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SEGMENT AND GEOGRAPHICAL INFORMATION | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHICAL INFORMATION | SEGMENT AND GEOGRAPHICAL INFORMATION As of December 31, 2023, Rayonier operated in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate, and Trading. The previously reported Timber Funds segment was liquidated in 2021 with all proceeds being distributed to noncontrolling interests at the end of 2022. As a result, disclosure of Timber Funds segment results are not presented for 2023 or 2022, while 2021 results are presented for historical purposes. 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 Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“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.” The following tables summarize the segment information for the three years ended December 31:
| Sales by Product Line
| 2023 |  | 2022 |  | 2021
Southern Timber | $264,128 |  |  | $264,201 |  |  | $204,441 |
Pacific Northwest Timber | 124,145 |  |  | 162,237 |  |  | 143,021 |
New Zealand Timber | 235,481 |  |  | 274,076 |  |  | 281,158 |
Timber Funds (a) | — |  |  | — |  |  | 199,402 |
Real Estate |  |  |  |  |
Improved Development | 30,707 |  |  | 35,413 |  |  | 51,713 |
Unimproved Development | 114 |  |  | — |  |  | 37,500 |
Rural | 99,665 |  |  | 59,485 |  |  | 43,088 |
Timberland & Non-Strategic | 3,347 |  |  | 11,400 |  |  | 44 |
Conservation Easements | — |  |  | — |  |  | 3,855 |
Deferred Revenue/Other | 13,930 |  |  | 1,239 |  |  | (2,380) |
Large Dispositions | 242,200 |  |  | 30,471 |  |  | 56,048 |
Total Real Estate | 389,963 |  |  | 138,008 |  |  | 189,868 |
Trading | 43,684 |  |  | 70,952 |  |  | 95,364 |
Intersegment eliminations (b) | (468) |  |  | (402) |  |  | (3,657) |
Total Sales | $1,056,933 |  |  | $909,072 |  |  | $1,109,597 |
(a)The year ended December 31, 2021 includes $159.1 million 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)The years ended December 31, 2023, 2022 and 2021 include log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales. The year ended December 31, 2021 includes the elimination of timberland investment management fees paid to us by the timber funds which were initially recognized as sales and cost of sales within the Timber Funds segment.
| Operating Income (Loss)
| 2023 |  | 2022 |  | 2021
Southern Timber | $76,256 |  |  | $96,616 |  |  | $66,111 |
Pacific Northwest Timber (a) | (8,998) |  |  | 15,192 |  |  | 6,827 |
New Zealand Timber (b) | 26,045 |  |  | 30,621 |  |  | 51,513 |
Timber Funds (c) | — |  |  | — |  |  | 63,219 |
Real Estate (d) | 156,605 |  |  | 58,495 |  |  | 112,540 |
Trading | 492 |  |  | 382 |  |  | 144 |
Corporate and other | (39,116) |  |  | (35,484) |  |  | (30,579) |
Total Operating Income | 211,284 |  |  | 165,822 |  |  | 269,775 |
Unallocated interest expense and other (e) | (27,667) |  |  | (33,642) |  |  | (44,627) |
Total Income before Income Taxes | $183,617 |  |  | $132,180 |  |  | $225,148 |
(a)The year ended December 31, 2022 includes $0.7 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, 2023 includes $2.3 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.” (c)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. (d)The years ended December 31, 2023, 2022 and 2021 include $105.1 million, $16.6 million and $44.8 million, respectively, from Large Dispositions. The year ended December 31, 2022 includes an $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests (“NCI”). The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests is recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating (expense) income, net.” (e)The year ended December 31, 2023 includes $20.7 million of net recoveries associated with legal settlements, which is partially offset by a $2.0 million pension settlement charge.
| Gross Capital Expenditures
| 2023 |  | 2022 |  | 2021
Capital Expenditures (a) |  |  |  |  |
Southern Timber | $46,506 |  |  | $39,301 |  |  | $35,790 |
Pacific Northwest Timber | 17,371 |  |  | 16,770 |  |  | 16,585 |
New Zealand Timber | 16,663 |  |  | 18,455 |  |  | 20,128 |
Timber Funds (b) | — |  |  | — |  |  | 3,271 |
Real Estate | 302 |  |  | 285 |  |  | 191 |
Corporate and other | 605 |  |  | — |  |  | — |
Total capital expenditures | $81,447 |  |  | $74,811 |  |  | $75,965 |
Timberland Acquisitions |  |  |  |  |
Southern Timber | $10,471 |  |  | $457,770 |  |  | $168,188 |
Pacific Northwest Timber | 3,591 |  |  | 26 |  |  | — |
New Zealand Timber | — |  |  | 734 |  |  | 10,927 |
Total timberland acquisitions | $14,062 |  |  | $458,530 |  |  | $179,115 |
Total Gross Capital Expenditures | $95,509 |  |  | $533,341 |  |  | $255,080 |
(a)Excludes timberland acquisitions presented separately, in addition to real estate development investments of $23.1 million, $13.7 million and $12.5 million in the years ended December 31, 2023, 2022 and 2021, respectively. (b)The year ended December 31, 2021 includes $2.8 million of capital expenditures attributable to noncontrolling interests in Timber Funds.
| Depreciation, Depletion and Amortization
| 2023 |  | 2022 |  | 2021
Southern Timber | $79,974 |  |  | $60,298 |  |  | $54,116 |
Pacific Northwest Timber | 36,924 |  |  | 48,024 |  |  | 50,487 |
New Zealand Timber | 21,666 |  |  | 23,876 |  |  | 27,005 |
Timber Funds (a) | — |  |  | — |  |  | 97,943 |
Real Estate (b) | 109,085 |  |  | 22,216 |  |  | 17,746 |
Corporate and other | 1,712 |  |  | 1,255 |  |  | 1,208 |
Total | $249,361 |  |  | $155,669 |  |  | $248,505 |
(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. (b)The years ended December 31, 2023, 2022 and 2021 include $91.1 million, $8.3 million and $9.8 million, respectively, from Large Dispositions.
| Non-Cash Cost of Land and Improved Development
| 2023 |  | 2022 |  | 2021
Timber Funds (a) | — |  |  | — |  |  | $20,239 |
Real Estate (b) | 73,458 |  |  | 32,934 |  |  | 25,070 |
Total | $73,458 |  |  | $32,934 |  |  | $45,309 |
(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, 2023, 2022 and 2021 include $43.7 million, $4.6 million and $0.1 million, respectively, from Large Dispositions.
| Geographical Operating Information
| Sales |  | Operating Income |  | Identifiable Assets
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022
United States | $787,906 |  |  | $576,780 |  |  | $732,995 |  |  | $185,156 |  |  | $135,900 |  |  | $217,964 |  |  | $3,098,555 |  |  | $3,244,128 |
New Zealand | 269,027 |  |  | 332,292 |  |  | 376,602 |  |  | 26,128 |  |  | 29,922 |  |  | 51,811 |  |  | 549,030 |  |  | 545,243 |
Total | $1,056,933 |  |  | $909,072 |  |  | $1,109,597 |  |  | $211,284 |  |  | $165,822 |  |  | $269,775 |  |  | $3,647,585 |  |  | $3,789,371 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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