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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS We previously sponsored a qualified non-contributory defined benefit pension plan and an unfunded excess benefit plan, both of which have been terminated and fully settled. The Defined Benefit Plan was settled in March 2024 through the purchase of annuity contracts. In connection with the plan’s settlement, we made a cash contribution of $2.7 million to fully fund the plan. Additionally, a pre-tax non-cash pension settlement charge of $5.7 million was recognized as a component of AOCI due to actuarial losses in the year ended December 31, 2024. The unfunded plan was settled in the third quarter of 2024 with lump sum cash payments of $1.2 million. A pre-tax non-cash pension settlement charge related to the actuarial losses was recognized in 2024 as a component of AOCI. See Note 25 — Accumulated Other Comprehensive Income (Loss) for additional information. The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31:
| Pension |  | Postretirement
| 2025 |  | 2024 |  | 2025 |  | 2024
Change in Projected Benefit Obligation |  |  |  |  |  |  |
Projected benefit obligation at beginning of year | — |  |  | $63,142 |  |  | $1,404 |  |  | $1,491 |
Service cost | — |  |  | — |  |  | 3 |  |  | 3 |
Interest cost | — |  |  | 535 |  |  | 76 |  |  | 70 |
Actuarial gain | — |  |  | (5,046) |  |  | (7) |  |  | (145) |
Benefits paid | — |  |  | (742) |  |  | (16) |  |  | (15) |
Expenses paid | — |  |  | (10) |  |  | — |  |  | — |
Settlement | — |  |  | (57,879) |  |  | — |  |  | — |
Projected benefit obligation at end of year | — |  |  | — |  |  | $1,460 |  |  | $1,404 |
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | — |  |  | $54,750 |  |  | — |  |  | — |
Actual return on plan assets | — |  |  | 603 |  |  | — |  |  | — |
Employer contributions | — |  |  | 3,441 |  |  | 16 |  |  | 15 |
Benefits paid | — |  |  | (742) |  |  | (16) |  |  | (15) |
Other expense | — |  |  | (173) |  |  | — |  |  | — |
Settlement | — |  |  | (57,879) |  |  | — |  |  | — |
Fair value of plan assets at end of year | — |  |  | — |  |  | — |  |  | — |
Funded Status at End of Year |  |  |  |  |  |  |
Net accrued benefit cost | — |  |  | — |  |  | ($1,460) |  |  | ($1,404) |
Amounts Recognized in the Consolidated Balance Sheets Consist of: |  |  |  |  |  |  |
Current liabilities (a) | — |  |  | — |  |  | ($63) |  |  | ($57) |
Non-current liabilities (a) | — |  |  | — |  |  | (1,397) |  |  | (1,347) |
Net amount recognized | — |  |  | — |  |  | ($1,460) |  |  | ($1,404) |
(a)Current postretirement benefit plan liabilities are recorded within “Accrued payroll and benefits,” while non-current liabilities are recorded within “Other non-current liabilities” on the Consolidated Balance Sheets. For postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the accumulated benefit obligations and the fair value of plan assets for the two years ended December 31:
| 2025 |  | 2024
Accumulated postretirement benefit obligation | $1,460 |  |  | $1,404 |
Fair value of plan assets | — |  |  | — |
OTHER COMPREHENSIVE INCOME (LOSS) Net gains and losses recognized in other comprehensive income (loss) for the three years ended December 31 are as follows:
| Pension |  | Postretirement
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Net gains (losses) | — |  |  | $5,106 |  |  | ($1,438) |  |  | $7 |  |  | $145 |  |  | ($11) |
Net gains and losses reclassified from other comprehensive income (loss) and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows:
| Pension |  | Postretirement
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Amortization of losses (gains) | — |  |  | $1 |  |  | $6 |  |  | ($6) |  |  | — |  |  | — |
Net settlement loss | — |  |  | 5,816 |  |  | 2,036 |  |  | — |  |  | — |  |  | — |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (“AOCI”) Net gains that have not yet been included in pension and postretirement expense for the two years ended December 31, but have been recognized as a component of AOCI are as follows:
| Pension |  | Postretirement
| 2025 |  | 2024 |  | 2025 |  | 2024
Net gains | — |  |  | — |  |  | $232 |  |  | $230 |
AOCI | — |  |  | — |  |  | $232 |  |  | $230 |
NET PENSION AND POSTRETIREMENT BENEFIT COST The following tables set forth the components of net pension and postretirement benefit cost that have been recognized during the three years ended December 31:
| Pension |  | Postretirement
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Components of Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |
Service cost | — |  |  | — |  |  | — |  |  | $3 |  |  | $3 |  |  | $4 |
Interest cost | — |  |  | 535 |  |  | 3,374 |  |  | 76 |  |  | 70 |  |  | 70 |
Expected return on plan assets | — |  |  | (542) |  |  | (3,439) |  |  | — |  |  | — |  |  | — |
Amortization of losses (gains) | — |  |  | 1 |  |  | 6 |  |  | (6) |  |  | — |  |  | — |
Settlement expense | — |  |  | 5,816 |  |  | 2,036 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | — |  |  | $5,810 |  |  | $1,977 |  |  | $73 |  |  | $73 |  |  | $74 |
The service cost component of our benefit expense is recorded within the operating expense line item “Selling and general expenses” within the Consolidated Statements of Income and Comprehensive Income (Loss). All other components of the benefit costs expense are included within the “Other miscellaneous (expense) income, net” line item of the Consolidated Statements of Income and Comprehensive Income (Loss). VALUATION ASSUMPTIONS The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31:
| Pension |  | Postretirement
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Assumptions used to determine benefit obligations at December 31: |  |  |  |  |  |  |  |  |  |  |
Discount rate | N/A |  | N/A |  | 4.99% |  | 5.42% |  | 5.49% |  | 4.81%
Assumptions used to determine net periodic benefit cost for years ended December 31: |  |  |  |  |  |  |  |  |  |  |
Discount rate | N/A |  | 5.00% |  | 4.96% |  | 5.49% |  | 4.81% |  | 5.01%
Expected long-term return on plan assets | N/A |  | 4.97% |  | 4.97% |  | N/A |  | N/A |  | N/A
Disclosures regarding the investment of plan assets and net asset value measurements are not presented as the plans held no assets as of December 31, 2025 and 2024. CASH FLOWS Our expected benefit payments to be made for the next 10 years are as follows:
|  |  | Postretirement Benefits
2026 |  |  | $63 |
2027 |  |  | 68 |
2028 |  |  | 73 |
2029 |  |  | 77 |
2030 |  |  | 82 |
2031-2035 |  |  | 467 |
DEFINED CONTRIBUTION PLANS We provide a defined contribution plan to all of our eligible employees. Company contributions charged to expense for these plans were $2.6 million, $2.7 million and $2.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. The defined contribution plan includes Rayonier common shares with a fair market value of $5.5 million and $6.4 million at December 31, 2025 and 2024, respectively. As of June 1, 2016, the Rayonier Inc. Common Stock Fund was closed to new contributions. Transfers out of the fund will continue to be permitted, but no new investments or transfers into the fund are allowed.

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