XML 35 R20.htm IDEA: XBRL DOCUMENT
v3.25.1

SEGMENT AND GEOGRAPHICAL INFORMATION | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHICAL INFORMATION | SEGMENT AND GEOGRAPHICAL INFORMATION As of March 31, 2025, Rayonier operated in four reportable segments: Southern Timber, Pacific Northwest Timber, Real Estate, and Trading. Prior to the first quarter of 2025, we operated in five reportable business segments, which included New Zealand Timber. On March 9, 2025, we entered into a purchase and sale agreement to sell our entire 77% interest in the New Zealand joint venture and as a result, the New Zealand operations are shown as discontinued operations for all periods presented. See Note 2 — Discontinued Operations for additional information. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. Our chief operating decision maker (“CODM”), the Chief Executive Officer, evaluates segment operating performance based on Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“Adjusted EBITDA”) to make decisions about allocating resources and assessing performance. Total assets by segment are not used by the CODM to assess the performance of or allocate resources to the segments, therefore total assets by segment are not disclosed. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating income and expense, income from discontinued operations, restructuring charges and Large Dispositions. We believe that Operating income (loss), as defined by U.S. GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to Operating income (loss) as determined in accordance with U.S. GAAP. Operating income (loss) as presented in the Consolidated Statements of Income and Comprehensive Income (Loss) is equal to segment income. The following tables summarize the segment information for the three months ended March 31, 2025 and 2024:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Sales | $50,944 |  |  | $21,404 |  |  | $10,167 |  |  | $407 |  |  | — |  |  | $82,922 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cut & haul costs | (12,521) |  |  | (9,340) |  |  | — |  |  | — |  |  | — |  |  | (21,861) |
Port / freight costs | — |  |  | (14) |  |  | — |  |  | (4) |  |  | — |  |  | (18) |
Depreciation, depletion and amortization | (16,899) |  |  | (5,606) |  |  | (564) |  |  | — |  |  | (424) |  |  | (23,493) |
Non-cash cost of land and improved development | — |  |  | — |  |  | (2,399) |  |  | — |  |  | — |  |  | (2,399) |
Other costs and expenses (a) | (11,374) |  |  | (5,696) |  |  | (8,154) |  |  | (857) |  |  | (9,011) |  |  | (35,092) |
Operating income (loss) | $10,150 |  |  | $748 |  |  | ($950) |  |  | ($454) |  |  | ($9,435) |  |  | $59 |
Add: Restructuring charges (b) | — |  |  | — |  |  | — |  |  | — |  |  | 1,110 |  |  | 1,110 |
Add: Depreciation, depletion and amortization | 16,899 |  |  | 5,606 |  |  | 564 |  |  | — |  |  | 424 |  |  | 23,493 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | 2,399 |  |  | — |  |  | — |  |  | 2,399 |
Adjusted EBITDA | $27,049 |  |  | $6,354 |  |  | $2,013 |  |  | ($454) |  |  | ($7,901) |  |  | $27,061 |
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income |  | ($3,518) |
Depreciation, depletion and amortization |  | (23,493) |
Non-cash cost of land and improved development |  | (2,399) |
Non-operating expense |  | (1,842) |
Restructuring charges (b) |  | (1,110) |
Loss from Continuing Operations Before Income Taxes |  | ($5,301) |
Income tax expense |  | (291) |
Loss from Continuing Operations |  | ($5,592) |
Income from discontinued operations, net of tax |  | 2,507 |
Net Loss |  | ($3,085) |
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses. (b)Restructuring charges include severance costs related to workforce optimization initiatives. Restructuring charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Sales | $69,978 |  |  | $25,192 |  |  | $15,564 |  |  | $2,970 |  |  | — |  |  | $113,704 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cut & haul costs | (13,398) |  |  | (10,837) |  |  | — |  |  | — |  |  | — |  |  | (24,235) |
Port / freight costs | (1,216) |  |  | (1,239) |  |  | — |  |  | (1,327) |  |  | — |  |  | (3,782) |
Depreciation, depletion and amortization | (21,796) |  |  | (9,075) |  |  | (1,749) |  |  | — |  |  | (443) |  |  | (33,063) |
Non-cash cost of land and improved development | — |  |  | — |  |  | (2,953) |  |  | — |  |  | — |  |  | (2,953) |
Other costs and expenses (a) | (10,563) |  |  | (8,401) |  |  | (10,990) |  |  | (1,639) |  |  | (9,446) |  |  | (41,039) |
Operating income (loss) | $23,005 |  |  | ($4,360) |  |  | ($128) |  |  | $4 |  |  | ($9,889) |  |  | $8,632 |
Add: Depreciation, depletion and amortization | 21,796 |  |  | 9,075 |  |  | 1,749 |  |  | — |  |  | 443 |  |  | 33,063 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | 2,953 |  |  | — |  |  | — |  |  | 2,953 |
Adjusted EBITDA | $44,801 |  |  | $4,715 |  |  | $4,574 |  |  | $4 |  |  | ($9,446) |  |  | $44,648 |
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income |  | ($7,054) |
Depreciation, depletion and amortization |  | (33,063) |
Non-cash cost of land and improved development |  | (2,953) |
Non-operating expense |  | (7,079) |
Loss from Continuing Operations Before Income Taxes |  | ($5,501) |
Income tax benefit |  | 991 |
Loss from Continuing Operations |  | ($4,510) |
Income from discontinued operations, net of tax |  | 6,816 |
Net Income |  | $2,306 |
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
| Three Months Ended March 31,
| 2025 |  | 2024
Capital Expenditures |  |  |
Southern Timber | $9,615 |  |  | $11,003 |
Pacific Northwest Timber | 2,366 |  |  | 4,119 |
Real Estate | 42 |  |  | 79 |
Corporate and other | — |  |  | 59 |
Total Capital Expenditures | $12,023 |  |  | $15,260 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration