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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Schedule of Operating Income and Net Income Attributable to Rayonier. L.P | The effect of the change in reporting entity on Rayonier, L.P.’s operating income, net income attributable to Rayonier, L.P. and per unit amounts for the twelve months ended December 31, 2020, 2019, and 2018 are presented below (in thousands, except per unit amounts):
|  |  | 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) |
(a) The effect of the change in net income attributable to Rayonier, L.P. is due to the interest expense and guarantee fees associated with the 2022 Notes.
Revenue Recognition Terms | The following table summarizes revenue recognition and general payment terms for timber sales:
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

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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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