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DISCONTINUED OPERATIONS | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On March 9, 2025, Rayonier entered into a purchase and sale agreement with Taurus Forest Holdings Limited, pursuant to which Rayonier has agreed to sell its entire 77% interest in its New Zealand operations for $710 million, subject to net debt, working capital, and other adjustments. The transaction is expected to close in 2025, subject to the receipt of regulatory approvals and the satisfaction of other closing conditions. We will not have a continuing involvement in the operations of New Zealand following the close of the sale. Accordingly, the financial results of the New Zealand Timber segment and the New Zealand portion of the Real Estate, Trading and Corporate segments are classified as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented. 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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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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