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DISCONTINUED OPERATIONS (Tables) | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Operating Results, Assets and Liabilities of Discontinued Operation | The following table summarizes the results of our New Zealand operations for the three months ended March 31, 2025 and 2024, as presented in “Income from discontinued operations, net of tax” in the Consolidated Statements of Income and Comprehensive Income (Loss):
| Three Months Ended March 31,
| 2025 |  | 2024
Sales | $56,760 |  |  | $54,392 |
Costs and Expenses |  |  |
Cost of sales | (50,589) |  |  | (47,057) |
Other operating (expense) income, net (a) | (1,622) |  |  | 243 |
| (52,211) |  |  | (46,814) |
Operating income from discontinued operations | 4,549 |  |  | 7,578 |
Interest expense, net | (728) |  |  | (796) |
Interest income | 98 |  |  | 193 |
Income from discontinued operations before income taxes | 3,919 |  |  | 6,975 |
Income tax expense | (1,412) |  |  | (159) |
Income from discontinued operations, net of tax | 2,507 |  |  | 6,816 |
Less: Net income from discontinued operations attributable to noncontrolling interests in the Operating Partnership | (28) |  |  | (85) |
Less: Net income from discontinued operations attributable to noncontrolling interests in consolidated affiliates | (385) |  |  | (939) |
Net income from discontinued operations attributable to Rayonier Inc. | $2,094 |  |  | $5,792 |
(a)The three months ended March 31, 2025 includes $0.2 million of transaction costs which include legal, advisory, and other due diligence costs. The major classes of the New Zealand operation’s assets and liabilities are as follows:
| March 31, 2025 |  | December 31, 2024
ASSETS
CURRENT ASSETS |  |  |
Cash and cash equivalents | 16,093 |  |  | $20,093 |
Trade receivables, less allowance for doubtful accounts of $0 and $0 | 18,634 |  |  | 18,935 |
Inventory | 3,030 |  |  | 1,462 |
Prepaid expenses | 6,107 |  |  | 6,206 |
Other current assets | 205 |  |  | 624 |
Total current assets | 44,069 |  |  | 47,320 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 342,899 |  |  | 339,724 |
PROPERTY, PLANT AND EQUIPMENT |  |  |
Buildings | 1,732 |  |  | 1,707 |
Machinery and equipment | 173 |  |  | 171 |
Total property, plant and equipment, gross | 1,905 |  |  | 1,878 |
Less — accumulated depreciation | (980) |  |  | (935) |
Total property, plant and equipment, net | 925 |  |  | 943 |
RIGHT-OF-USE ASSETS | 71,128 |  |  | 64,082 |
OTHER ASSETS | 24,332 |  |  | 23,850 |
TOTAL ASSETS | $483,353 |  |  | $475,919 |
LIABILITIES
CURRENT LIABILITIES |  |  |
Accounts payable | 12,074 |  |  | $9,145 |
Current maturities of long-term debt, net | 19,722 |  |  | 19,442 |
Accrued taxes | 649 |  |  | 2,399 |
Accrued payroll and benefits | 1,215 |  |  | 793 |
Other current liabilities | 15,668 |  |  | 15,556 |
Total current liabilities | 49,328 |  |  | 47,335 |
LONG-TERM DEBT, NET | 46,015 |  |  | 45,360 |
LONG-TERM LEASE LIABILITY | 67,055 |  |  | 60,038 |
OTHER NON-CURRENT LIABILITIES | 65,593 |  |  | 65,443 |
TOTAL LIABILITIES | $227,991 |  |  | $218,176 |
The following table summarizes the depreciation, depletion and amortization and capital expenditures of the Company’s discontinued operations related to the New Zealand operations:
| Three Months Ended March 31,
| 2025 |  | 2024
Depreciation, depletion and amortization | $4,334 |  |  | $4,020 |
Capital expenditures | 2,654 |  |  | 3,608 |

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