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EMPLOYEE BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2024
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. In the fourth quarter of 2023, distributions were made to settle the obligation with participants in the Defined Benefit Plan electing the lump sum distribution option. In March 2024, the remaining Defined Benefit Plan liability was settled with the purchase of annuity contracts from a third-party insurance company. We made a cash contribution of $2.7 million during the settlement process in order to fund the Defined Benefit Plan on a plan termination basis. We recognized a pre-tax non-cash pension settlement charge of $5.7 million related to the actuarial losses in AOCI. The unfunded plan will be settled entirely with lump sum cash payments estimated at $1.2 million. We expect to recognize additional pre-tax non-cash pension settlement charges related to the actuarial losses currently in AOCI upon settlement of the remaining obligations of the unfunded plan. These payments and charges are currently expected to occur in 2024, with the specific timing and final amounts dependent upon several factors. Projected cash contributions are an estimate, as actual amounts and timing are dependent upon several factors. See Note 17 — Accumulated Other Comprehensive Income for additional information. The net pension and postretirement benefit costs (credits) that have been recorded are shown in the following tables:
Components of Net Periodic Benefit Cost (Credit) | Income Statement Location |  | Pension |  | Postretirement
| Three Months Ended June 30, |  | Three Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | Selling and general expenses |  | — |  |  | — |  |  | $1 |  |  | $1 |
Interest cost | Interest and other miscellaneous income (expense), net |  | 16 |  |  | 844 |  |  | 18 |  |  | 17 |
Expected return on plan assets (a) | Interest and other miscellaneous income (expense), net |  | — |  |  | (887) |  |  | — |  |  | — |
Amortization of losses | Interest and other miscellaneous income (expense), net |  | — |  |  | 1 |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  |  | $16 |  |  | ($42) |  |  | $19 |  |  | $18 |
Components of Net Periodic Benefit Cost (Credit) | Income Statement Location |  | Pension |  | Postretirement
| Six Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | Selling and general expenses |  | — |  |  | — |  |  | $2 |  |  | $2 |
Interest cost | Interest and other miscellaneous income (expense), net |  | 530 |  |  | 1,689 |  |  | 35 |  |  | 35 |
Expected return on plan assets (a) | Interest and other miscellaneous income (expense), net |  | (542) |  |  | (1,776) |  |  | — |  |  | — |
Amortization of losses | Interest and other miscellaneous income (expense), net |  | — |  |  | 3 |  |  | — |  |  | — |
Pension settlement loss | Interest and other miscellaneous income (expense), net |  | 5,673 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  |  | $5,661 |  |  | ($84) |  |  | $37 |  |  | $37 |
(a)Prior to remeasurement of the Defined Benefit Plan due to the pension settlement, the weighted-average expected long-term rate of return on plan assets used in computing 2024 net periodic benefit cost for benefits was 5.0%.

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