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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | 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.
Schedule of Geographical Operating Information |
| 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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