4.11 | % | 3.48 | % | 3.16 | % | 4.18 | % | 3.56 | % | |||||||||||||||||||||||
| Expected long-term return on plan assets | 5.72 | % | 5.72 | % | 7.17 | % | — | — | — | ||||||||||||||||||||||||||
|
Percentage of
Plan Assets |
|||||||||||||||||
| Asset Category | 2020 | 2019 | |||||||||||||||
| Domestic equity securities | 44 | % | 41 | % | |||||||||||||
| International equity securities | 30 | % | 28 | % | |||||||||||||
| Domestic fixed income securities | 21 | % | 25 | % | |||||||||||||
| International fixed income securities | 3 | % | 4 | % | |||||||||||||
| Real estate fund | 2 | % | 2 | % | |||||||||||||
| Total | 100 | % | 100 | % | |||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Asset Category | |||||||||||
| Investments at Net Asset Value: | |||||||||||
| Separate Investment Accounts | $78,883 | $66,460 | |||||||||
| Total Investments at Net Asset Value | $78,883 | $66,460 | |||||||||
|
Pension
Benefits |
Postretirement
Benefits |
||||||||||
| 2021 | $3,774 | $41 | |||||||||
| 2022 | 4,026 | 45 | |||||||||
| 2023 | 4,135 | 48 | |||||||||
| 2024 | 4,327 | 52 | |||||||||
| 2025 | 4,445 | 55 | |||||||||
| 2026-2030 | 23,200 | 328 | |||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Selling and general expenses | $6,839 | $6,416 | $5,623 | ||||||||||||||
| Cost of sales | 693 | 378 | 704 | ||||||||||||||
| Timber and Timberlands, net (a) | 170 | 110 | 101 | ||||||||||||||
| Other operating expense, net (b) | 324 | — | — | ||||||||||||||
| Total stock-based compensation | $8,026 | $6,904 | $6,428 | ||||||||||||||
| Tax benefit recognized related to stock-based compensation expense (c) | $421 | $362 | $338 | ||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Restricted shares granted (a) | 100,452 | 24,592 | 87,924 | ||||||||||||||
| Weighted average price of restricted shares granted | $23.15 | $30.90 | $35.44 | ||||||||||||||
| Intrinsic value of restricted stock outstanding (b) | 4,666 | 5,540 | 8,792 | ||||||||||||||
| Grant date fair value of restricted stock vested | 2,755 | 5,339 | 1,582 | ||||||||||||||
| Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested | 566 | 1,610 | 334 | ||||||||||||||
| 2020 | |||||||||||
|
Number of
Shares |
Weighted
Average Grant Date Fair Value |
||||||||||
| Non-vested Restricted Shares at January 1, | 169,114 | $29.45 | |||||||||
| Granted (a) | 100,452 | 23.15 | |||||||||
| Vested (b) | (109,764) | 25.10 | |||||||||
| Cancelled | (982) | 30.46 | |||||||||
| Non-vested Restricted Shares at December 31, | 158,820 | $28.47 | |||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Restricted stock units granted | 171,409 | 103,634 | — | ||||||||||||||
| Weighted average price of restricted stock units granted | $22.58 | $31.51 | — | ||||||||||||||
| Intrinsic value of restricted stock units outstanding (a) | 7,801 | 3,351 | — | ||||||||||||||
| Grant date fair value of restricted stock units vested | $218 | $2 | — | ||||||||||||||
| Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted stock units vested | $47 | $1 | — | ||||||||||||||
| 2020 | |||||||||||
|
Number of
Shares |
Weighted
Average Grant Date Fair Value |
||||||||||
| Non-vested Restricted Stock Units at January 1, | 102,297 | $31.50 | |||||||||
| Granted | 171,409 | 22.58 | |||||||||
| Vested | (6,868) | 31.71 | |||||||||
| Cancelled | (1,316) | 28.35 | |||||||||
| Non-vested Restricted Stock Units at December 31, | 265,522 | $25.75 | |||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Common shares reserved for performance shares granted during year | 361,870 | 232,684 | 213,154 | ||||||||||||||
| Weighted average fair value of performance share units granted | $29.59 | $35.99 | $40.27 | ||||||||||||||
| Intrinsic value of outstanding performance share units (a) | 11,711 | 10,758 | 9,229 | ||||||||||||||
| Fair value of performance shares vested | 3,522 | 6,387 | 5,670 | ||||||||||||||
| Cash used to purchase common shares from current and former employees to pay withholding tax requirements on performance shares vested | 992 | 2,639 | 2,651 | ||||||||||||||
| 2020 | |||||||||||
|
Number
of Units |
Weighted
Average Grant Date Fair Value |
||||||||||
| Outstanding Performance Share units at January 1, | 328,386 | $36.06 | |||||||||
| Granted | 180,935 | 29.59 | |||||||||
| Units Distributed | (109,470) | 32.17 | |||||||||
| Other Cancellations/Adjustments | (1,244) | 38.04 | |||||||||
| Outstanding Performance Share units at December 31, | 398,607 | $34.17 | |||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Expected volatility | 32.6 | % | 18.4 | % | 20.8 | % | |||||||||||
| Risk-free rate | 0.3 | % | 2.3 | % | 2.4 | % | |||||||||||
| 2020 | |||||||||||||||||||||||
|
Number of
Shares |
Weighted
Average Exercise Price (per common share) |
Weighted
Average Remaining Contractual Term (in years) |
Aggregate
Intrinsic Value |
||||||||||||||||||||
| Options outstanding at January 1, | 414,402 | $33.30 | |||||||||||||||||||||
| Granted | — | — | |||||||||||||||||||||
| Exercised | (50,228) | 27.23 | |||||||||||||||||||||
| Cancelled or expired | (23,189) | 35.08 | |||||||||||||||||||||
| Options outstanding at December 31, | 340,985 | 34.07 | 2.2 | $5 | |||||||||||||||||||
| Options exercisable at December 31, | 340,985 | $34.07 | 2.2 | $5 | |||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Intrinsic value of options exercised (a) | $108 | $475 | $2,618 | ||||||||||||||
| Cash received from exercise of options | 1,368 | 1,260 | 8,591 | ||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| (Loss) gain on foreign currency remeasurement, net of cash flow hedges | ($3,503) | ($3,077) | $370 | ||||||||||||||
| Gain on sale or disposal of property plant & equipment | 121 | 56 | 7 | ||||||||||||||
| Income from sale of unused Internet Protocol addresses | — | — | 646 | ||||||||||||||
| Log trading marketing fees | 56 | 314 | 286 | ||||||||||||||
| Cost related to the merger with Pope Resources (a) | (17,166) | — | — | ||||||||||||||
| Equity loss related to Ferncliff Investors joint venture (b) | (721) | — | — | ||||||||||||||
| Miscellaneous expense, net | (472) | (1,826) | (169) | ||||||||||||||
|
Total
|
($21,685) | ($4,533) | $1,140 | ||||||||||||||
| 2020 | |||||
| Termination benefits | $625 | ||||
| 324 | |||||
| Professional services | 14,314 | ||||
| Other integration and restructuring costs | 1,903 | ||||
| Total integration and restructuring charges related to the Mergers | $17,166 | ||||
| 2020 | |||||||||||||||||||||||
| Accrued severance as of January 1, 2020 | — | ||||||||||||||||||||||
| Charges | 625 | ||||||||||||||||||||||
| Payments | (513) | ||||||||||||||||||||||
| Accrued severance as of December 31, 2020 | $112 | ||||||||||||||||||||||
| 2020 | 2019 | ||||||||||
| Finished goods inventory | |||||||||||
| Real estate inventory (a) | $6,756 | $12,663 | |||||||||
| Log inventory | 3,838 | 1,855 | |||||||||
| Total inventory | $10,594 | $14,518 | |||||||||
| 2020 | 2019 | ||||||||||
| Restricted cash deposited with LKE intermediary | — | $758 | |||||||||
| Restricted cash held in escrow | 2,975 | 475 | |||||||||
| Total restricted cash shown in the Consolidated Balance Sheets | 2,975 | 1,233 | |||||||||
| Cash and cash equivalents | 84,507 | 68,735 | |||||||||
| Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $87,482 | $69,968 | |||||||||
| 2020 | 2019 | ||||||||||
|
Balance, January 1 (net of $0 of accumulated impairment)
|
$8,611 | $8,307 | |||||||||
| Changes to carrying amount | |||||||||||
| Acquisitions | — | — | |||||||||
| Impairment | — | — | |||||||||
| Foreign currency adjustment | 332 | 304 | |||||||||
|
Balance, December 31 (net of $0 of accumulated impairment)
|
$8,943 | $8,611 | |||||||||
| 2020 | 2019 | ||||||||||
| Long-term and prepaid and secondary roads | |||||||||||
| Pacific Northwest long-term prepaid roads | $4,087 | $4,198 | |||||||||
| New Zealand long-term secondary roads | 5,767 | 4,265 | |||||||||
| Total long-term prepaid and secondary roads | $9,854 | $8,463 | |||||||||
| 2020 | 2019 | ||||||||||
| Patronage Equity | $6,685 | $5,217 | |||||||||
| 2020 | 2019 | ||||||||||
| Deferred financing costs related to revolving debt | $1,040 | $102 | |||||||||
| 2020 | 2019 | ||||||||||
| Capitalized software costs | $3,651 | $3,605 | |||||||||
| 2020 | 2019 | ||||||||||
| Investments in marketable equity securities | — | $10,582 | |||||||||
| Foreign currency translation gains/(losses) | Net investment hedges of New Zealand subsidiary | Cash flow hedges | Employee benefit plans | Total Rayonier, L.P. | Allocation of Operating Partnership | Total Rayonier Inc. | |||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2018 | ($1,010) | $1,321 | $21,965 | ($22,037) | $239 | — | $239 | ||||||||||||||||||||||||||||||||||
|
Other comprehensive (loss) income before reclassifications
|
784 | — | (29,251) | (1,799) | (30,266) | — | (30,266) | ||||||||||||||||||||||||||||||||||
|
Amounts reclassified from accumulated other comprehensive (loss) income
|
— | — | (1,624) | 449 | (b) | (1,175) | — | (1,175) | |||||||||||||||||||||||||||||||||
| Net other comprehensive (loss) income | 784 | — | (30,875) | (1,350) | (31,441) | — | (31,441) | ||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2019 | ($226) | $1,321 | ($8,910) | ($23,387) | ($31,202) | — | ($31,202) | ||||||||||||||||||||||||||||||||||
|
Other comprehensive (loss) income before reclassifications
|
22,928 | — | (71,644) | (a) | (1,794) | (50,510) | — | (50,510) | |||||||||||||||||||||||||||||||||
|
Amounts reclassified from accumulated other comprehensive (loss) income
|
— | — | 9,498 | 869 | (b) | 10,367 | (2,540) | 7,827 | |||||||||||||||||||||||||||||||||
| Net other comprehensive (loss) income | 22,928 | — | (62,146) | (925) | (40,143) | (2,540) | (42,683) | ||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 | $22,702 | $1,321 | ($71,056) | ($24,312) | ($71,345) | ($2,540) | ($73,885) | ||||||||||||||||||||||||||||||||||
| Details about accumulated other comprehensive (loss) income components | Amount reclassified from accumulated other comprehensive (loss) income | Affected line item in the income statement | ||||||||||||||||||
| 2020 | 2019 | |||||||||||||||||||
| Realized (gain) loss on foreign currency exchange contracts | ($2,324) | $1,246 | Other operating income, net | |||||||||||||||||
| Realized (gain) loss on foreign currency option contracts | 30 | (33) | Other operating income, net | |||||||||||||||||
| Noncontrolling interest | 528 | (279) | Comprehensive income (loss) attributable to noncontrolling interest | |||||||||||||||||
| Realized loss (gain) on interest rate contracts | 10,769 | (2,296) | Interest expense | |||||||||||||||||
| Income tax expense (benefit) from foreign currency contracts | 495 | (262) |
Income tax expense (Note 11)
|
|||||||||||||||||
| Net loss (gain) on cash flow hedges reclassified from accumulated other comprehensive income | $9,498 | ($1,624) | ||||||||||||||||||
| Timber Funds | 2020 | ||||
| Assets: | |||||
| Cash and cash equivalents | $4,053 | ||||
| Accounts receivable | 3,620 | ||||
| Prepaid expenses | 132 | ||||
| Other current assets | 41 | ||||
| Total current assets | 7,846 | ||||
| Timber and timberlands, net of depletion and amortization | 410,884 | ||||
| Total assets | $418,730 | ||||
| Liabilities and Equity: | |||||
| Accounts payable | $939 | ||||
| Intercompany payable (a) | 1,319 | ||||
| Accrued taxes | 314 | ||||
| Accrued interest | 513 | ||||
| Deferred revenue | 323 | ||||
| Other current liabilities | 732 | ||||
| Total current liabilities | 4,140 | ||||
| Long-term debt, net of deferred financing costs | 60,179 | ||||
| Funds’ equity | 354,411 | ||||
| Total liabilities and equity | $418,730 | ||||
| Ferncliff Investors | 2020 | ||||
| Assets: | |||||
| Cash and cash equivalents | $4,503 | ||||
| Intercompany receivable | 111 | ||||
| Total current assets | 4,614 | ||||
| Investment in real estate joint venture entity | 2,112 | ||||
| Advances to real estate joint venture entity | 1,000 | ||||
| Total assets | $7,726 | ||||
| Liabilities and equity: | |||||
| Other accrued and deferred liabilities | $3,447 | ||||
| Total current liabilities | 3,447 | ||||
| Ferncliff Investors’ equity | 4,279 | ||||
| Total liabilities and equity | $7,726 | ||||
| Related Party Transaction | Location on Statement of Income and Comprehensive Income | 2020 | 2019 | 2018 | |||||||||||||||||||
| Mattamy Contract | Sales | $1,354 | — | — | |||||||||||||||||||
| Description |
Balance
at Beginning of Year |
Additions Charged
to Cost and Expenses |
Deductions |
Balance
at End of Year |
|||||||||||||||||||
| Allowance for doubtful accounts: | |||||||||||||||||||||||
| Year ended December 31, 2020 | $24 | $1 | — | $25 | |||||||||||||||||||
| Year ended December 31, 2019 | 8 | 16 | — | 24 | |||||||||||||||||||
| Year ended December 31, 2018 | 23 | — | (15) | 8 | |||||||||||||||||||
| Deferred tax asset valuation allowance: | |||||||||||||||||||||||
| Year ended December 31, 2020 | $39,320 | $6,695 | (a) | — | $46,015 | ||||||||||||||||||
| Year ended December 31, 2019 | 38,839 | 481 | (a) | — | 39,320 | ||||||||||||||||||
| Year ended December 31, 2018 | 34,889 | 3,950 | (a) | — | 38,839 | ||||||||||||||||||
| Exhibit No. | Description | Location | |||||||||
| 10.11 | Incorporated by reference to Exhibit 10.2 to the Registrant’s June 30, 2010 Form 10-Q | ||||||||||
| 10.12 | Incorporated by reference to Exhibit 10.24 to the Registrant’s December 31, 2006 Form 10-K | ||||||||||
| 10.13 | Incorporated by reference to Exhibit 10.1 to the Registrant’s September 30, 2014 Form 10-Q | ||||||||||
| 10.14 |
Incorporated by reference to Exhibit 10.14 to the Registrant’s December 31, 2019 Form 10-K
|
||||||||||
| 10.15 |
Incorporated by reference to Exhibit 10.15 to the Registrant’s December 31, 2019 Form 10-K
|
||||||||||
| 10.16 | Incorporated by reference to Exhibit 10.4 to the Registrant’s June 30, 2014 Form 8-K | ||||||||||
| 10.17 | Incorporated by reference to Exhibit 10.8 to the Registrant’s June 30, 2014 Form 10-Q | ||||||||||
| 10.18 |
Incorporated by reference to Exhibit 10.18 to the Registrant’s December 31, 2019 Form 10-K
|
||||||||||
| 10.19 | Incorporate by reference to Exhibit 10.1 to the Registrant’s September 30, 2020 Form 10-Q | ||||||||||
| 10.20 | Incorporated by reference to Exhibit 10.19 to the Registrant’s December 31, 2008 Form 10-K | ||||||||||
| 10.21 | Incorporated by reference to Exhibit 10.5 to the Registrant’s March 31, 2015 Form 10-Q | ||||||||||
| 10.22 | Incorporated by reference to Exhibit 10.1 to the Registrant’s March 31, 2018 Form 10-Q | ||||||||||
| 10.23 | Incorporated by reference to Exhibit 10.18 to the Registrant’s December 31, 2019 Form 10-K | ||||||||||
| 10.24 | Incorporated by reference to Exhibit 10.3 to the Registrant’s March 31, 2020 Form 10-Q | ||||||||||
| 10.25 | Incorporated by reference to Exhibit 10.2 to the Registrant’s March 31, 2016 Form 10-Q | ||||||||||
| Exhibit No. | Description | Location | |||||||||
| 10.26 | Incorporated by reference to Exhibit 10.3 to the Registrant’s March 31, 2016 Form 10-Q | ||||||||||
| 10.27 | Incorporated by reference to Exhibit 10.1 to the Registrant’s May 2, 2016 Form 8-K | ||||||||||
| 10.28 | Incorporated by reference to Exhibit 10.2 to the Registrant’s May 2, 2016 Form 8-K | ||||||||||
| 10.29 | Incorporated by reference to Exhibit 10.2 to the Registrant’s September 30, 2020 Form 10-Q | ||||||||||
| 10.30 |
Incorporated by reference to Exhibit 10.30 to the Registrant’s December 31, 2019 Form 10-K
|
||||||||||
| 10.31 |
Incorporated by reference to Exhibit 10.31 to the Registrant’s December 31, 2019 Form 10-K
|
||||||||||
| 10.32 |
Incorporated by reference to Exhibit 10.32 to the Registrant’s December 31, 2019 Form 10-K
|
||||||||||
| 10.33 | Incorporated by reference to Exhibit 10.1 to the Registrant’s January 15, 2020 Form 8-K | ||||||||||
| 10.34 |
Incorporated by reference to Exhibit 10.2 to the Registrant’s January 15, 2020 Form 8-K
|
||||||||||
| 10.35 |
Filed herewith
|
||||||||||
| 10.36 |
Incorporated by reference to Exhibit 10.4 to the Registrant’s March 31, 2020 Form 10-Q
|
||||||||||
| 10.37 |
Incorporated by reference to Exhibit 10.5 to the Registrant’s March 31, 2020 Form 10-Q
|
||||||||||
| 10.38 |
Incorporated by reference to Exhibit 10.6 to the Registrant’s March 31, 2020 Form 10-Q
|
||||||||||
| Exhibit No. | Description | Location | |||||||||
| 10.39 |
Incorporated by reference to Exhibit 10.7 to the Registrant’s March 31, 2020 Form 10-Q
|
||||||||||
| 10.40 |
Incorporated by reference to Exhibit 10.1 to the Registrant’s May 13, 2020 Form 8-K
|
||||||||||
| 10.41 |
Incorporated by reference to Exhibit 10.7 to the Registrant’s June 30, 2020 10-Q
|
||||||||||
| 10.42 | Incorporated by reference to Exhibit 10.8 to the Registrant’s June 30, 2020 10-Q | ||||||||||
| 10.43 | Incorporated by reference to Exhibit 10.9 to the Registrant’s June 30, 2020 10-Q | ||||||||||
| 10.44 |
Incorporated by reference to Exhibit 4.3 to the Registrant’s May 8, 2020 Registration Statement on Form S-8
|
||||||||||
| 21.1 | Filed herewith | ||||||||||
| 21.2 | Filed herewith | ||||||||||
| 22.1 | Incorporated by reference to Exhibit 22.1 to the Registrant’s June 30, 2020 10-Q | ||||||||||
| 23.1 | Filed herewith | ||||||||||
| 23.2 | Filed herewith | ||||||||||
| 24 | Filed herewith | ||||||||||
| 31.1 | Filed herewith | ||||||||||
| 31.2 | Filed herewith | ||||||||||
| 31.3 | Filed herewith | ||||||||||
| 31.4 | Filed herewith | ||||||||||
| 32.1 | Furnished herewith | ||||||||||
| 32.2 | Furnished herewith | ||||||||||
| Exhibit No. | Description | Location | |||||||||
| 101 | The following financial information from our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, formatted in Inline Extensible Business Reporting Language (“iXBRL”), includes: (i) the Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2020, 2019 and 2018; (ii) the Consolidated Balance Sheets as of December 31, 2020 and 2019; (iii) the Consolidated Statements of Shareholders’ Equity/Statement of Capital for the Years Ended December 31, 2020, 2019 and 2018; (iv) the Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 and 2018; and (v) the Notes to the Consolidated Financial Statements. | Filed herewith | |||||||||
| 104 | The cover page from the Company’s Annual Report on Form 10-K from the fiscal year ended December 31, 2020, formatted in Inline XBRL (included as Exhibit 101) | Filed herewith | |||||||||
| RAYONIER INC. | ||||||||
| By: |
/s/ MARK MCHUGH
|
|||||||
|
Mark McHugh
Senior Vice President and Chief Financial Officer
(Duly Authorized Officer, Principal Financial Officer)
|
||||||||
| RAYONIER, L.P. | ||||||||
| By: |
/s/ MARK MCHUGH
|
|||||||
|
Mark McHugh
Senior Vice President and Chief Financial Officer
(Duly Authorized Officer, Principal Financial Officer)
|
||||||||
| Signature | Title | Date | ||||||||||||
| /s/ DAVID L. NUNES |
President and Chief Executive Officer
|
February 22, 2021 | ||||||||||||
|
David L. Nunes
(Principal Executive Officer) |
||||||||||||||
| /s/ MARK MCHUGH | Senior Vice President and Chief Financial Officer | February 22, 2021 | ||||||||||||
|
Mark McHugh
(Principal Financial Officer) |
||||||||||||||
| /s/ APRIL TICE | Vice President, Financial Services and Corporate Controller | February 22, 2021 | ||||||||||||
|
April Tice
(Principal Accounting Officer) |
||||||||||||||
| * | Chairman of the Board | |||||||||||||
| Dod A. Fraser | ||||||||||||||
| * | Director | |||||||||||||
| Keith E. Bass | ||||||||||||||
| * | Director | |||||||||||||
| Ann Nelson | ||||||||||||||
| * | Director | |||||||||||||
| Scott R. Jones | ||||||||||||||
| * | Director | |||||||||||||
| V. Larkin Martin | ||||||||||||||
| * | Director | |||||||||||||
| Meridee A. Moore | ||||||||||||||
| * | Director | |||||||||||||
| Matthew J. Rivers | ||||||||||||||
| * | Director | |||||||||||||
| Andrew G. Wiltshire | ||||||||||||||
| *By: | /s/ MARK R. BRIDWELL | February 22, 2021 | |||||||||||||||
|
Mark R. Bridwell
Attorney-In-Fact |
|||||||||||||||||
|
KEY EMPLOYEE
|
||
| /$ParticipantName$/ | ||
| Name: | ||
| /$ParticipantAddress$/ | ||
| RAYONIER INC. | ||
| Shelby L Pyatt | ||
| Vice President, HR and IT | ||
| Name of Subsidiary |
State/Country of
Incorporation/Organization
|
|||||||
| Matariki Forests | New Zealand | |||||||
| Matariki Forestry Group | New Zealand | |||||||
| Pope Resources, L.P. | Delaware | |||||||
| Rayonier Forest Resources, L.P. | Delaware | |||||||
| Rayonier, L.P. | Delaware | |||||||
| Rayonier Operating Company Holding LLC | Delaware | |||||||
| Rayonier Operating Company, LLC | Delaware | |||||||
| Rayonier TRS Forest Operations, LLC | Delaware | |||||||
| Rayonier TRS Holdings Inc. | Delaware | |||||||
| Raydient LLC | Delaware | |||||||
| Name of Subsidiary |
State/Country of
Incorporation/Organization
|
|||||||
| Matariki Forests | New Zealand | |||||||
| Matariki Forestry Group | New Zealand | |||||||
| Pope Resources, L.P. | Delaware | |||||||
| Rayonier Forest Resources, L.P. | Delaware | |||||||
| Rayonier Operating Company, LLC | Delaware | |||||||
| Rayonier TRS Forest Operations, LLC | Delaware | |||||||
| Rayonier TRS Holdings Inc. | Delaware | |||||||
| Raydient LLC | Delaware | |||||||
| Dated: | February 22, 2021 | /s/ DOD A. FRASER | ||||||||||||
| Dod A. Fraser | ||||||||||||||
| Dated: | February 22, 2021 | /s/ KEITH E. BASS | ||||||||||||
| Keith E. Bass | ||||||||||||||
| Dated: | February 22, 2021 | /s/ ANN NELSON | ||||||||||||
| Ann Nelson | ||||||||||||||
| Dated: | February 22, 2021 | /s/ SCOTT R. JONES | ||||||||||||
| Scott R. Jones | ||||||||||||||
| Dated: | February 22, 2021 | /s/ V. LARKIN MARTIN | ||||||||||||
|
V. Larkin Martin
|
||||||||||||||
| Dated: | February 22, 2021 | /s/ MERIDEE A. MOORE | ||||||||||||
| Meridee A. Moore | ||||||||||||||
| Dated: | February 22, 2021 | /s/ MATTHEW J. RIVERS | ||||||||||||
| Matthew J. Rivers | ||||||||||||||
| Dated: | February 22, 2021 | /s/ ANDREW G. WILTSHIRE | ||||||||||||
| Andrew G. Wiltshire | ||||||||||||||
|
/S/ DAVID L. NUNES
|
|||||
|
David L. Nunes
President and Chief Executive Officer, Rayonier Inc.
|
|||||
| /s/ MARK MCHUGH | |||||
|
Mark McHugh
Senior Vice President and
Chief Financial Officer, Rayonier Inc.
|
|||||
|
/S/ DAVID L. NUNES
|
|||||
|
David L. Nunes
President and Chief Executive Officer, Rayonier Inc.
|
|||||
| /s/ MARK MCHUGH | |||||
|
Mark McHugh
Senior Vice President and
Chief Financial Officer, Rayonier Inc.
|
|||||
| /s/ DAVID L. NUNES | /s/ MARK MCHUGH | |||||||
| David L. Nunes | Mark McHugh | |||||||
|
President and Chief Executive Officer,
Rayonier Inc. |
Senior Vice President and
Chief Financial Officer, Rayonier Inc. |
|||||||
| A signed original of this written statement required by Section 906 has been provided to Rayonier and will be retained by Rayonier and furnished to the Securities and Exchange Commission or its staff upon request. | ||
| /s/ DAVID L. NUNES | /s/ MARK MCHUGH | |||||||
| David L. Nunes | Mark McHugh | |||||||
|
President and Chief Executive Officer,
Rayonier Inc. |
Senior Vice President and
Chief Financial Officer, Rayonier Inc. |
|||||||
| A signed original of this written statement required by Section 906 has been provided to Rayonier and will be retained by Rayonier and furnished to the Securities and Exchange Commission or its staff upon request. | ||