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EMPLOYEE BENEFIT PLANS | 9 Months Ended
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Sep. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. In December 2022, the Rayonier Board of Directors approved the resolution to terminate the Defined Benefit Plan and notified impacted parties of the termination and alternative distribution options. The Defined Benefit Plan was terminated on February 28, 2023. On July 20, 2023, the Rayonier Board of Directors approved the resolution to terminate the unfunded plan and will distribute all benefits in accordance with Section 409A of the Internal Revenue Code. The unfunded plan was terminated on July 31, 2023. We expect to recognize pre-tax non-cash pension settlement charges related to the actuarial losses currently in AOCI upon settlement of the obligations of the Defined Benefit and Excess Benefit Plans. These charges are currently expected to occur in 2023 and 2024, with the specific timing and final amounts dependent upon several factors. We expect to make cash contributions of approximately $7.6 million during the settlement process in order to fund the Defined Benefit Plan on a plan termination basis. The Defined Benefit Plan will be settled upon completion of lump sum distributions and purchase of annuity contracts. The settlement is expected to be completed by the end of Q2 2024. The Excess Benefit Plan will be settled entirely with lump sum payments with expected cash contributions in 2024 of approximately $1.3 million. Projected cash contributions are an estimate, as actual amounts will be dependent upon the nature and timing of participant settlements and interest rates, as well as prevailing market conditions. See Note 1 – Basis of Presentation for information regarding subsequent events related to the Defined Benefit Pension Plan. The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table:
Components of Net Periodic Benefit (Credit) Cost | Income Statement Location |  | Pension |  | Postretirement
| Three Months Ended September 30, |  | Three Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Service cost | Selling and general expenses |  | — |  |  | — |  |  | $1 |  |  | $2 |
Interest cost | Interest and other miscellaneous income, net |  | 844 |  |  | 609 |  |  | 17 |  |  | 13 |
Expected return on plan assets (a) | Interest and other miscellaneous income, net |  | (887) |  |  | (872) |  |  | — |  |  | — |
Amortization of losses | Interest and other miscellaneous income, net |  | 1 |  |  | 184 |  |  | — |  |  | 4 |
Net periodic benefit (credit) cost |  |  | ($42) |  |  | ($79) |  |  | $18 |  |  | $19 |
Components of Net Periodic Benefit (Credit) Cost | Income Statement Location |  | Pension |  | Postretirement
| Nine Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Service cost | Selling and general expenses |  | — |  |  | — |  |  | $3 |  |  | $5 |
Interest cost | Interest and other miscellaneous income, net |  | 2,533 |  |  | 1,826 |  |  | 52 |  |  | 39 |
Expected return on plan assets (a) | Interest and other miscellaneous income, net |  | (2,663) |  |  | (2,615) |  |  | — |  |  | — |
Amortization of losses | Interest and other miscellaneous income, net |  | 4 |  |  | 553 |  |  | — |  |  | 11 |
Net periodic benefit (credit) cost |  |  | ($126) |  |  | ($236) |  |  | $55 |  |  | $55 |
(a)The weighted-average expected long-term rate of return on plan assets used in computing 2023 net periodic benefit cost for pension benefit s is 5.0%.

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