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PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS | 3 Months Ended
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Mar. 31, 2026
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS | PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The net pension and postretirement benefit costs are presented below:
|  | Pension |  | Postretirement
|  | Three Months Ended March 31, |  | Three Months Ended March 31,
Components of Net Periodic Benefit Cost | Income Statement Location | 2026 | 2025 |  | 2026 | 2025
Service Cost | Selling and general expenses | $582 |  | — |  |  | $3 |  | $1 |
Service Cost | Cost of sales | 225 |  | — |  |  | 1 |  | — |
Interest Cost | Other miscellaneous income (expense), net | 2,095 |  | — |  |  | 140 |  | 19 |
Expected return on plan assets | Other miscellaneous income (expense), net | (1,909) |  | — |  |  | — |  | — |
Amortization of losses | Other miscellaneous income (expense), net | — |  | — |  |  | (1) |  | (2) |
Net periodic benefit cost | Other miscellaneous income (expense), net | $993 |  | — |  |  | $143 |  | $18 |
PLANS ASSUMED IN MERGER WITH POTLATCHDELTIC Upon our merger with PotlatchDeltic Corporation, we assumed one qualified defined benefit pension plan, two nonqualified pension plans, and two other postretirement benefit plans. The expected return on plan assets for the qualified plan assumed is 6.5%. The discount rate used to measure the projected benefit obligation as of January 30, 2026, was 5.65% for the qualified and nonqualified pension plans and 5.50% for the other postretirement benefit plans. FAIR VALUE OF PENSION PLAN ASSETS AND OBLIGATIONS Consistent with accounting for the merger as the acquirer in a business combination (see Note 2 — Merger with PotlatchDeltic Corporation), pension assets and benefit obligations for plans assumed from PotlatchDeltic were remeasured to reflect their fair value as of the merger date. This included updating asset values and reviewing discount rates to reflect market conditions as of the date of the merger. The following represents the fair values of these items as of January 30, 2026: •$181.0 million qualified pension plan assets •$197.0 million qualified pension plan projected benefit obligation •$33.9 million nonqualified pension plan projected benefit obligation •$14.0 million other postretirement accumulated benefit obligation Rayonier expects to make required contributions of approximately $7.3 million to the qualified pension plan in 2026. The non-qualified plans are unfunded; expected benefit payments to be made directly by Rayonier in 2026 are approximately $2.7 million. Expected other postretirement benefit payments in 2026 are approximately $1.8 million.

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