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SEGMENT AND GEOGRAPHICAL INFORMATION | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHICAL INFORMATION | SEGMENT AND GEOGRAPHICAL INFORMATION As a result of the merger with Pope Resources, we have revised our reportable business segments, adding one additional segment, Timber Funds. The Timber Funds segment represents operations of the three private equity timber funds included in the transaction – Fund II, Fund III and Fund IV (collectively, the “Funds”). Rayonier owns 20% of Fund II, 5% of Fund III, and 15% of Fund IV and is also the managing member of the Funds. As discussed in Note 6 - Noncontrolling Interests, the Funds are consolidated into our financial statements. The Timber Funds segment also includes fee revenue paid to us for managing the Funds, which consists of both fixed components based on invested capital and acres under management as well as variable components related to the harvest volumes of the Funds. These fees, which also represent an expense in the Timber Funds segment, are eliminated in consolidation. We now operate in six reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Timber Funds, Real Estate, and Trading. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted EBITDA. Asset information is not reported by segment, as we do not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.” Segment information for each of the three years ended December 31 follows:
| 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 |
(a)The year ended December 31, 2020 includes $22.7 million of sales attributable to noncontrolling interest in Timber Funds. (b)The years ended December 31, 2019 and 2018 reflect the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales. (c)Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our New Zealand Timber segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.
| 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 |
(a)The year ended December 31, 2020 includes $6.0 million of timber write-offs resulting from casualty events. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (b)The year ended December 31, 2020 includes $11.6 million of operating loss attributable to noncontrolling interest in Timber Funds. Included in operating loss attributable to noncontrolling interest in Timber Funds for the year ended December 31, 2020 is $7.3 million related to timber write-offs resulting from casualty events attributable to noncontrolling interest in Timber Funds. The year ended December 31, 2020 also includes $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.” (c)The year ended December 31, 2020 includes $28.7 million from a Large Disposition. (d)The year ended December 31, 2020 includes $17.2 million of integration and restructuring costs related to the merger with Pope Resources. See Note 21 — Charges for Integration and Restructuring for additional details.
| 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 |
(a)Excludes timberland acquisitions presented separately in addition to real estate development investments of $6.5 million, $6.8 million and $9.5 million in the years 2020, 2019 and 2018, respectively. (b)The year ended December 31, 2020 includes $2.3 million of capital expenditures attributable to noncontrolling interest in Timber Funds. (c)Excludes timberland acquired in the Pope Resources merger. For additional information, see Note 2 - Merger with Pope Resources.
| 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 |
(a)The year ended December 31, 2020 includes $10.3 million of depreciation, depletion and amortization attributable to noncontrolling interest in Timber Funds. (b)The year ended December 31, 2020 includes $35.4 million from a Large Disposition.
| Non-Cash Cost of Land and Improved Development
| 2020 |  | 2019 |  | 2018
Real Estate (a) | $82,008 |  |  | $12,565 |  |  | $23,553 |
(a) The ended December 31, 2020 includes $51.6 million from a Large Disposition.
| 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 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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