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DISCONTINUED OPERATIONS | 6 Months Ended
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Jun. 30, 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 agreed to sell its entire 77% interest in its New Zealand operations. Accordingly, in the first quarter of 2025, the financial results of the New Zealand Timber segment and the New Zealand portion of the Real Estate, Trading and Corporate segments were classified as discontinued operations in our Consolidated Statements of Income and Comprehensive Income (Loss) for all periods presented. On June 30, 2025, we completed the sale of our New Zealand operations for a purchase price of $710 million. Net proceeds to Rayonier, after adjusting for estimated net debt, working capital, transaction costs, and other closing adjustments, were $698.6 million. We expect to receive a final purchase price adjustment of $0.7 million during the third quarter, which has been recognized as a receivable on our June 30, 2025 Consolidated Balance Sheet. In connection with the sale, we recognized a gain on disposal of discontinued operations of $404.5 million. The following table summarizes the results of our New Zealand operations for the three and six months ended June 30, 2025 and 2024, as presented in “Income from discontinued operations” in the Consolidated Statements of Income and Comprehensive Income (Loss):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Sales | $52,572 |  |  | $73,971 |  |  | $109,332 |  |  | $128,363 |
Costs and Expenses |  |  |  |  |  |  |
Cost of sales | (51,461) |  |  | (64,371) |  |  | (102,050) |  |  | (111,428) |
Other operating expense, net (a) | (1,778) |  |  | (1,706) |  |  | (3,400) |  |  | (1,463) |
| (53,239) |  |  | (66,077) |  |  | (105,450) |  |  | (112,891) |
Operating (loss) income from discontinued operations | (667) |  |  | 7,894 |  |  | 3,882 |  |  | 15,472 |
Interest expense, net | (780) |  |  | (782) |  |  | (1,508) |  |  | (1,578) |
Interest income | 104 |  |  | 319 |  |  | 202 |  |  | 512 |
(Loss) income from operations of discontinued operations before income taxes | (1,343) |  |  | 7,431 |  |  | 2,576 |  |  | 14,406 |
Income tax benefit (expense) | 718 |  |  | (500) |  |  | (693) |  |  | (659) |
(Loss) income from operations of discontinued operations, net of tax | (625) |  |  | 6,931 |  |  | 1,883 |  |  | 13,747 |
Gain on sale of discontinued operations (b) | 404,463 |  |  | — |  |  | 404,463 |  |  | — |
Income from discontinued operations | 403,838 |  |  | 6,931 |  |  | 406,346 |  |  | 13,747 |
Less: Net income from discontinued operations attributable to noncontrolling interests in the Operating Partnership | (5,347) |  |  | (79) |  |  | (5,375) |  |  | (164) |
Less: Net loss (income) from discontinued operations attributable to noncontrolling interests in consolidated affiliates | 577 |  |  | (1,119) |  |  | 192 |  |  | (2,058) |
Net income from discontinued operations attributable to Rayonier Inc. | $399,068 |  |  | $5,733 |  |  | $401,163 |  |  | $11,525 |
(a)The six months ended June 30, 2025 includes transaction costs of $0.2 million. The three and six months ended June 30, 2024 include transaction costs of $0.5 million, respectively. (b)The gain on sale of discontinued operations is not subject to income tax, as it relates to a partnership interest. The major classes of the New Zealand operation’s assets and liabilities as reported on the December 31, 2024 Balance Sheet are as follows:
|  |  | December 31, 2024
ASSETS
CURRENT ASSETS |  |  |
Cash and cash equivalents |  |  | $20,093 |
Trade receivables, less allowance for doubtful accounts of $0 |  |  | 18,935 |
Inventory |  |  | 1,462 |
Prepaid expenses |  |  | 6,206 |
Other current assets |  |  | 624 |
Total current assets |  |  | 47,320 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION |  |  | 339,724 |
PROPERTY, PLANT AND EQUIPMENT |  |  |
Buildings |  |  | 1,707 |
Machinery and equipment |  |  | 171 |
Total property, plant and equipment, gross |  |  | 1,878 |
Less — accumulated depreciation |  |  | (935) |
Total property, plant and equipment, net |  |  | 943 |
RIGHT-OF-USE ASSETS |  |  | 64,082 |
OTHER ASSETS |  |  | 23,850 |
TOTAL ASSETS |  |  | $475,919 |
LIABILITIES
CURRENT LIABILITIES |  |  |
Accounts payable |  |  | $9,145 |
Current maturities of long-term debt, net |  |  | 19,442 |
Accrued taxes |  |  | 2,399 |
Accrued payroll and benefits |  |  | 793 |
Other current liabilities |  |  | 15,556 |
Total current liabilities |  |  | 47,335 |
LONG-TERM DEBT, NET |  |  | 45,360 |
LONG-TERM LEASE LIABILITY |  |  | 60,038 |
OTHER NON-CURRENT LIABILITIES |  |  | 65,443 |
TOTAL LIABILITIES |  |  | $218,176 |
The following table summarizes the depreciation, depletion and amortization, capital expenditures and non-cash cost of land sold and improved development of the Company’s discontinued operations for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation, depletion and amortization | $4,747 |  |  | $10,882 |  |  | $9,081 |  |  | $14,901 |
Capital expenditures | 4,444 |  |  | 4,476 |  |  | 7,098 |  |  | 8,084 |
Non-cash cost of land and improved development | — |  |  | 3,041 |  |  | — |  |  | 3,041 |

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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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