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SEGMENT AND GEOGRAPHICAL INFORMATION | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHICAL INFORMATION | SEGMENT AND GEOGRAPHICAL INFORMATION Rayonier operates 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
| 2021 |  | 2020 |  | 2019
Southern Timber | $204,441 |  |  | $191,831 |  |  | $194,111 |
Pacific Northwest Timber | 143,021 |  |  | 120,809 |  |  | 85,414 |
New Zealand Timber | 281,158 |  |  | 202,315 |  |  | 241,861 |
Timber Funds (a) | 199,402 |  |  | 29,557 |  |  | — |
Real Estate |  |  |  |  |
Improved Development | 51,713 |  |  | 14,498 |  |  | 5,882 |
Unimproved Development | 37,500 |  |  | 8,426 |  |  | 19,476 |
Rural | 43,088 |  |  | 67,152 |  |  | 47,647 |
Timberland & Non-Strategic | 44 |  |  | 19,255 |  |  | 1,338 |
Conservation Easements | 3,855 |  |  | 3,099 |  |  | — |
Deferred Revenue/Other | (2,380) |  |  | 888 |  |  | 544 |
Large Dispositions | 56,048 |  |  | 116,027 |  |  | — |
Total Real Estate | 189,868 |  |  | 229,345 |  |  | 74,887 |
Trading | 95,364 |  |  | 88,973 |  |  | 115,438 |
Intersegment eliminations (b) | (3,657) |  |  | (3,676) |  |  | (155) |
Total Sales | $1,109,597 |  |  | $859,154 |  |  | $711,556 |
(a)The years ended December 31, 2021 and December 31, 2020 include $159.1 million and $22.7 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $125.4 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The year ended December 31, 2021 also includes $31.4 million from Fund II Timberland Dispositions attributable to Rayonier. (b)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 Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.
| Operating Income (Loss)
| 2021 |  | 2020 |  | 2019
Southern Timber (a) | $66,111 |  |  | $41,247 |  |  | $57,804 |
Pacific Northwest Timber | 6,827 |  |  | (9,979) |  |  | (12,427) |
New Zealand Timber | 51,513 |  |  | 29,984 |  |  | 48,035 |
Timber Funds (b) | 63,219 |  |  | (13,195) |  |  | — |
Real Estate (c) | 112,540 |  |  | 71,951 |  |  | 38,665 |
Trading | 144 |  |  | (462) |  |  | 8 |
Corporate and other (d) | (30,579) |  |  | (45,158) |  |  | (25,058) |
Total Operating Income | 269,775 |  |  | 74,388 |  |  | 107,027 |
Unallocated interest expense and other | (44,627) |  |  | (37,595) |  |  | (26,409) |
Total Income before Income Taxes | $225,148 |  |  | $36,793 |  |  | $80,618 |
(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, 2021 includes $45.6 million of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $41.2 million of income from Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $10.3 million of income on Fund II Timberland Dispositions attributable to Rayonier and a $7.5 million gain on investment in Timber Funds. The year ended December 31, 2020 includes $11.6 million of operating loss attributable to noncontrolling interests in Timber Funds. Included in operating loss attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2020 is $7.3 million related to timber write-offs resulting from casualty events. 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 years ended December 31, 2021 and December 31, 2020 include $44.8 million and $28.7 million, respectively, from Large Dispositions. (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 27 — Charges for Integration and Restructuring for additional details.
| Gross Capital Expenditures
| 2021 |  | 2020 |  | 2019
Capital Expenditures (a) |  |  |  |  |
Southern Timber | $35,790 |  |  | $35,505 |  |  | $34,574 |
Pacific Northwest Timber | 16,585 |  |  | 11,367 |  |  | 11,220 |
New Zealand Timber | 20,128 |  |  | 16,595 |  |  | 17,357 |
Timber Funds (b) | 3,271 |  |  | 2,606 |  |  | — |
Real Estate | 191 |  |  | 428 |  |  | 204 |
Corporate and other | — |  |  | — |  |  | 641 |
Total capital expenditures | $75,965 |  |  | $66,500 |  |  | $63,996 |
Timberland Acquisitions (c) |  |  |  |  |
Southern Timber | $168,188 |  |  | $24,241 |  |  | $98,927 |
Pacific Northwest Timber | — |  |  | — |  |  | 7,340 |
New Zealand Timber | 10,927 |  |  | 454 |  |  | 36,020 |
Total timberland acquisitions | $179,115 |  |  | $24,695 |  |  | $142,287 |
Total Gross Capital Expenditures | $255,080 |  |  | $91,195 |  |  | $206,283 |
(a)Excludes timberland acquisitions presented separately in addition to real estate development investments of $12.5 million, $6.5 million and $6.8 million in the years ended December 31, 2021, 2020 and 2019, respectively. (b)The years ended December 31, 2021 and December 31, 2020 include $2.8 million and $2.3 million, respectively, of capital expenditures attributable to noncontrolling interests 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
| 2021 |  | 2020 |  | 2019
Southern Timber | $54,116 |  |  | $61,827 |  |  | $61,923 |
Pacific Northwest Timber | 50,487 |  |  | 47,107 |  |  | 29,165 |
New Zealand Timber | 27,005 |  |  | 25,030 |  |  | 27,761 |
Timber Funds (a) | 97,943 |  |  | 11,884 |  |  | — |
Real Estate (b) | 17,746 |  |  | 53,093 |  |  | 8,229 |
Corporate and other | 1,208 |  |  | 1,427 |  |  | 1,157 |
Total | $248,505 |  |  | $200,368 |  |  | $128,235 |
(a)The year ended December 31, 2021 includes $78.9 million of depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the year ended December 31, 2021 is $66.4 million related to Fund II Timberland Dispositions. The year ended December 31, 2021 also includes $16.6 million related to Fund II Timberland Dispositions attributable to Rayonier. The year ended December 31, 2020 includes $10.3 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b)The years ended December 31, 2021 and December 31, 2020 include $9.8 million and $35.4 million, respectively, from Large Dispositions.
| Non-Cash Cost of Land and Improved Development
| 2021 |  | 2020 |  | 2019
Timber Funds (a) | $20,239 |  |  | — |  |  | — |
Real Estate (b) | 25,070 |  |  | 82,008 |  |  | 12,565 |
Total | $45,309 |  |  | $82,008 |  |  | $12,565 |
(a)The year ended December 31, 2021 includes $20.2 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $16.2 million was attributable to noncontrolling interests in Timber Funds and $4.0 million was attributable to Rayonier. (b)The years ended December 31, 2021 and December 31, 2020 include $0.1 million and $51.6 million, respectively, from Large Dispositions.
| Geographical Operating Information
| Sales |  | Operating Income |  | Identifiable Assets
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020
United States | $732,995 |  |  | $567,998 |  |  | $354,395 |  |  | $217,964 |  |  | $44,877 |  |  | $58,945 |  |  | $3,046,707 |  |  | $3,104,916 |
New Zealand | 376,602 |  |  | 291,156 |  |  | 357,161 |  |  | 51,811 |  |  | 29,511 |  |  | 48,082 |  |  | 589,649 |  |  | 623,817 |
Total | $1,109,597 |  |  | $859,154 |  |  | $711,556 |  |  | $269,775 |  |  | $74,388 |  |  | $107,027 |  |  | $3,636,356 |  |  | $3,728,733 |

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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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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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