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RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Shares
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests in Consolidated Affiliates
Beginning balance (in shares) at Dec. 31, 2020   137,678,822      
Beginning balance at Dec. 31, 2020 $ 1,862,645 $ 1,101,675 $ 446,267 $ (73,885) $ 388,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 210,487   157,066   53,421
Net income attributable to noncontrolling interests in the operating partnership (4,516)   (4,516)    
Dividends [1] (153,980)   (153,980)    
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)   6,357,972      
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs 233,033 $ 233,033      
Issuance of shares under incentive stock plans, (in shares)   270,713      
Issuance of shares under incentive stock plans 6,029 $ 6,029      
Stock-based incentive compensation 9,277 $ 9,277      
Repurchase of common shares (in shares)   (47,705)      
Repurchase of common shares (1,617) $ (1,617)      
Fund II carried interest incentive fee (3,807)       (3,807)
Disposition of noncontrolling interests in consolidated affiliates (255,486)       (255,486)
Measurement period adjustment of noncontrolling interests in consolidated affiliates 9,690       9,690
Adjustment of noncontrolling interests in the operating partnership (42,530)   (42,530)    
Conversion of units into common shares (in shares)   1,113,159      
Conversion of units into common shares 40,676 $ 40,676      
Pension and postretirement benefit plans 12,476     12,476  
Foreign currency translation adjustment (22,096)     (18,487) (3,609)
Cash flow hedges 60,315     61,893 (1,578)
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership (1,601)     (1,601)  
Distributions to noncontrolling interests in consolidated affiliates (115,298)       (115,298)
Noncontrolling interests in consolidated affiliates redemption of shares (28,119)       (28,119)
Ending balance (in shares) at Dec. 31, 2021   145,372,961      
Ending balance at Dec. 31, 2021 1,815,578 $ 1,389,073 402,307 (19,604) 43,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 122,791   109,470   13,321
Net income attributable to noncontrolling interests in the operating partnership (2,393)   (2,393)    
Dividends [1] (165,902)   (165,902)    
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)   1,579,228      
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs 59,350 $ 59,350      
Issuance of shares under incentive stock plans, (in shares)   321,337      
Issuance of shares under incentive stock plans 2,466 $ 2,466      
Stock-based incentive compensation 12,356 $ 12,356      
Repurchase of common shares (in shares)   (97,809)      
Repurchase of common shares (4,225) $ (4,225)      
Adjustment of noncontrolling interests in the operating partnership 23,155   23,155    
Conversion of units into common shares (in shares)   106,914      
Conversion of units into common shares 3,925 $ 3,925      
Pension and postretirement benefit plans 1,627     1,627  
Foreign currency translation adjustment (23,093)     (22,282) (811)
Cash flow hedges 76,039     76,367 (328)
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership (295)     (295)  
Distributions to noncontrolling interests in consolidated affiliates (12,807)       (12,807)
Noncontrolling interests in consolidated affiliates redemption of shares $ (27,860)       (27,860)
Ending balance (in shares) at Dec. 31, 2022 147,282,631 147,282,631      
Ending balance at Dec. 31, 2022 $ 1,880,712 $ 1,462,945 366,637 35,813 15,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 178,495   176,398   2,097
Net income attributable to noncontrolling interests in the operating partnership (2,905)   (2,905)    
Dividends [1],[2] (199,465)   (199,465)    
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (in shares)   400      
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs (81) $ (81)      
Issuance of shares under incentive stock plans, (in shares)   380,080      
Issuance of shares under incentive stock plans 75 $ 75      
Stock-based incentive compensation 14,002 $ 14,002      
Repurchase of common shares (in shares)   (128,923)      
Repurchase of common shares (4,217) $ (4,217)      
Adjustment of noncontrolling interests in the operating partnership (2,421)   (2,421)    
Conversion of units into common shares (in shares)   764,929      
Conversion of units into common shares 24,917 $ 24,917      
Pension and postretirement benefit plans 593     593  
Foreign currency translation adjustment (1,516)     (1,466) (50)
Cash flow hedges (9,957)     (11,358) 1,401
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership 1,069     1,069  
Distributions to noncontrolling interests in consolidated affiliates $ (1,699)       (1,699)
Ending balance (in shares) at Dec. 31, 2023 148,299,117 148,299,117      
Ending balance at Dec. 31, 2023 $ 1,877,602 $ 1,497,641 $ 338,244 $ 24,651 $ 17,066
[1] For information regarding distributions to noncontrolling interests in the operating partnership, see the Rayonier Inc. Consolidated Statements of Cash Flows and Note 5 — Noncontrolling Interests.
[2] Includes an additional cash dividend of $0.20 per common share. The dividend was payable January 12, 2024, to shareholders of record on December 29, 2023.