DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

On March 9, 2025, we entered into a purchase and sale agreement with Taurus Forest Holdings Limited, pursuant to which we agreed to sell our entire 77% interest in our New Zealand operations. Accordingly, the financial results of the New Zealand Timber segment and the New Zealand portion of the Real Estate, former 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 cash 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 received a final purchase price adjustment of $0.7 million during the third quarter, which was 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 years ended December 31, as presented in “Income from discontinued operations” in the Consolidated Statements of Income and Comprehensive Income (Loss):


	2025	2024	2023
Sales	$109,332	$275,068	$268,560
Costs and Expenses
Cost of sales (a)	(102,050)	(237,251)	(233,654)

Other operating (expense) income, net (b)	(3,400)	542	(8,318)
	(105,450)	(236,709)	(241,972)
Operating income from discontinued operations	3,882	38,359	26,588
Interest expense, net	(1,508)	(3,159)	(3,198)
Interest income	202	996	620
Income from operations of discontinued operations before income taxes	2,576	36,196	24,010
Income tax expense	(693)	(8,073)	(4,829)
Income from operations of discontinued operations, net of tax	1,883	28,123	19,181
Gain on sale of discontinued operations (c)	404,463	—	—
Income from discontinued operations	406,346	28,123	19,181
Less: Net income from discontinued operations attributable to noncontrolling interests in the Operating Partnership	(5,375)	(324)	(275)
Less: Net loss (income) from discontinued operations attributable to noncontrolling interests in consolidated affiliates	192	(4,492)	(2,144)
Net income from discontinued operations attributable to Rayonier Inc.	$401,163	$23,307	$16,762

(a)The year ended December 31, 2023 includes timber write-offs resulting from casualty events of $2.3 million.

(b)The years ended December 31, 2025 and 2024 includes transaction costs of $0.2 million and $0.7 million, respectively.

(c)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:


									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 logging roads									5,731
Prepaid expenses									475

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 and improved development of the Company’s discontinued operations for the three years ended December 31:


	2025	2024	2023
Depreciation, depletion and amortization	$9,081	$26,395	$21,666
Capital expenditures	7,098	17,686	16,663
Non-cash cost of land and improved development	—	3,041	—