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SEGMENT AND GEOGRAPHICAL INFORMATION | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHICAL INFORMATION | SEGMENT AND GEOGRAPHICAL INFORMATION As of June 30, 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. On June 30, 2025, we completed the sale. 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 expense, income (loss) from operations of discontinued operations, gain on sale of discontinued operations, restructuring charges, costs related to disposition initiatives 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 and six months ended June 30, 2025 and 2024:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Sales | $53,324 |  |  | $22,383 |  |  | $29,432 |  |  | $1,399 |  |  | — |  |  | $106,538 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cut and haul costs | (13,202) |  |  | (9,841) |  |  | — |  |  | — |  |  | — |  |  | (23,043) |
Depreciation, depletion and amortization | (15,788) |  |  | (5,351) |  |  | (1,882) |  |  | — |  |  | (416) |  |  | (23,437) |
Non-cash cost of land and improved development | — |  |  | — |  |  | (6,902) |  |  | — |  |  | — |  |  | (6,902) |
Other costs and expenses (a) | (11,739) |  |  | (5,592) |  |  | (10,869) |  |  | (1,504) |  |  | (8,907) |  |  | (38,611) |
Operating income (loss) | $12,595 |  |  | $1,599 |  |  | $9,779 |  |  | ($105) |  |  | ($9,323) |  |  | $14,545 |
Add: Depreciation, depletion and amortization | 15,788 |  |  | 5,351 |  |  | 1,882 |  |  | — |  |  | 416 |  |  | 23,437 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | 6,902 |  |  | — |  |  | — |  |  | 6,902 |
Adjusted EBITDA | $28,383 |  |  | $6,950 |  |  | $18,563 |  |  | ($105) |  |  | ($8,907) |  |  | $44,884 |
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income |  | ($4,215) |
Depreciation, depletion and amortization |  | (23,437) |
Non-cash cost of land and improved development |  | (6,902) |
Non-operating expense |  | (561) |
Income from Continuing Operations |  | $9,769 |
Loss from operations of discontinued operations, net of tax |  | (625) |
Gain on sale of discontinued operations |  | 404,463 |
Net Income |  | $413,607 |
(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 | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Sales | $59,325 |  |  | $24,283 |  |  | $15,470 |  |  | $561 |  |  | — |  |  | $99,639 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cut and haul costs | (11,787) |  |  | (10,107) |  |  | — |  |  | — |  |  | — |  |  | (21,894) |
Port and freight costs | (836) |  |  | (18) |  |  | — |  |  | (201) |  |  | — |  |  | (1,055) |
Depreciation, depletion and amortization | (16,758) |  |  | (7,389) |  |  | (621) |  |  | — |  |  | (444) |  |  | (25,212) |
Non-cash cost of land and improved development | — |  |  | — |  |  | (3,378) |  |  | — |  |  | — |  |  | (3,378) |
Other costs and expenses (a) | (12,851) |  |  | (8,236) |  |  | (10,955) |  |  | (336) |  |  | (11,175) |  |  | (43,553) |
Operating income (loss) | $17,093 |  |  | ($1,467) |  |  | $516 |  |  | $24 |  |  | ($11,619) |  |  | $4,547 |
Add: Costs related to disposition initiatives (b) | — |  |  | — |  |  | — |  |  | — |  |  | 185 |  |  | 185 |
Add: Depreciation, depletion and amortization | 16,758 |  |  | 7,389 |  |  | 621 |  |  | — |  |  | 444 |  |  | 25,212 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | 3,378 |  |  | — |  |  | — |  |  | 3,378 |
Adjusted EBITDA | $33,851 |  |  | $5,922 |  |  | $4,515 |  |  | $24 |  |  | ($10,990) |  |  | $33,322 |
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income |  | ($7,270) |
Depreciation, depletion and amortization |  | (25,212) |
Non-cash cost of land and improved development |  | (3,378) |
Non-operating expense (c) |  | (1,173) |
Costs related to disposition initiatives (b) |  | (185) |
Loss from Continuing Operations |  | ($3,896) |
Income from operations of discontinued operations, net of tax |  | 6,931 |
Net Income |  | $3,035 |
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses. (b)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.” (c)Non-operating expense includes $1.1 million of net costs associated with legal settlements. Net costs associated with legal settlements are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous expense, net.”
Six Months Ended | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Sales | $104,268 |  |  | $43,787 |  |  | $39,599 |  |  | $1,805 |  |  | — |  |  | $189,459 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cut and haul costs | (25,723) |  |  | (19,181) |  |  | — |  |  | — |  |  | — |  |  | (44,904) |
Port and freight costs | — |  |  | (14) |  |  | — |  |  | (4) |  |  | — |  |  | (18) |
Depreciation, depletion and amortization | (32,688) |  |  | (10,957) |  |  | (2,445) |  |  | — |  |  | (840) |  |  | (46,930) |
Non-cash cost of land and improved development | — |  |  | — |  |  | (9,302) |  |  | — |  |  | — |  |  | (9,302) |
Other costs and expenses (a) | (23,112) |  |  | (11,288) |  |  | (19,023) |  |  | (2,361) |  |  | (17,917) |  |  | (73,701) |
Operating income (loss) | $22,745 |  |  | $2,347 |  |  | $8,829 |  |  | ($560) |  |  | ($18,757) |  |  | $14,604 |
Add: Restructuring charges (b) | — |  |  | — |  |  | — |  |  | — |  |  | 1,110 |  |  | 1,110 |
Add: Depreciation, depletion and amortization | 32,688 |  |  | 10,957 |  |  | 2,445 |  |  | — |  |  | 840 |  |  | 46,930 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | 9,302 |  |  | — |  |  | — |  |  | 9,302 |
Adjusted EBITDA | $55,433 |  |  | $13,304 |  |  | $20,576 |  |  | ($560) |  |  | ($16,807) |  |  | $71,946 |
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income |  | ($7,733) |
Depreciation, depletion and amortization |  | (46,930) |
Non-cash cost of land and improved development |  | (9,302) |
Non-operating expense (c) |  | (2,404) |
Restructuring charges (b) |  | (1,110) |
Income from Continuing Operations Before Income Taxes |  | $4,467 |
Income tax expense |  | (291) |
Income from Continuing Operations |  | $4,176 |
Income from operations of discontinued operations, net of tax |  | 1,883 |
Gain on sale of discontinued operations |  | 404,463 |
Net Income |  | $410,522 |
(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, net.” (c)Non-operating expense includes $1.7 million of net costs associated with legal settlements. Net costs associated with legal settlements are recorded within the Consolidated Statements of Income (Loss) under the caption “Other miscellaneous expense, net.”
Six Months Ended | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Sales | $129,302 |  |  | $49,475 |  |  | $31,034 |  |  | $3,532 |  |  | — |  |  | $213,343 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cut and haul costs | (25,185) |  |  | (20,944) |  |  | — |  |  | — |  |  | — |  |  | (46,129) |
Port and freight costs | (2,052) |  |  | (1,257) |  |  | — |  |  | (1,528) |  |  | — |  |  | (4,837) |
Depreciation, depletion and amortization | (38,554) |  |  | (16,464) |  |  | (2,371) |  |  | — |  |  | (887) |  |  | (58,276) |
Non-cash cost of land and improved development | — |  |  | — |  |  | (6,331) |  |  | — |  |  | — |  |  | (6,331) |
Other costs and expenses (a) | (23,413) |  |  | (16,637) |  |  | (21,944) |  |  | (1,976) |  |  | (20,621) |  |  | (84,591) |
Operating income (loss) | $40,098 |  |  | ($5,827) |  |  | $388 |  |  | $28 |  |  | ($21,508) |  |  | $13,179 |
Add: Costs related to disposition initiatives (b) | — |  |  | — |  |  | — |  |  | — |  |  | 185 |  |  | 185 |
Add: Depreciation, depletion and amortization | 38,554 |  |  | 16,464 |  |  | 2,371 |  |  | — |  |  | 887 |  |  | 58,276 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | 6,331 |  |  | — |  |  | — |  |  | 6,331 |
Adjusted EBITDA | $78,652 |  |  | $10,637 |  |  | $9,090 |  |  | $28 |  |  | ($20,436) |  |  | $77,971 |
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income |  | ($14,323) |
Depreciation, depletion and amortization |  | (58,276) |
Non-cash cost of land and improved development |  | (6,331) |
Non-operating expense (c) |  | (8,253) |
Costs related to disposition initiatives (b) |  | (185) |
Loss from Continuing Operations Before Income Taxes |  | ($9,397) |
Income tax benefit |  | 991 |
Loss from Continuing Operations |  | ($8,406) |
Income from operations of discontinued operations, net of tax |  | 13,747 |
Net Income |  | $5,341 |
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses. (b)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with our asset disposition plan, which was announced in November 2023. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.” (c)Non-operating expense includes $5.7 million of pension settlement charges and $2.4 million of net costs associated with legal settlements. Pension settlement charges and net costs associated with legal settlements are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other miscellaneous expense, net.”
| Three Months Ended June 30, | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital Expenditures |  |  |  |  |  |  |
Southern Timber | $8,103 |  |  | $10,655 |  |  | $17,718 |  |  | $21,657 |
Pacific Northwest Timber | 2,264 |  |  | 2,870 |  |  | 4,630 |  |  | 6,989 |
Real Estate | 36 |  |  | 73 |  |  | 79 |  |  | 152 |
Corporate and other | — |  |  | — |  |  | — |  |  | 60 |
Total Capital Expenditures | $10,403 |  |  | $13,598 |  |  | $22,427 |  |  | $28,858 |

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