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ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in AOCI by component for the three months ended March 31, 2024 and the year ended December 31, 2023. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.
| Foreign currency translation (losses) gains |  | Net investment hedges of New Zealand subsidiary |  | Cash flow hedges |  | Employee benefit plans |  | Total Rayonier, L.P. |  | Allocation of Operating Partnership |  | Total Rayonier Inc.
Balance as of December 31, 2022 | ($18,067) |  |  | $1,321 |  |  | $67,204 |  |  | ($10,209) |  |  | $40,249 |  |  | ($4,436) |  |  | $35,813 |
Other comprehensive (loss) income before reclassifications | (1,466) |  |  | — |  |  | 10,537 |  | (a) | (1,449) |  |  | 7,622 |  |  | (75) |  |  | 7,547 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | — |  |  | (21,895) |  |  | 2,042 |  | (b) | (19,853) |  |  | 1,144 |  |  | (18,709) |
Net other comprehensive (loss) Income | (1,466) |  |  | — |  |  | (11,358) |  |  | 593 |  |  | (12,231) |  |  | 1,069 |  |  | (11,162) |
Balance as of December 31, 2023 | ($19,533) |  |  | $1,321 |  |  | $55,846 |  |  | ($9,616) |  |  | $28,018 |  |  | ($3,367) |  |  | $24,651 |
Other comprehensive (loss) income before reclassifications | (16,178) |  |  | — |  |  | 11,090 |  | (a) | 5,110 |  |  | 22 |  |  | — |  |  | 22 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | — |  |  | (7,020) |  |  | 4,452 |  | (b) | (2,568) |  |  | 265 |  |  | (2,303) |
Net other comprehensive (loss) income | (16,178) |  |  | — |  |  | 4,070 |  |  | 9,562 |  |  | (2,546) |  |  | 265 |  |  | (2,281) |
Balance as of March 31, 2024 | ($35,711) |  |  | $1,321 |  |  | $59,916 |  |  | ($54) |  |  | $25,472 |  |  | ($3,102) |  |  | $22,370 |
(a)The three months ended March 31, 2024 includes $15.0 million of other comprehensive income related to interest rate products. The year ended December 31, 2023 included $10.3 million of other comprehensive income re lated to interest rate products. See Note 7 — Derivative Financial Instruments and Hedging Activities for additional information. (b)This component of other comprehensive income is included in the computation of net periodic pension and post-retirement costs. The three months ended March 31, 2024 includes a pension settlement charge of $4.5 million, net of tax of $1.2 million. The year ended December 31, 2023 includes a $2.0 million pension settlement charge. See Note 15 — Employee Benefit Plans for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2024 and March 31, 2023:
Details about accumulated other comprehensive income components |  | Amount reclassified from accumulated other comprehensive income |  | Affected line item in the Income Statement
| March 31, 2024 |  | March 31, 2023 |
Realized loss (gain) on foreign currency exchange contracts |  | $459 |  |  | ($2,429) |  |  | Other operating income (expense), net
Realized loss on foreign currency option contracts |  | 8 |  |  | — |  |  | Other operating income (expense), net
Noncontrolling interests |  | (108) |  |  | 559 |  |  | Comprehensive loss attributable to noncontrolling interests
Realized gain on interest rate contracts |  | (7,278) |  |  | (3,463) |  |  | Interest expense, net
Income tax effect from net (loss) gain on foreign currency contracts |  | (101) |  |  | 525 |  |  | Income tax benefit (expense)
Net gain on cash flow hedges reclassified from accumulated other comprehensive income |  | ($7,020) |  |  | ($4,808) |  |  |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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