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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Income | The following table summarizes the changes in AOCI by component for the six months ended June 30, 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 | (10,450) |  |  | — |  |  | 17,520 |  | (a) | 5,110 |  |  | 12,180 |  |  | (166) |  |  | 12,014 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | — |  |  | (13,780) |  |  | 4,452 |  | (b) | (9,328) |  |  | 412 |  |  | (8,916) |
Net other comprehensive (loss) income | (10,450) |  |  | — |  |  | 3,740 |  |  | 9,562 |  |  | 2,852 |  |  | 246 |  |  | 3,098 |
Balance as of June 30, 2024 | ($29,983) |  |  | $1,321 |  |  | $59,586 |  |  | ($54) |  |  | $30,870 |  |  | ($3,121) |  |  | $27,749 |
(a)The six months ended June 30, 2024 includes $20.2 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 six months ended June 30, 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.
Schedule of Reclassification Out of Accumulated Other Comprehensive Income | The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2024 and June 30, 2023:
Details about accumulated other comprehensive income components |  | Amount reclassified from accumulated other comprehensive income |  | Affected line item in the Income Statement
| June 30, 2024 |  | June 30, 2023 |
Realized loss (gain) on foreign currency exchange contracts |  | $1,392 |  |  | ($4,005) |  |  | Other operating expense, net
Realized loss (gain) on foreign currency option contracts |  | 8 |  |  | (48) |  |  | Other operating expense, net
Noncontrolling interests |  | (322) |  |  | 932 |  |  | Comprehensive (income) loss attributable to noncontrolling interests
Realized gain on interest rate contracts |  | (14,557) |  |  | (7,777) |  |  | Interest expense, net
Income tax effect from net (loss) gain on foreign currency contracts |  | (301) |  |  | 875 |  |  | Income tax (expense) benefit
Net gain on cash flow hedges reclassified from accumulated other comprehensive income |  | ($13,780) |  |  | ($10,023) |  |  |

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