☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
North Carolina | 1-6780 | 13-2607329 | ||||||||||||
(State or other Jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Delaware | 333-237246 | 91-1313292 | ||||||||||||
(State or other Jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol | Exchange | ||||||
Common Shares, no par value, of Rayonier Inc. | RYN | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ☒ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
Item | Item | Page | Item | Page | ||||||||||||||||||
PART I - FINANCIAL INFORMATION | PART I - FINANCIAL INFORMATION | |||||||||||||||||||||
1. | 1. | 1. | ||||||||||||||||||||
2. | 2. | 2. | ||||||||||||||||||||
3. | 3. | 3. | ||||||||||||||||||||
4. | 4. | 4. | ||||||||||||||||||||
PART II - OTHER INFORMATION | PART II - OTHER INFORMATION | |||||||||||||||||||||
1. | 1. | 1. | ||||||||||||||||||||
1A. | 1A. | 1A. | ||||||||||||||||||||
2. | 2. | 2. | ||||||||||||||||||||
6. | 6. | 6. | ||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
$222,041 | $191,447 | ||||||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Cost of sales | (160,979) | (151,378) | |||||||||||||||||||||
Selling and general expenses | (14,760) | (14,032) | |||||||||||||||||||||
(984) | 2,448 | ||||||||||||||||||||||
(176,723) | (162,962) | ||||||||||||||||||||||
OPERATING INCOME | 45,318 | 28,485 | |||||||||||||||||||||
Interest expense | (8,337) | (10,028) | |||||||||||||||||||||
Interest and other miscellaneous expense, net | (468) | (4) | |||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 36,513 | 18,453 | |||||||||||||||||||||
(5,515) | (3,421) | ||||||||||||||||||||||
NET INCOME | 30,998 | 15,032 | |||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in the operating partnership | (669) | (341) | |||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1,012) | (3,843) | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 29,317 | 10,848 | |||||||||||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||
Foreign currency translation adjustment, net of income tax effect of $0 and $0 | 6,458 | (14,288) | |||||||||||||||||||||
Cash flow hedges, net of income tax effect of $1,022 and $1,059 | 40,427 | 61,001 | |||||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0 | 188 | 294 | |||||||||||||||||||||
Total other comprehensive income | 47,073 | 47,007 | |||||||||||||||||||||
COMPREHENSIVE INCOME | 78,071 | 62,039 | |||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests in the operating partnership | (1,686) | (1,872) | |||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates | (2,408) | (580) | |||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $73,977 | $59,587 | |||||||||||||||||||||
Basic earnings per share attributable to Rayonier Inc. | $0.20 | $0.08 | |||||||||||||||||||||
Diluted earnings per share attributable to Rayonier Inc. | $0.20 | $0.08 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
$246,346 | $291,431 | $468,387 | $482,878 | ||||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Cost of sales | (194,323) | (194,250) | (355,303) | (345,628) | |||||||||||||||||||
Selling and general expenses | (17,356) | (14,693) | (32,116) | (28,725) | |||||||||||||||||||
801 | 1,956 | (182) | 4,404 | ||||||||||||||||||||
(210,878) | (206,987) | (387,601) | (369,949) | ||||||||||||||||||||
OPERATING INCOME | 35,468 | 84,444 | 80,786 | 112,929 | |||||||||||||||||||
Interest expense | (9,083) | (13,000) | (17,420) | (23,027) | |||||||||||||||||||
Interest and other miscellaneous income (expense), net | 206 | (1,144) | (262) | (1,148) | |||||||||||||||||||
INCOME BEFORE INCOME TAXES | 26,591 | 70,300 | 63,104 | 88,754 | |||||||||||||||||||
(1,304) | (6,880) | (6,818) | (10,302) | ||||||||||||||||||||
NET INCOME | 25,287 | 63,420 | 56,286 | 78,452 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests in the operating partnership | (546) | (1,753) | (1,214) | (2,094) | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (637) | (4,461) | (1,650) | (8,304) | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 24,104 | 57,206 | 53,422 | 68,054 | |||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0 | (36,285) | 1,239 | (29,827) | (13,048) | |||||||||||||||||||
Cash flow hedges, net of income tax effect of $4,211, $315, $3,189 and $1,374 | 5,755 | (10,019) | 46,182 | 50,982 | |||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 | 188 | 294 | 376 | 587 | |||||||||||||||||||
Total other comprehensive (loss) income | (30,342) | (8,486) | 16,731 | 38,521 | |||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | (5,055) | 54,934 | 73,017 | 116,973 | |||||||||||||||||||
Less: Comprehensive loss (income) attributable to noncontrolling interests in the operating partnership | 29 | (1,499) | (1,657) | (3,371) | |||||||||||||||||||
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates | 3,767 | (4,490) | 1,358 | (5,070) | |||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. | ($1,259) | $48,945 | $72,718 | $108,532 | |||||||||||||||||||
Basic earnings per share attributable to Rayonier Inc. | $0.16 | $0.41 | $0.37 | $0.49 | |||||||||||||||||||
Diluted earnings per share attributable to Rayonier Inc. | $0.16 | $0.41 | $0.36 | $0.49 |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
CURRENT ASSETS | CURRENT ASSETS | CURRENT ASSETS | ||||||||||||||||||||
Cash and cash equivalents, excluding Timber Funds | Cash and cash equivalents, excluding Timber Funds | $256,537 | $358,680 | Cash and cash equivalents, excluding Timber Funds | $279,331 | $358,680 | ||||||||||||||||
Cash and cash equivalents, Timber Funds | Cash and cash equivalents, Timber Funds | 3,185 | 3,493 | Cash and cash equivalents, Timber Funds | 949 | 3,493 | ||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 259,722 | 362,173 | Total cash and cash equivalents | 280,280 | 362,173 | ||||||||||||||||
5,464 | 6,341 | 1,464 | 6,341 | |||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $66 and $59 | 52,906 | 30,018 | ||||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $12 and $59 | Accounts receivable, less allowance for doubtful accounts of $12 and $59 | 40,902 | 30,018 | |||||||||||||||||||
33,290 | 28,523 | 25,330 | 28,523 | |||||||||||||||||||
Prepaid expenses | Prepaid expenses | 20,088 | 18,528 | Prepaid expenses | 19,050 | 18,528 | ||||||||||||||||
2,466 | 5,099 | 2,226 | 5,099 | |||||||||||||||||||
Other current assets | Other current assets | 1,162 | 749 | Other current assets | 455 | 749 | ||||||||||||||||
Total current assets | Total current assets | 375,098 | 451,431 | Total current assets | 369,707 | 451,431 | ||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,869,194 | 2,894,996 | TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,799,507 | 2,894,996 | ||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | 111,445 | 106,878 | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | 112,497 | 106,878 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||||
Land | Land | 6,400 | 6,401 | Land | 6,453 | 6,401 | ||||||||||||||||
Buildings | Buildings | 31,198 | 31,168 | Buildings | 31,015 | 31,168 | ||||||||||||||||
Machinery and equipment | Machinery and equipment | 6,497 | 6,494 | Machinery and equipment | 6,564 | 6,494 | ||||||||||||||||
Construction in progress | Construction in progress | 510 | 460 | Construction in progress | 553 | 460 | ||||||||||||||||
Total property, plant and equipment, gross | Total property, plant and equipment, gross | 44,605 | 44,523 | Total property, plant and equipment, gross | 44,585 | 44,523 | ||||||||||||||||
Less — accumulated depreciation | Less — accumulated depreciation | (15,699) | (14,900) | Less — accumulated depreciation | (16,212) | (14,900) | ||||||||||||||||
Total property, plant and equipment, net | Total property, plant and equipment, net | 28,906 | 29,623 | Total property, plant and equipment, net | 28,373 | 29,623 | ||||||||||||||||
625 | 625 | 14,329 | 625 | |||||||||||||||||||
RIGHT-OF-USE ASSETS | RIGHT-OF-USE ASSETS | 104,183 | 101,837 | RIGHT-OF-USE ASSETS | 102,262 | 101,837 | ||||||||||||||||
OTHER ASSETS | OTHER ASSETS | 70,413 | 50,966 | OTHER ASSETS | 84,266 | 50,966 | ||||||||||||||||
TOTAL ASSETS | TOTAL ASSETS | $3,559,864 | $3,636,356 | TOTAL ASSETS | $3,510,941 | $3,636,356 | ||||||||||||||||
LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES | CURRENT LIABILITIES | CURRENT LIABILITIES | ||||||||||||||||||||
Accounts payable | Accounts payable | $31,131 | $23,447 | Accounts payable | $28,201 | $23,447 | ||||||||||||||||
2,087 | 124,965 | |||||||||||||||||||||
622 | 124,965 | |||||||||||||||||||||
Accrued taxes | Accrued taxes | 2,754 | 12,446 | Accrued taxes | 6,287 | 12,446 | ||||||||||||||||
Accrued payroll and benefits | Accrued payroll and benefits | 6,068 | 14,514 | Accrued payroll and benefits | 8,438 | 14,514 | ||||||||||||||||
Accrued interest | Accrued interest | 6,677 | 6,343 | Accrued interest | 3,585 | 6,343 | ||||||||||||||||
Deferred revenue | Deferred revenue | 13,699 | 17,802 | Deferred revenue | 28,579 | 17,802 | ||||||||||||||||
Distribution payable, Timber Funds | Distribution payable, Timber Funds | 5,464 | 6,341 | Distribution payable, Timber Funds | 1,576 | 6,341 | ||||||||||||||||
Other current liabilities | Other current liabilities | 24,782 | 25,863 | Other current liabilities | 31,157 | 25,863 | ||||||||||||||||
Total current liabilities | Total current liabilities | 92,662 | 231,721 | Total current liabilities | 108,445 | 231,721 | ||||||||||||||||
1,243,673 | 1,242,819 | |||||||||||||||||||||
1,263,394 | 1,242,819 | |||||||||||||||||||||
10,201 | 10,478 | 9,927 | 10,478 | |||||||||||||||||||
LONG-TERM LEASE LIABILITY | LONG-TERM LEASE LIABILITY | 95,543 | 93,416 | LONG-TERM LEASE LIABILITY | 93,748 | 93,416 | ||||||||||||||||
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES | 99,907 | 108,521 | OTHER NON-CURRENT LIABILITIES | 91,166 | 108,521 | ||||||||||||||||
0 | 0 | 0 | 0 | |||||||||||||||||||
136,239 | 133,823 | 123,811 | 133,823 | |||||||||||||||||||
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Common Shares, 480,000,000 shares authorized,146,107,688 and 145,372,961 shares issued and outstanding | 1,421,946 | 1,389,073 | ||||||||||||||||||||
Common Shares, 480,000,000 shares authorized, 146,321,732 and 145,372,961 shares issued and outstanding | Common Shares, 480,000,000 shares authorized, 146,321,732 and 145,372,961 shares issued and outstanding | 1,424,329 | 1,389,073 | |||||||||||||||||||
Retained earnings | Retained earnings | 389,077 | 402,307 | Retained earnings | 382,495 | 402,307 | ||||||||||||||||
25,973 | (19,604) | 610 | (19,604) | |||||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,836,996 | 1,771,776 | TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,807,434 | 1,771,776 | ||||||||||||||||
44,643 | 43,802 | 13,016 | 43,802 | |||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | TOTAL SHAREHOLDERS’ EQUITY | 1,881,639 | 1,815,578 | TOTAL SHAREHOLDERS’ EQUITY | 1,820,450 | 1,815,578 | ||||||||||||||||
TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | $3,559,864 | $3,636,356 | TOTAL LIABILITIES, NONCONTROLLING INTERESTS IN THE OPERATING PARTNERSHIP AND SHAREHOLDERS’ EQUITY | $3,510,941 | $3,636,356 |
Common Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Affiliates | Shareholders’ Equity | Common Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Affiliates | Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | Balance, January 1, 2022 | 145,372,961 | $1,389,073 | $402,307 | ($19,604) | $43,802 | $1,815,578 | Balance, January 1, 2022 | 145,372,961 | $1,389,073 | $402,307 | ($19,604) | $43,802 | $1,815,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 29,986 | — | 1,012 | 30,998 | Net income | — | — | 29,986 | — | 1,012 | 30,998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the operating partnership | Net income attributable to noncontrolling interests in the operating partnership | — | — | (669) | — | — | (669) | Net income attributable to noncontrolling interests in the operating partnership | — | — | (669) | — | — | (669) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.27 per share) (a) | Dividends ($0.27 per share) (a) | — | — | (39,902) | — | — | (39,902) | Dividends ($0.27 per share) (a) | — | — | (39,902) | — | — | (39,902) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $339 | Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $339 | 726,248 | 29,771 | — | — | — | 29,771 | Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $339 | 726,248 | 29,771 | — | — | — | 29,771 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under incentive stock plans | Issuance of shares under incentive stock plans | 11,364 | 415 | — | — | — | 415 | Issuance of shares under incentive stock plans | 11,364 | 415 | — | — | — | 415 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | 2,797 | — | — | — | 2,797 | Stock-based compensation | — | 2,797 | — | — | — | 2,797 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | Repurchase of common shares | (5,420) | (214) | — | — | — | (214) | Repurchase of common shares | (5,420) | (214) | — | — | — | (214) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the operating partnership | Adjustment of noncontrolling interests in the operating partnership | — | — | (2,645) | — | — | (2,645) | Adjustment of noncontrolling interests in the operating partnership | — | — | (2,645) | — | — | (2,645) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of units into common shares | Conversion of units into common shares | 2,535 | 104 | — | — | — | 104 | Conversion of units into common shares | 2,535 | 104 | — | — | — | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | Amortization of pension and postretirement plan liabilities | — | — | — | 188 | — | 188 | Amortization of pension and postretirement plan liabilities | — | — | — | 188 | — | 188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | — | — | — | 5,668 | 790 | 6,458 | Foreign currency translation adjustment | — | — | — | 5,668 | 790 | 6,458 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | — | — | — | 39,822 | 605 | 40,427 | Cash flow hedges | — | — | — | 39,822 | 605 | 40,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of other comprehensive income to noncontrolling interests in the operating partnership | Allocation of other comprehensive income to noncontrolling interests in the operating partnership | — | — | — | (101) | — | (101) | Allocation of other comprehensive income to noncontrolling interests in the operating partnership | — | — | — | (101) | — | (101) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (1,566) | (1,566) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (1,566) | (1,566) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | Balance, March 31, 2022 | 146,107,688 | $1,421,946 | $389,077 | $25,973 | $44,643 | $1,881,639 | Balance, March 31, 2022 | 146,107,688 | $1,421,946 | $389,077 | $25,973 | $44,643 | $1,881,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 24,650 | — | 637 | 25,287 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the operating partnership | Net income attributable to noncontrolling interests in the operating partnership | — | — | (546) | — | — | (546) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.285 per share) (a) | Dividends ($0.285 per share) (a) | — | — | (42,098) | — | — | (42,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs associated with the “at-the-market” (ATM) equity offering program | Costs associated with the “at-the-market” (ATM) equity offering program | — | (63) | — | — | — | (63) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under incentive stock plans | Issuance of shares under incentive stock plans | 304,887 | 1,983 | — | — | — | 1,983 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | 4,412 | — | — | — | 4,412 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | Repurchase of common shares | (91,820) | (3,991) | — | — | — | (3,991) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the operating partnership | Adjustment of noncontrolling interests in the operating partnership | — | — | 11,412 | — | — | 11,412 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of units into common shares | Conversion of units into common shares | 977 | 42 | — | — | — | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | Amortization of pension and postretirement plan liabilities | — | — | — | 188 | — | 188 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | — | — | — | (34,373) | (1,912) | (36,285) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | — | — | — | 8,247 | (2,492) | 5,755 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of other comprehensive loss to noncontrolling interests in the operating partnership | Allocation of other comprehensive loss to noncontrolling interests in the operating partnership | — | — | — | 575 | — | 575 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in consolidated affiliates redemption of shares | Noncontrolling interests in consolidated affiliates redemption of shares | — | — | — | — | (27,860) | (27,860) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | Balance, June 30, 2022 | 146,321,732 | $1,424,329 | $382,495 | $610 | $13,016 | $1,820,450 |
Common Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Affiliates | Shareholders’ Equity | Common Shares | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | Balance, January 1, 2021 | 137,678,822 | $1,101,675 | $446,267 | ($73,885) | $388,588 | $1,862,645 | Balance, January 1, 2021 | 137,678,822 | $1,101,675 | $446,267 | ($73,885) | $388,588 | $1,862,645 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 11,189 | — | 3,843 | 15,032 | Net income | — | — | 11,189 | — | 3,843 | 15,032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the operating partnership | Net income attributable to noncontrolling interests in the operating partnership | — | — | (341) | — | — | (341) | Net income attributable to noncontrolling interests in the operating partnership | — | — | (341) | — | — | (341) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.27 per share) (a) | Dividends ($0.27 per share) (a) | — | — | (37,532) | — | — | (37,532) | Dividends ($0.27 per share) (a) | — | — | (37,532) | — | — | (37,532) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $197 | Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 1,107,814 | 36,708 | — | — | — | 36,708 | Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 1,107,814 | 36,708 | — | — | — | 36,708 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under incentive stock plans | Issuance of shares under incentive stock plans | 39,140 | 1,166 | — | — | — | 1,166 | Issuance of shares under incentive stock plans | 39,140 | 1,166 | — | — | — | 1,166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | 2,156 | — | — | — | 2,156 | Stock-based compensation | — | 2,156 | — | — | — | 2,156 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | Repurchase of common shares | (5,020) | (155) | — | — | — | (155) | Repurchase of common shares | (5,020) | (155) | — | — | — | (155) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | Measurement period adjustment of noncontrolling interests in consolidated affiliates | — | — | — | — | 655 | 655 | Measurement period adjustment of noncontrolling interests in consolidated affiliates | — | — | — | — | 655 | 655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the operating partnership | Adjustment of noncontrolling interests in the operating partnership | — | — | (11,867) | — | — | (11,867) | Adjustment of noncontrolling interests in the operating partnership | — | — | (11,867) | — | — | (11,867) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of units into common shares | Conversion of units into common shares | 150,134 | 4,715 | — | — | — | 4,715 | Conversion of units into common shares | 150,134 | 4,715 | — | — | — | 4,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | Amortization of pension and postretirement plan liabilities | — | — | — | 294 | — | 294 | Amortization of pension and postretirement plan liabilities | — | — | — | 294 | — | 294 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | — | — | — | (11,652) | (2,636) | (14,288) | Foreign currency translation adjustment | — | — | — | (11,652) | (2,636) | (14,288) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | — | — | — | 61,628 | (627) | 61,001 | Cash flow hedges | — | — | — | 61,628 | (627) | 61,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of other comprehensive income to noncontrolling interests in the operating partnership | Allocation of other comprehensive income to noncontrolling interests in the operating partnership | — | — | — | (1,531) | — | (1,531) | Allocation of other comprehensive income to noncontrolling interests in the operating partnership | — | — | — | (1,531) | — | (1,531) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (8,737) | (8,737) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (8,737) | (8,737) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | Balance, March 31, 2021 | 138,970,890 | $1,146,265 | $407,716 | ($25,146) | $381,086 | $1,909,921 | Balance, March 31, 2021 | 138,970,890 | $1,146,265 | $407,716 | ($25,146) | $381,086 | $1,909,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 58,959 | — | 4,461 | 63,420 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the operating partnership | Net income attributable to noncontrolling interests in the operating partnership | — | — | (1,753) | — | — | (1,753) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.27 per share) (a) | Dividends ($0.27 per share) (a) | — | — | (37,981) | — | — | (37,981) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $927 | Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $927 | 2,199,459 | 79,994 | — | — | — | 79,994 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under incentive stock plans | Issuance of shares under incentive stock plans | 185,544 | 3,325 | — | — | — | 3,325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | 2,852 | — | — | — | 2,852 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | Repurchase of common shares | (42,425) | (1,453) | — | — | — | (1,453) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | Measurement period adjustment of noncontrolling interests in consolidated affiliates | — | — | — | — | 9,034 | 9,034 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the operating partnership | Adjustment of noncontrolling interests in the operating partnership | — | — | (15,410) | — | — | (15,410) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of units into common shares | Conversion of units into common shares | 6,439 | 241 | — | — | — | 241 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | Amortization of pension and postretirement plan liabilities | — | — | — | 294 | — | 294 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | — | — | — | 1,025 | 214 | 1,239 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | — | — | — | (9,833) | (186) | (10,019) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of other comprehensive income to noncontrolling interests in the operating partnership | Allocation of other comprehensive income to noncontrolling interests in the operating partnership | — | — | — | 253 | — | 253 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (6,474) | (6,474) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | Balance, June 30, 2021 | 141,319,907 | $1,231,224 | $411,531 | ($33,407) | $388,135 | $1,997,483 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | Net income | $30,998 | $15,032 | Net income | $56,286 | $78,452 | ||||||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | Adjustments to reconcile net income to cash provided by operating activities: | Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||||||
Depreciation, depletion and amortization | Depreciation, depletion and amortization | 47,419 | 45,213 | Depreciation, depletion and amortization | 83,169 | 87,909 | ||||||||||||||||
Non-cash cost of land and improved development | Non-cash cost of land and improved development | 5,359 | 1,813 | Non-cash cost of land and improved development | 17,139 | 7,003 | ||||||||||||||||
Stock-based incentive compensation expense | Stock-based incentive compensation expense | 2,797 | 2,156 | Stock-based incentive compensation expense | 7,209 | 5,008 | ||||||||||||||||
Deferred income taxes | Deferred income taxes | (8,014) | (1,128) | Deferred income taxes | (7,272) | 7,315 | ||||||||||||||||
Amortization of losses from pension and postretirement plans | Amortization of losses from pension and postretirement plans | 188 | 294 | Amortization of losses from pension and postretirement plans | 376 | 587 | ||||||||||||||||
Gain on sale of large disposition of timberlands | Gain on sale of large disposition of timberlands | — | (30,324) | |||||||||||||||||||
Other | Other | (2,244) | (3,681) | Other | (4,206) | 7,233 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Receivables | Receivables | (27,837) | (3,697) | Receivables | (17,060) | (413) | ||||||||||||||||
Inventories | Inventories | (4,875) | (3,512) | Inventories | (2,398) | (1,637) | ||||||||||||||||
Accounts payable | Accounts payable | 7,376 | 6,684 | Accounts payable | 6,959 | 4,213 | ||||||||||||||||
All other operating activities | All other operating activities | (1,500) | (5,306) | All other operating activities | 8,328 | (764) | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | CASH PROVIDED BY OPERATING ACTIVITIES | 49,667 | 53,868 | CASH PROVIDED BY OPERATING ACTIVITIES | 148,530 | 164,582 | ||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | Capital expenditures | (15,597) | (15,831) | Capital expenditures | (30,335) | (32,199) | ||||||||||||||||
Real estate development investments | Real estate development investments | (3,137) | (3,011) | Real estate development investments | (6,013) | (6,269) | ||||||||||||||||
Purchase of timberlands | Purchase of timberlands | (2,830) | (29,938) | Purchase of timberlands | (3,237) | (51,882) | ||||||||||||||||
Net proceeds from large disposition of timberlands | Net proceeds from large disposition of timberlands | — | 35,219 | |||||||||||||||||||
Other | Other | 2,619 | 4,356 | Other | 5,112 | 5,998 | ||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | CASH USED FOR INVESTING ACTIVITIES | (18,945) | (44,424) | CASH USED FOR INVESTING ACTIVITIES | (34,473) | (49,133) | ||||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | FINANCING ACTIVITIES | ||||||||||||||||||||
Issuance of debt | Issuance of debt | 404,018 | — | Issuance of debt | 408,439 | 446,378 | ||||||||||||||||
Repayment of debt | Repayment of debt | (526,948) | — | Repayment of debt | (533,298) | (350,000) | ||||||||||||||||
Dividends paid on common shares | Dividends paid on common shares | (39,444) | (37,490) | Dividends paid on common shares | (81,767) | (75,676) | ||||||||||||||||
Distributions to noncontrolling interests in the operating partnership | Distributions to noncontrolling interests in the operating partnership | (895) | (1,155) | Distributions to noncontrolling interests in the operating partnership | (1,839) | (2,309) | ||||||||||||||||
Proceeds from the issuance of common shares under incentive stock plan | Proceeds from the issuance of common shares under incentive stock plan | 579 | 1,166 | Proceeds from the issuance of common shares under incentive stock plan | 2,561 | 4,490 | ||||||||||||||||
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 30,918 | 32,545 | Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 31,915 | 110,702 | ||||||||||||||||
Repurchase of common shares to pay withholding taxes on vested incentive stock awards | Repurchase of common shares to pay withholding taxes on vested incentive stock awards | (214) | (155) | Repurchase of common shares to pay withholding taxes on vested incentive stock awards | (4,204) | (1,608) | ||||||||||||||||
Debt issuance costs | Debt issuance costs | — | (4,812) | |||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | (2,684) | (8,737) | Distributions to noncontrolling interests in consolidated affiliates | (6,684) | (15,212) | ||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (134,670) | (13,826) | ||||||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (184,877) | 111,953 | |||||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | EFFECT OF EXCHANGE RATE CHANGES ON CASH | 620 | (5) | EFFECT OF EXCHANGE RATE CHANGES ON CASH | (2,246) | 126 | ||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||||||||||||||||||
Change in cash, cash equivalents and restricted cash | Change in cash, cash equivalents and restricted cash | (103,328) | (4,387) | Change in cash, cash equivalents and restricted cash | (73,066) | 227,528 | ||||||||||||||||
Balance, beginning of year | Balance, beginning of year | 369,139 | 87,482 | Balance, beginning of year | 369,139 | 87,482 | ||||||||||||||||
Balance, end of period | Balance, end of period | $265,811 | $83,095 | Balance, end of period | $296,073 | $315,010 | ||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||||||||||
Cash paid during the period: | Cash paid during the period: | Cash paid during the period: | ||||||||||||||||||||
Interest (a) | Interest (a) | $3,935 | $2,945 | Interest (a) | $16,932 | $17,677 | ||||||||||||||||
Income taxes | Income taxes | 14,042 | 4,838 | Income taxes | 14,330 | 7,132 | ||||||||||||||||
Non-cash investing activity: | Non-cash investing activity: | Non-cash investing activity: | ||||||||||||||||||||
Capital assets purchased on account | Capital assets purchased on account | 4,511 | 4,814 | Capital assets purchased on account | 4,882 | 4,155 | ||||||||||||||||
Non-cash financing activity: | Non-cash financing activity: | |||||||||||||||||||||
Noncontrolling interests in consolidated affiliates redemption of shares (b) | Noncontrolling interests in consolidated affiliates redemption of shares (b) | 27,860 | — |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
$222,041 | $191,447 | ||||||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Cost of sales | (160,979) | (151,378) | |||||||||||||||||||||
Selling and general expenses | (14,760) | (14,032) | |||||||||||||||||||||
(984) | 2,448 | ||||||||||||||||||||||
(176,723) | (162,962) | ||||||||||||||||||||||
OPERATING INCOME | 45,318 | 28,485 | |||||||||||||||||||||
Interest expense | (8,337) | (10,028) | |||||||||||||||||||||
Interest and other miscellaneous expense, net | (468) | (4) | |||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 36,513 | 18,453 | |||||||||||||||||||||
(5,515) | (3,421) | ||||||||||||||||||||||
NET INCOME | 30,998 | 15,032 | |||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1,012) | (3,843) | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS | 29,986 | 11,189 | |||||||||||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||
Foreign currency translation adjustment, net of income tax effect of $0 and $0 | 6,458 | (14,288) | |||||||||||||||||||||
Cash flow hedges, net of income tax effect of $1,022 and $1,059 | 40,427 | 61,001 | |||||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax expense of $0 and $0 | 188 | 294 | |||||||||||||||||||||
Total other comprehensive income | 47,073 | 47,007 | |||||||||||||||||||||
COMPREHENSIVE INCOME | 78,071 | 62,039 | |||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests in consolidated affiliates | (2,408) | (580) | |||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS | $75,663 | $61,459 | |||||||||||||||||||||
Basic earnings per unit attributable to Rayonier, L.P. | $0.20 | $0.08 | |||||||||||||||||||||
Diluted earnings per unit attributable to Rayonier, L.P. | $0.20 | $0.08 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
$246,346 | $291,431 | $468,387 | $482,878 | ||||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Cost of sales | (194,323) | (194,250) | (355,303) | (345,628) | |||||||||||||||||||
Selling and general expenses | (17,356) | (14,693) | (32,116) | (28,725) | |||||||||||||||||||
801 | 1,956 | (182) | 4,404 | ||||||||||||||||||||
(210,878) | (206,987) | (387,601) | (369,949) | ||||||||||||||||||||
OPERATING INCOME | 35,468 | 84,444 | 80,786 | 112,929 | |||||||||||||||||||
Interest expense | (9,083) | (13,000) | (17,420) | (23,027) | |||||||||||||||||||
Interest and other miscellaneous income (expense), net | 206 | (1,144) | (262) | (1,148) | |||||||||||||||||||
INCOME BEFORE INCOME TAXES | 26,591 | 70,300 | 63,104 | 88,754 | |||||||||||||||||||
(1,304) | (6,880) | (6,818) | (10,302) | ||||||||||||||||||||
NET INCOME | 25,287 | 63,420 | 56,286 | 78,452 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests in consolidated affiliates | (637) | (4,461) | (1,650) | (8,304) | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS | 24,650 | 58,959 | 54,636 | 70,148 | |||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||||||||
Foreign currency translation adjustment, net of income tax effect of $0, $0, $0 and $0 | (36,285) | 1,239 | (29,827) | (13,048) | |||||||||||||||||||
Cash flow hedges, net of income tax effect of $4,211, $315, $3,189 and $1,374 | 5,755 | (10,019) | 46,182 | 50,982 | |||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 | 188 | 294 | 376 | 587 | |||||||||||||||||||
Total other comprehensive (loss) income | (30,342) | (8,486) | 16,731 | 38,521 | |||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | (5,055) | 54,934 | 73,017 | 116,973 | |||||||||||||||||||
Less: Comprehensive loss (income) attributable to noncontrolling interests in consolidated affiliates | 3,767 | (4,490) | 1,358 | (5,070) | |||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER, L.P. UNITHOLDERS | ($1,288) | $50,444 | $74,375 | $111,903 | |||||||||||||||||||
Basic earnings per unit attributable to Rayonier, L.P. | $0.16 | $0.41 | $0.37 | $0.49 | |||||||||||||||||||
Diluted earnings per unit attributable to Rayonier, L.P. | $0.16 | $0.41 | $0.36 | $0.49 |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
CURRENT ASSETS | CURRENT ASSETS | CURRENT ASSETS | ||||||||||||||||||||
Cash and cash equivalents, excluding Timber Funds | Cash and cash equivalents, excluding Timber Funds | $256,537 | $358,680 | Cash and cash equivalents, excluding Timber Funds | $279,331 | $358,680 | ||||||||||||||||
Cash and cash equivalents, Timber Funds | Cash and cash equivalents, Timber Funds | 3,185 | 3,493 | Cash and cash equivalents, Timber Funds | 949 | 3,493 | ||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 259,722 | 362,173 | Total cash and cash equivalents | 280,280 | 362,173 | ||||||||||||||||
5,464 | 6,341 | 1,464 | 6,341 | |||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $66 and $59 | 52,906 | 30,018 | ||||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $12 and $59 | Accounts receivable, less allowance for doubtful accounts of $12 and $59 | 40,902 | 30,018 | |||||||||||||||||||
33,290 | 28,523 | 25,330 | 28,523 | |||||||||||||||||||
Prepaid expenses | Prepaid expenses | 20,088 | 18,528 | Prepaid expenses | 19,050 | 18,528 | ||||||||||||||||
2,466 | 5,099 | 2,226 | 5,099 | |||||||||||||||||||
Other current assets | Other current assets | 1,162 | 749 | Other current assets | 455 | 749 | ||||||||||||||||
Total current assets | Total current assets | 375,098 | 451,431 | Total current assets | 369,707 | 451,431 | ||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,869,194 | 2,894,996 | TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,799,507 | 2,894,996 | ||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | 111,445 | 106,878 | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | 112,497 | 106,878 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||||
Land | Land | 6,400 | 6,401 | Land | 6,453 | 6,401 | ||||||||||||||||
Buildings | Buildings | 31,198 | 31,168 | Buildings | 31,015 | 31,168 | ||||||||||||||||
Machinery and equipment | Machinery and equipment | 6,497 | 6,494 | Machinery and equipment | 6,564 | 6,494 | ||||||||||||||||
Construction in progress | Construction in progress | 510 | 460 | Construction in progress | 553 | 460 | ||||||||||||||||
Total property, plant and equipment, gross | Total property, plant and equipment, gross | 44,605 | 44,523 | Total property, plant and equipment, gross | 44,585 | 44,523 | ||||||||||||||||
Less — accumulated depreciation | Less — accumulated depreciation | (15,699) | (14,900) | Less — accumulated depreciation | (16,212) | (14,900) | ||||||||||||||||
Total property, plant and equipment, net | Total property, plant and equipment, net | 28,906 | 29,623 | Total property, plant and equipment, net | 28,373 | 29,623 | ||||||||||||||||
625 | 625 | 14,329 | 625 | |||||||||||||||||||
RIGHT-OF-USE ASSETS | RIGHT-OF-USE ASSETS | 104,183 | 101,837 | RIGHT-OF-USE ASSETS | 102,262 | 101,837 | ||||||||||||||||
OTHER ASSETS | OTHER ASSETS | 70,413 | 50,966 | OTHER ASSETS | 84,266 | 50,966 | ||||||||||||||||
TOTAL ASSETS | TOTAL ASSETS | $3,559,864 | $3,636,356 | TOTAL ASSETS | $3,510,941 | $3,636,356 | ||||||||||||||||
LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | ||||||||||||||||||||
CURRENT LIABILITIES | CURRENT LIABILITIES | CURRENT LIABILITIES | ||||||||||||||||||||
Accounts payable | Accounts payable | $31,131 | $23,447 | Accounts payable | $28,201 | $23,447 | ||||||||||||||||
2,087 | 124,965 | |||||||||||||||||||||
622 | 124,965 | |||||||||||||||||||||
Accrued taxes | Accrued taxes | 2,754 | 12,446 | Accrued taxes | 6,287 | 12,446 | ||||||||||||||||
Accrued payroll and benefits | Accrued payroll and benefits | 6,068 | 14,514 | Accrued payroll and benefits | 8,438 | 14,514 | ||||||||||||||||
Accrued interest | Accrued interest | 6,677 | 6,343 | Accrued interest | 3,585 | 6,343 | ||||||||||||||||
Deferred revenue | Deferred revenue | 13,699 | 17,802 | Deferred revenue | 28,579 | 17,802 | ||||||||||||||||
Distribution payable, Timber Funds | Distribution payable, Timber Funds | 5,464 | 6,341 | Distribution payable, Timber Funds | 1,576 | 6,341 | ||||||||||||||||
Other current liabilities | Other current liabilities | 24,782 | 25,863 | Other current liabilities | 31,157 | 25,863 | ||||||||||||||||
Total current liabilities | Total current liabilities | 92,662 | 231,721 | Total current liabilities | 108,445 | 231,721 | ||||||||||||||||
1,243,673 | 1,242,819 | |||||||||||||||||||||
1,263,394 | 1,242,819 | |||||||||||||||||||||
10,201 | 10,478 | 9,927 | 10,478 | |||||||||||||||||||
LONG-TERM LEASE LIABILITY | LONG-TERM LEASE LIABILITY | 95,543 | 93,416 | LONG-TERM LEASE LIABILITY | 93,748 | 93,416 | ||||||||||||||||
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES | 99,907 | 108,521 | OTHER NON-CURRENT LIABILITIES | 91,166 | 108,521 | ||||||||||||||||
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 3,313,206 and 3,315,741 Units outstanding, respectively | 136,239 | 133,823 | ||||||||||||||||||||
REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 3,312,229 and 3,315,741 Units outstanding, respectively | REDEEMABLE OPERATING PARTNERSHIP UNITS (NOTE 4) 3,312,229 and 3,315,741 Units outstanding, respectively | 123,811 | 133,823 | |||||||||||||||||||
CAPITAL | CAPITAL | CAPITAL | ||||||||||||||||||||
General partners’ capital | General partners’ capital | 18,068 | 17,872 | General partners’ capital | 18,031 | 17,872 | ||||||||||||||||
Limited partners’ capital | Limited partners’ capital | 1,788,713 | 1,769,367 | Limited partners’ capital | 1,785,126 | 1,769,367 | ||||||||||||||||
30,215 | (15,463) | 4,277 | (15,463) | |||||||||||||||||||
TOTAL CONTROLLING INTEREST CAPITAL | TOTAL CONTROLLING INTEREST CAPITAL | 1,836,996 | 1,771,776 | TOTAL CONTROLLING INTEREST CAPITAL | 1,807,434 | 1,771,776 | ||||||||||||||||
44,643 | 43,802 | 13,016 | 43,802 | |||||||||||||||||||
TOTAL CAPITAL | TOTAL CAPITAL | 1,881,639 | 1,815,578 | TOTAL CAPITAL | 1,820,450 | 1,815,578 | ||||||||||||||||
TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | $3,559,864 | $3,636,356 | TOTAL LIABILITIES, REDEEMABLE OPERATING PARTNERSHIP UNITS AND CAPITAL | $3,510,941 | $3,636,356 |
Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Affiliates | Total Capital | Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Affiliates | Total Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | Balance, January 1, 2022 | $17,872 | $1,769,367 | ($15,463) | $43,802 | $1,815,578 | Balance, January 1, 2022 | $17,872 | $1,769,367 | ($15,463) | $43,802 | $1,815,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 300 | 29,686 | — | 1,012 | 30,998 | Net income | 300 | 29,686 | — | 1,012 | 30,998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on units ($0.27 per unit) | Distributions on units ($0.27 per unit) | (408) | (40,388) | — | — | (40,796) | Distributions on units ($0.27 per unit) | (408) | (40,388) | — | — | (40,796) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $339 | Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $339 | 298 | 29,473 | — | — | 29,771 | Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $339 | 298 | 29,473 | — | — | 29,771 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of units under incentive stock plans | Issuance of units under incentive stock plans | 4 | 411 | — | — | 415 | Issuance of units under incentive stock plans | 4 | 411 | — | — | 415 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 28 | 2,769 | — | — | 2,797 | Stock-based compensation | 28 | 2,769 | — | — | 2,797 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of units | Repurchase of units | (2) | (212) | — | — | (214) | Repurchase of units | (2) | (212) | — | — | (214) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of Redeemable Operating Partnership Units | Adjustment of Redeemable Operating Partnership Units | (25) | (2,496) | — | — | (2,521) | Adjustment of Redeemable Operating Partnership Units | (25) | (2,496) | — | — | (2,521) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of units into common shares | Conversion of units into common shares | 1 | 103 | — | — | 104 | Conversion of units into common shares | 1 | 103 | — | — | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | Amortization of pension and postretirement plan liabilities | — | — | 188 | — | 188 | Amortization of pension and postretirement plan liabilities | — | — | 188 | — | 188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | — | — | 5,668 | 790 | 6,458 | Foreign currency translation adjustment | — | — | 5,668 | 790 | 6,458 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | — | — | 39,822 | 605 | 40,427 | Cash flow hedges | — | — | 39,822 | 605 | 40,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (1,566) | (1,566) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (1,566) | (1,566) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | Balance, March 31, 2022 | $18,068 | $1,788,713 | $30,215 | $44,643 | $1,881,639 | Balance, March 31, 2022 | $18,068 | $1,788,713 | $30,215 | $44,643 | $1,881,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 246 | 24,404 | — | 637 | 25,287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on units ($0.285 per unit) | Distributions on units ($0.285 per unit) | (430) | (42,612) | — | — | (43,042) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs associated with the “at-the-market” (ATM) equity offering program | Costs associated with the “at-the-market” (ATM) equity offering program | (1) | (62) | — | — | (63) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of units under incentive stock plans | Issuance of units under incentive stock plans | 20 | 1,963 | — | — | 1,983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 44 | 4,368 | — | — | 4,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of units | Repurchase of units | (40) | (3,951) | — | — | (3,991) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of Redeemable Operating Partnership Units | Adjustment of Redeemable Operating Partnership Units | 124 | 12,261 | — | — | 12,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of units into common shares | Conversion of units into common shares | — | 42 | — | — | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | Amortization of pension and postretirement plan liabilities | — | — | 188 | — | 188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | — | — | (34,373) | (1,912) | (36,285) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | — | — | 8,247 | (2,492) | 5,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in consolidated affiliates redemption of shares | Noncontrolling interests in consolidated affiliates redemption of shares | — | — | — | (27,860) | (27,860) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | Balance, June 30, 2022 | $18,031 | $1,785,126 | $4,277 | $13,016 | $1,820,450 |
Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Affiliates | Total Capital | ||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | ||||||||||||||||||||||||||||
Balance, January 1, 2021 | $15,454 | $1,529,948 | ($71,345) | $388,588 | $1,862,645 | ||||||||||||||||||||||||
Net income | 112 | 11,077 | — | 3,843 | 15,032 | ||||||||||||||||||||||||
Distributions on units ($0.27 per unit) | (387) | (38,300) | — | — | (38,687) | ||||||||||||||||||||||||
Issuance of shares under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 367 | 36,341 | — | — | 36,708 | ||||||||||||||||||||||||
Issuance of units under incentive stock plans | 12 | 1,154 | — | — | 1,166 | ||||||||||||||||||||||||
Stock-based compensation | 22 | 2,134 | — | — | 2,156 | ||||||||||||||||||||||||
Repurchase of units | (2) | (153) | — | — | (155) | ||||||||||||||||||||||||
Adjustment of Redeemable Operating Partnership Units | (126) | (12,458) | — | — | (12,584) | ||||||||||||||||||||||||
Conversion of units into common shares | 47 | 4,668 | — | — | 4,715 | ||||||||||||||||||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | — | — | — | 655 | 655 | ||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | 294 | — | 294 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | (11,652) | (2,636) | (14,288) | ||||||||||||||||||||||||
Cash flow hedges | — | — | 61,628 | (627) | 61,001 | ||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (8,737) | (8,737) | ||||||||||||||||||||||||
Balance, March 31, 2021 | $15,499 | $1,534,411 | ($21,075) | $381,086 | $1,909,921 | ||||||||||||||||||||||||
Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total Capital | ||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | ||||||||||||||||||||||||||||
Balance, January 1, 2021 | $15,454 | $1,529,948 | ($71,345) | $388,588 | $1,862,645 | ||||||||||||||||||||||||
Net income | 112 | 11,077 | — | 3,843 | 15,032 | ||||||||||||||||||||||||
Distributions on units ($0.27 per unit) | (387) | (38,300) | — | — | (38,687) | ||||||||||||||||||||||||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $197 | 367 | 36,341 | — | — | 36,708 | ||||||||||||||||||||||||
Issuance of units under incentive stock plans | 12 | 1,154 | — | — | 1,166 | ||||||||||||||||||||||||
Stock-based compensation | 22 | 2,134 | — | — | 2,156 | ||||||||||||||||||||||||
Repurchase of units | (2) | (153) | — | — | (155) | ||||||||||||||||||||||||
Adjustment of Redeemable Operating Partnership Units | (126) | (12,458) | — | — | (12,584) | ||||||||||||||||||||||||
Conversion of units into common shares | 47 | 4,668 | — | — | 4,715 | ||||||||||||||||||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | — | — | — | 655 | 655 | ||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | 294 | — | 294 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | (11,652) | (2,636) | (14,288) | ||||||||||||||||||||||||
Cash flow hedges | — | — | 61,628 | (627) | 61,001 | ||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (8,737) | (8,737) | ||||||||||||||||||||||||
Balance, March 31, 2021 | $15,499 | $1,534,411 | ($21,075) | $381,086 | $1,909,921 | ||||||||||||||||||||||||
Net income | 590 | 58,369 | — | 4,461 | 63,420 | ||||||||||||||||||||||||
Distributions on units ($0.27 per unit) | (391) | (38,744) | — | — | (39,135) | ||||||||||||||||||||||||
Issuance of units under the “at-the-market” equity offering, net of commissions and offering costs of $927 | 800 | 79,194 | — | — | 79,994 | ||||||||||||||||||||||||
Issuance of units under incentive stock plans | 33 | 3,292 | — | — | 3,325 | ||||||||||||||||||||||||
Stock-based compensation | 29 | 2,823 | — | — | 2,852 | ||||||||||||||||||||||||
Repurchase of units | (15) | (1,438) | — | — | (1,453) | ||||||||||||||||||||||||
Adjustment of Redeemable Operating Partnership Units | (158) | (15,598) | — | — | (15,756) | ||||||||||||||||||||||||
Conversion of units into common shares | 2 | 239 | — | — | 241 | ||||||||||||||||||||||||
Measurement period adjustment of noncontrolling interests in consolidated affiliates | — | — | — | 9,034 | 9,034 | ||||||||||||||||||||||||
Amortization of pension and postretirement plan liabilities | — | — | 294 | — | 294 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | 1,025 | 214 | 1,239 | ||||||||||||||||||||||||
Cash flow hedges | — | — | (9,833) | (186) | (10,019) | ||||||||||||||||||||||||
Distribution to noncontrolling interests in consolidated affiliates | — | — | — | (6,474) | (6,474) | ||||||||||||||||||||||||
Balance, June 30, 2021 | $16,389 | $1,622,548 | ($29,589) | $388,135 | $1,997,483 | ||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | Net income | $30,998 | $15,032 | Net income | $56,286 | $78,452 | ||||||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | Adjustments to reconcile net income to cash provided by operating activities: | Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||||||
Depreciation, depletion and amortization | Depreciation, depletion and amortization | 47,419 | 45,213 | Depreciation, depletion and amortization | 83,169 | 87,909 | ||||||||||||||||
Non-cash cost of land and improved development | Non-cash cost of land and improved development | 5,359 | 1,813 | Non-cash cost of land and improved development | 17,139 | 7,003 | ||||||||||||||||
Stock-based incentive compensation expense | Stock-based incentive compensation expense | 2,797 | 2,156 | Stock-based incentive compensation expense | 7,209 | 5,008 | ||||||||||||||||
Deferred income taxes | Deferred income taxes | (8,014) | (1,128) | Deferred income taxes | (7,272) | 7,315 | ||||||||||||||||
Amortization of losses from pension and postretirement plans | Amortization of losses from pension and postretirement plans | 188 | 294 | Amortization of losses from pension and postretirement plans | 376 | 587 | ||||||||||||||||
Gain on sale of large disposition of timberlands | Gain on sale of large disposition of timberlands | — | (30,324) | |||||||||||||||||||
Other | Other | (2,244) | (3,681) | Other | (4,206) | 7,233 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Receivables | Receivables | (27,837) | (3,697) | Receivables | (17,060) | (413) | ||||||||||||||||
Inventories | Inventories | (4,875) | (3,512) | Inventories | (2,398) | (1,637) | ||||||||||||||||
Accounts payable | Accounts payable | 7,376 | 6,684 | Accounts payable | 6,959 | 4,213 | ||||||||||||||||
All other operating activities | All other operating activities | (1,500) | (5,306) | All other operating activities | 8,328 | (764) | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | CASH PROVIDED BY OPERATING ACTIVITIES | 49,667 | 53,868 | CASH PROVIDED BY OPERATING ACTIVITIES | 148,530 | 164,582 | ||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | INVESTING ACTIVITIES | ||||||||||||||||||||
Capital expenditures | Capital expenditures | (15,597) | (15,831) | Capital expenditures | (30,335) | (32,199) | ||||||||||||||||
Real estate development investments | Real estate development investments | (3,137) | (3,011) | Real estate development investments | (6,013) | (6,269) | ||||||||||||||||
Purchase of timberlands | Purchase of timberlands | (2,830) | (29,938) | Purchase of timberlands | (3,237) | (51,882) | ||||||||||||||||
Net proceeds from large disposition of timberlands | Net proceeds from large disposition of timberlands | — | 35,219 | |||||||||||||||||||
Other | Other | 2,619 | 4,356 | Other | 5,112 | 5,998 | ||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | CASH USED FOR INVESTING ACTIVITIES | (18,945) | (44,424) | CASH USED FOR INVESTING ACTIVITIES | (34,473) | (49,133) | ||||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | FINANCING ACTIVITIES | ||||||||||||||||||||
Issuance of debt | Issuance of debt | 404,018 | — | Issuance of debt | 408,439 | 446,378 | ||||||||||||||||
Repayment of debt | Repayment of debt | (526,948) | — | Repayment of debt | (533,298) | (350,000) | ||||||||||||||||
Distributions on units | Distributions on units | (40,339) | (38,645) | Distributions on units | (83,606) | (77,985) | ||||||||||||||||
Proceeds from the issuance of units under incentive stock plan | Proceeds from the issuance of units under incentive stock plan | 579 | 1,166 | Proceeds from the issuance of units under incentive stock plan | 2,561 | 4,490 | ||||||||||||||||
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 30,918 | 32,545 | Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs | 31,915 | 110,702 | ||||||||||||||||
Repurchase of units to pay withholding taxes on vested incentive stock awards | Repurchase of units to pay withholding taxes on vested incentive stock awards | (214) | (155) | Repurchase of units to pay withholding taxes on vested incentive stock awards | (4,204) | (1,608) | ||||||||||||||||
Debt issuance costs | Debt issuance costs | — | (4,812) | |||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | (2,684) | (8,737) | Distributions to noncontrolling interests in consolidated affiliates | (6,684) | (15,212) | ||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (134,670) | (13,826) | ||||||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (184,877) | 111,953 | |||||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | EFFECT OF EXCHANGE RATE CHANGES ON CASH | 620 | (5) | EFFECT OF EXCHANGE RATE CHANGES ON CASH | (2,246) | 126 | ||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||||||||||||||||||||
Change in cash, cash equivalents and restricted cash | Change in cash, cash equivalents and restricted cash | (103,328) | (4,387) | Change in cash, cash equivalents and restricted cash | (73,066) | 227,528 | ||||||||||||||||
Balance, beginning of year | Balance, beginning of year | 369,139 | 87,482 | Balance, beginning of year | 369,139 | 87,482 | ||||||||||||||||
Balance, end of period | Balance, end of period | $265,811 | $83,095 | Balance, end of period | $296,073 | $315,010 | ||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||||||||||
Cash paid during the period: | Cash paid during the period: | Cash paid during the period: | ||||||||||||||||||||
Interest (a) | Interest (a) | $3,935 | $2,945 | Interest (a) | $16,932 | $17,677 | ||||||||||||||||
Income taxes | Income taxes | 14,042 | 4,838 | Income taxes | 14,330 | 7,132 | ||||||||||||||||
Non-cash investing activity: | Non-cash investing activity: | Non-cash investing activity: | ||||||||||||||||||||
Capital assets purchased on account | Capital assets purchased on account | 4,511 | 4,814 | Capital assets purchased on account | 4,882 | 4,155 | ||||||||||||||||
Non-cash financing activity: | Non-cash financing activity: | |||||||||||||||||||||
Noncontrolling interests in consolidated affiliates redemption of shares (b) | Noncontrolling interests in consolidated affiliates redemption of shares (b) | 27,860 | — |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
SALES | SALES | 2022 | 2021 | SALES | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Southern Timber | Southern Timber | $76,763 | $51,677 | Southern Timber | $66,271 | $49,294 | $143,035 | $100,971 | ||||||||||||||||||||||||||||||||||||||
Pacific Northwest Timber | Pacific Northwest Timber | 46,281 | 41,522 | Pacific Northwest Timber | 39,157 | 35,323 | 85,437 | 76,844 | ||||||||||||||||||||||||||||||||||||||
New Zealand Timber | New Zealand Timber | 51,389 | 57,579 | New Zealand Timber | 78,882 | 80,559 | 130,271 | 138,138 | ||||||||||||||||||||||||||||||||||||||
Timber Funds (a) | Timber Funds (a) | — | 14,939 | Timber Funds (a) | — | 18,646 | — | 33,585 | ||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | 34,195 | 10,504 | Real Estate | 34,402 | 74,531 | 68,597 | 85,035 | ||||||||||||||||||||||||||||||||||||||
Trading | Trading | 13,461 | 16,665 | Trading | 27,683 | 34,546 | 41,145 | 51,212 | ||||||||||||||||||||||||||||||||||||||
Intersegment Eliminations | Intersegment Eliminations | (48) | (1,439) | Intersegment Eliminations | (49) | (1,468) | (98) | (2,907) | ||||||||||||||||||||||||||||||||||||||
Total | Total | $222,041 | $191,447 | Total | $246,346 | $291,431 | $468,387 | $482,878 |
Three Months Ended March 31, | |||||||||||||||||||||||
OPERATING INCOME | 2022 | 2021 | |||||||||||||||||||||
Southern Timber | $30,342 | $17,347 | |||||||||||||||||||||
Pacific Northwest Timber | 6,606 | 1,350 | |||||||||||||||||||||
New Zealand Timber | 5,392 | 13,944 | |||||||||||||||||||||
Timber Funds (a) | — | 1,501 | |||||||||||||||||||||
Real Estate | 10,181 | 1,687 | |||||||||||||||||||||
Trading | 351 | 244 | |||||||||||||||||||||
Corporate and Other | (7,554) | (7,588) | |||||||||||||||||||||
Total Operating Income | 45,318 | 28,485 | |||||||||||||||||||||
Unallocated interest expense and other | (8,805) | (10,032) | |||||||||||||||||||||
Total Income before Income Taxes | $36,513 | $18,453 |
Three Months Ended March 31, | |||||||||||||||||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2022 | 2021 | |||||||||||||||||||||
Southern Timber | $18,059 | $14,359 | |||||||||||||||||||||
Pacific Northwest Timber | 14,916 | 16,284 | |||||||||||||||||||||
New Zealand Timber | 4,989 | 7,250 | |||||||||||||||||||||
Timber Funds (a) | — | 5,500 | |||||||||||||||||||||
Real Estate | 9,145 | 1,557 | |||||||||||||||||||||
Corporate and Other | 310 | 263 | |||||||||||||||||||||
Total | $47,419 | $45,213 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
OPERATING INCOME | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Southern Timber | $24,067 | $16,980 | $54,409 | $34,327 | |||||||||||||||||||
Pacific Northwest Timber | 2,943 | 1,872 | 9,550 | 3,222 | |||||||||||||||||||
New Zealand Timber | 7,981 | 20,714 | 13,373 | 34,658 | |||||||||||||||||||
Timber Funds (a) | — | 1,991 | — | 3,492 | |||||||||||||||||||
Real Estate (b) | 11,023 | 50,511 | 21,204 | 52,199 | |||||||||||||||||||
Trading | (444) | 418 | (93) | 662 | |||||||||||||||||||
Corporate and Other | (10,102) | (8,042) | (17,657) | (15,631) | |||||||||||||||||||
Total Operating Income | 35,468 | 84,444 | 80,786 | 112,929 | |||||||||||||||||||
Unallocated interest expense and other | (8,877) | (14,144) | (17,682) | (24,175) | |||||||||||||||||||
Total Income before Income Taxes | $26,591 | $70,300 | $63,104 | $88,754 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Southern Timber | $14,657 | $13,576 | $32,716 | $27,935 | |||||||||||||||||||
Pacific Northwest Timber | 11,316 | 12,031 | 26,232 | 28,316 | |||||||||||||||||||
New Zealand Timber | 6,901 | 6,952 | 11,891 | 14,201 | |||||||||||||||||||
Timber Funds (a) | — | 6,121 | — | 11,621 | |||||||||||||||||||
Real Estate (b) | 2,564 | 8,535 | 11,709 | 10,092 | |||||||||||||||||||
Corporate and Other | 313 | 313 | 621 | 576 | |||||||||||||||||||
Total | $35,751 | $47,528 | $83,169 | $92,741 |
Three Months Ended March 31, | |||||||||||||||||||||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 2022 | 2021 | |||||||||||||||||||||
Real Estate | $5,359 | $1,813 | |||||||||||||||||||||
Total | $5,359 | $1,813 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Real Estate (a) | $11,780 | $5,254 | $17,139 | $7,067 | |||||||||||||||||||
Total | $11,780 | $5,254 | $17,139 | $7,067 |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Revenue recognized from contract liability balance at the beginning of the year (a) | $7,533 | $5,920 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue recognized from contract liability balance at the beginning of the year (a) | $4,968 | $4,049 | $12,501 | $9,969 |
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | $30,770 | $3,572 | $10,851 | — | — | $2,999 | — | $48,192 | |||||||||||||||||||||||||||||||||||||||||||||
Sawtimber | 21,744 | 34,310 | 64,247 | — | — | 24,319 | — | 144,620 | |||||||||||||||||||||||||||||||||||||||||||||
Hardwood | 5,706 | — | — | — | — | — | — | 5,706 | |||||||||||||||||||||||||||||||||||||||||||||
Total Timber Sales | 58,220 | 37,882 | 75,098 | — | — | 27,318 | — | 198,518 | |||||||||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily from Hunting | 6,506 | 129 | 87 | — | — | — | — | 6,722 | |||||||||||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Revenue | 1,545 | 1,146 | 3,697 | — | — | — | — | 6,388 | |||||||||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | — | — | — | 316 | — | 316 | |||||||||||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | 8,051 | 1,275 | 3,784 | — | — | 316 | — | 13,426 | |||||||||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | 11,566 | — | — | 11,566 | |||||||||||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | 23,420 | — | — | 23,420 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | — | — | — | — | (907) | — | — | (907) | |||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | 34,079 | — | — | 34,079 | |||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | 66,271 | 39,157 | 78,882 | — | 34,079 | 27,634 | — | 246,023 | |||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | 323 | — | — | 323 | |||||||||||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | — | — | 49 | (49) | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | $66,271 | $39,157 | $78,882 | — | $34,402 | $27,683 | ($49) | $246,346 | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | $23,728 | $2,078 | $12,266 | $395 | — | $3,676 | — | $42,143 | |||||||||||||||||||||||||||||||||||||||||||||
Sawtimber | 18,692 | 31,755 | 67,986 | 16,419 | — | 30,475 | — | 165,327 | |||||||||||||||||||||||||||||||||||||||||||||
Hardwood | 1,268 | — | — | — | — | — | — | 1,268 | |||||||||||||||||||||||||||||||||||||||||||||
Total Timber Sales | 43,688 | 33,833 | 80,252 | 16,814 | — | 34,151 | — | 208,738 | |||||||||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily from Hunting | 4,493 | 117 | 81 | 26 | — | — | — | 4,717 | |||||||||||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Revenue | 1,113 | 1,373 | 226 | 399 | — | — | — | 3,111 | |||||||||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | — | — | — | 334 | — | 334 | |||||||||||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | 5,606 | 1,490 | 307 | 425 | — | 334 | — | 8,162 | |||||||||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | 19,340 | — | — | 19,340 | |||||||||||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | 20,297 | — | — | 20,297 | |||||||||||||||||||||||||||||||||||||||||||||
Conservation Easement | — | — | — | — | 3,855 | — | — | 3,855 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | — | — | — | — | (5,242) | — | — | (5,242) | |||||||||||||||||||||||||||||||||||||||||||||
Large Dispositions | — | — | — | — | 36,000 | — | — | 36,000 | |||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | 74,250 | — | — | 74,250 | |||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | 49,294 | 35,323 | 80,559 | 17,239 | 74,250 | 34,485 | — | 291,150 | |||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | 281 | — | — | 281 | |||||||||||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | 1,407 | — | 61 | (1,468) | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | $49,294 | $35,323 | $80,559 | $18,646 | $74,531 | $34,546 | ($1,468) | $291,431 | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | $37,611 | $2,918 | $7,595 | — | — | $1,525 | — | $49,649 | |||||||||||||||||||||||||||||||||||||||||||||
Sawtimber | 27,516 | 42,215 | 42,100 | — | — | 11,538 | — | 123,369 | |||||||||||||||||||||||||||||||||||||||||||||
Hardwood | 5,849 | — | — | — | — | — | — | 5,849 | |||||||||||||||||||||||||||||||||||||||||||||
Total Timber Sales | 70,976 | 45,133 | 49,695 | — | — | 13,063 | — | 178,867 | |||||||||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily From Hunting | 4,688 | 116 | 62 | — | — | — | — | 4,866 | |||||||||||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Revenue | 1,099 | 1,032 | 1,632 | — | — | — | — | 3,763 | |||||||||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | — | — | — | 350 | — | 350 | |||||||||||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | 5,787 | 1,148 | 1,694 | — | — | 350 | — | 8,979 | |||||||||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | 4,966 | — | — | 4,966 | |||||||||||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | 16,950 | — | — | 16,950 | |||||||||||||||||||||||||||||||||||||||||||||
Timberland & Non-Strategic | — | — | — | — | 11,400 | — | — | 11,400 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | — | — | — | — | 636 | — | — | 636 | |||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | 33,952 | — | — | 33,952 | |||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | 76,763 | 46,281 | 51,389 | — | 33,952 | 13,413 | — | 221,798 | |||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | 243 | — | — | 243 | |||||||||||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | — | — | 48 | (48) | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | $76,763 | $46,281 | $51,389 | — | $34,195 | $13,461 | ($48) | $222,041 | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | $21,856 | $2,495 | $9,542 | $260 | — | $1,835 | — | $35,988 | |||||||||||||||||||||||||||||||||||||||||||||
Sawtimber | 21,963 | 37,758 | 47,792 | 13,308 | — | 14,389 | — | 135,210 | |||||||||||||||||||||||||||||||||||||||||||||
Hardwood | 405 | — | — | — | — | — | — | 405 | |||||||||||||||||||||||||||||||||||||||||||||
Total Timber Sales | 44,224 | 40,253 | 57,334 | 13,568 | — | 16,224 | — | 171,603 | |||||||||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily from Hunting | 4,417 | 91 | 58 | 3 | — | — | — | 4,569 | |||||||||||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Revenue | 3,036 | 1,178 | 187 | 14 | — | — | — | 4,415 | |||||||||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | — | — | — | 356 | — | 356 | |||||||||||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | 7,453 | 1,269 | 245 | 17 | — | 356 | — | 9,340 | |||||||||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | 252 | — | — | 252 | |||||||||||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | 9,765 | — | — | 9,765 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | — | — | — | — | 255 | — | — | 255 | |||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | 10,272 | — | — | 10,272 | |||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | 51,677 | 41,522 | 57,579 | 13,585 | 10,272 | 16,580 | — | 191,215 | |||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | 232 | — | — | 232 | |||||||||||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | 1,354 | — | 85 | (1,439) | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | $51,677 | $41,522 | $57,579 | $14,939 | $10,504 | $16,665 | ($1,439) | $191,447 |
Six Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | $68,381 | $6,491 | $18,446 | — | — | $4,523 | — | $97,841 | |||||||||||||||||||||||||||||||||||||||||||||
Sawtimber | 49,260 | 76,524 | 106,347 | — | — | 35,857 | — | 267,988 | |||||||||||||||||||||||||||||||||||||||||||||
Hardwood | 11,555 | — | — | — | — | — | — | 11,555 | |||||||||||||||||||||||||||||||||||||||||||||
Total Timber Sales | 129,196 | 83,015 | 124,793 | — | — | 40,380 | — | 377,384 | |||||||||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily From Hunting | 11,182 | 245 | 148 | — | — | — | — | 11,575 | |||||||||||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Revenue | 2,657 | 2,177 | 5,330 | — | — | — | — | 10,164 | |||||||||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | — | — | — | 667 | — | 667 | |||||||||||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | 13,839 | 2,422 | 5,478 | — | — | 667 | — | 22,406 | |||||||||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | 16,532 | — | — | 16,532 | |||||||||||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | 40,369 | — | — | 40,369 | |||||||||||||||||||||||||||||||||||||||||||||
Timberland & Non-Strategic | — | — | — | — | 11,400 | — | — | 11,400 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | — | — | — | — | (271) | — | — | (271) | |||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | 68,030 | — | — | 68,030 | |||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | 143,035 | 85,437 | 130,271 | — | 68,030 | 41,047 | — | 467,820 | |||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | 567 | — | — | 567 | |||||||||||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | — | — | 98 | (98) | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | $143,035 | $85,437 | $130,271 | — | $68,597 | $41,145 | ($98) | $468,387 | |||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Elim. | Total | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | $45,584 | $4,573 | $21,809 | $655 | — | $5,510 | — | $78,131 | |||||||||||||||||||||||||||||||||||||||||||||
Sawtimber | 40,655 | 69,513 | 115,777 | 29,727 | — | 44,865 | — | 300,537 | |||||||||||||||||||||||||||||||||||||||||||||
Hardwood | 1,673 | — | — | — | — | — | — | 1,673 | |||||||||||||||||||||||||||||||||||||||||||||
Total Timber Sales | 87,912 | 74,086 | 137,586 | 30,382 | — | 50,375 | — | 380,341 | |||||||||||||||||||||||||||||||||||||||||||||
License Revenue, Primarily from Hunting | 8,913 | 207 | 139 | 29 | — | — | — | 9,288 | |||||||||||||||||||||||||||||||||||||||||||||
Other Non-Timber/Carbon Revenue | 4,146 | 2,551 | 413 | 413 | — | — | — | 7,523 | |||||||||||||||||||||||||||||||||||||||||||||
Agency Fee Income | — | — | — | — | — | 691 | — | 691 | |||||||||||||||||||||||||||||||||||||||||||||
Total Non-Timber Sales | 13,059 | 2,758 | 552 | 442 | — | 691 | — | 17,502 | |||||||||||||||||||||||||||||||||||||||||||||
Improved Development | — | — | — | — | 19,592 | — | — | 19,592 | |||||||||||||||||||||||||||||||||||||||||||||
Rural | — | — | — | — | 30,062 | — | — | 30,062 | |||||||||||||||||||||||||||||||||||||||||||||
Conservation Easement | — | — | — | — | 3,855 | — | — | 3,855 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | — | — | — | — | (4,987) | — | — | (4,987) | |||||||||||||||||||||||||||||||||||||||||||||
Large Dispositions | — | — | — | — | 36,000 | — | — | 36,000 | |||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Sales | — | — | — | — | 84,522 | — | — | 84,522 | |||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | 100,971 | 76,844 | 138,138 | 30,824 | 84,522 | 51,066 | — | 482,365 | |||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | — | — | — | — | 513 | — | — | 513 | |||||||||||||||||||||||||||||||||||||||||||||
Intersegment | — | — | — | 2,761 | — | 146 | (2,907) | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | $100,971 | $76,844 | $138,138 | $33,585 | $85,035 | $51,212 | ($2,907) | $482,878 |
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Trading | Total | |||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $21,326 | — | — | — | — | $21,326 | |||||||||||||||||||||||||||||||||||
Stumpage Lump Sum | 90 | 85 | — | — | — | 175 | |||||||||||||||||||||||||||||||||||
Total Stumpage | 21,416 | 85 | — | — | — | 21,501 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Domestic) | 33,248 | 33,956 | 18,051 | — | 1,104 | 86,359 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Export) | 3,556 | 3,841 | 57,047 | — | 26,214 | 90,658 | |||||||||||||||||||||||||||||||||||
Total Delivered | 36,804 | 37,797 | 75,098 | — | 27,318 | 177,017 | |||||||||||||||||||||||||||||||||||
Total Timber Sales | $58,220 | $37,882 | $75,098 | — | $27,318 | $198,518 | |||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $15,183 | — | — | $197 | — | $15,380 | |||||||||||||||||||||||||||||||||||
Stumpage Lump Sum | 4,645 | 932 | — | — | — | 5,577 | |||||||||||||||||||||||||||||||||||
Total Stumpage | 19,828 | 932 | — | 197 | — | 20,957 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Domestic) | 19,955 | 32,901 | 19,250 | 16,617 | 1,236 | 89,959 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Export) | 3,905 | — | 61,002 | — | 32,915 | 97,822 | |||||||||||||||||||||||||||||||||||
Total Delivered | 23,860 | 32,901 | 80,252 | 16,617 | 34,151 | 187,781 | |||||||||||||||||||||||||||||||||||
Total Timber Sales | $43,688 | $33,833 | $80,252 | $16,814 | $34,151 | $208,738 | |||||||||||||||||||||||||||||||||||
Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Trading | Total | |||||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $36,206 | — | — | — | — | $36,206 | |||||||||||||||||||||||||||||||||||
Stumpage Lump Sum | — | 5,388 | — | — | — | 5,388 | |||||||||||||||||||||||||||||||||||
Total Stumpage | 36,206 | 5,388 | — | — | — | 41,594 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Domestic) | 32,128 | 39,446 | 13,481 | — | 625 | 85,680 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Export) | 2,642 | 299 | 36,214 | — | 12,438 | 51,593 | |||||||||||||||||||||||||||||||||||
Total Delivered | 34,770 | 39,745 | 49,695 | — | 13,063 | 137,273 | |||||||||||||||||||||||||||||||||||
Total Timber Sales | $70,976 | $45,133 | $49,695 | — | $13,063 | $178,867 | |||||||||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $21,257 | — | — | — | — | $21,257 | |||||||||||||||||||||||||||||||||||
Stumpage Lump Sum | 3 | 6,131 | — | — | — | 6,134 | |||||||||||||||||||||||||||||||||||
Total Stumpage | 21,260 | 6,131 | — | — | — | 27,391 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Domestic) | 18,059 | 34,122 | 17,106 | 13,568 | 1,091 | 83,946 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Export) | 4,905 | — | 40,228 | — | 15,133 | 60,266 | |||||||||||||||||||||||||||||||||||
Total Delivered | 22,964 | 34,122 | 57,334 | 13,568 | 16,224 | 144,212 | |||||||||||||||||||||||||||||||||||
Total Timber Sales | $44,224 | $40,253 | $57,334 | $13,568 | $16,224 | $171,603 |
Six Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Trading | Total | |||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $57,532 | — | — | — | — | $57,532 | |||||||||||||||||||||||||||||||||||
Stumpage Lump Sum | 90 | 5,473 | — | — | — | 5,563 | |||||||||||||||||||||||||||||||||||
Total Stumpage | 57,622 | 5,473 | — | — | — | 63,095 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Domestic) | 65,376 | 73,402 | 31,532 | — | 1,729 | 172,039 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Export) | 6,198 | 4,140 | 93,261 | — | 38,651 | 142,250 | |||||||||||||||||||||||||||||||||||
Total Delivered | 71,574 | 77,542 | 124,793 | — | 40,380 | 314,289 | |||||||||||||||||||||||||||||||||||
Total Timber Sales | $129,196 | $83,015 | $124,793 | — | $40,380 | $377,384 | |||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Stumpage Pay-as-Cut | $36,440 | — | — | $197 | — | $36,637 | |||||||||||||||||||||||||||||||||||
Stumpage Lump Sum | 4,647 | 7,063 | — | — | — | 11,710 | |||||||||||||||||||||||||||||||||||
Total Stumpage | 41,087 | 7,063 | — | 197 | — | 48,347 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Domestic) | 38,014 | 67,023 | 36,356 | 30,185 | 2,327 | 173,905 | |||||||||||||||||||||||||||||||||||
Delivered Wood (Export) | 8,811 | — | 101,230 | — | 48,048 | 158,089 | |||||||||||||||||||||||||||||||||||
Total Delivered | 46,825 | 67,023 | 137,586 | 30,185 | 50,375 | 331,994 | |||||||||||||||||||||||||||||||||||
Total Timber Sales | $87,912 | $74,086 | $137,586 | $30,382 | $50,375 | $380,341 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Beginning noncontrolling interests in the operating partnership | Beginning noncontrolling interests in the operating partnership | $133,823 | $130,121 | Beginning noncontrolling interests in the operating partnership | $136,239 | $137,990 | $133,823 | $130,121 | ||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the operating partnership | Adjustment of noncontrolling interests in the operating partnership | 2,645 | 11,867 | Adjustment of noncontrolling interests in the operating partnership | (11,412) | 15,410 | (8,767) | 27,277 | ||||||||||||||||||||||||||||||||||||||
Conversions of Redeemable Operating Partnership Units to Common Shares | Conversions of Redeemable Operating Partnership Units to Common Shares | (104) | (4,715) | Conversions of Redeemable Operating Partnership Units to Common Shares | (42) | (241) | (146) | (4,956) | ||||||||||||||||||||||||||||||||||||||
Net Income attributable to noncontrolling interests in the operating partnership | Net Income attributable to noncontrolling interests in the operating partnership | 669 | 341 | Net Income attributable to noncontrolling interests in the operating partnership | 546 | 1,753 | 1,214 | 2,094 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income attributable to noncontrolling interests in the operating partnership | 101 | 1,531 | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive (Loss) Income attributable to noncontrolling interests in the operating partnership | Other Comprehensive (Loss) Income attributable to noncontrolling interests in the operating partnership | (575) | (253) | (474) | 1,278 | |||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in the operating partnership | Distributions to noncontrolling interests in the operating partnership | (895) | (1,155) | Distributions to noncontrolling interests in the operating partnership | (945) | (1,154) | (1,839) | (2,309) | ||||||||||||||||||||||||||||||||||||||
Total noncontrolling interests in the operating partnership | Total noncontrolling interests in the operating partnership | $136,239 | $137,990 | Total noncontrolling interests in the operating partnership | $123,811 | $153,505 | $123,811 | $153,505 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Earnings per common share - basic | Earnings per common share - basic | Earnings per common share - basic | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $30,998 | $15,032 | Net Income | $25,287 | $63,420 | $56,286 | $78,452 | ||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in the operating partnership | Less: Net income attributable to noncontrolling interests in the operating partnership | (669) | (341) | Less: Net income attributable to noncontrolling interests in the operating partnership | (546) | (1,753) | (1,214) | (2,094) | ||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in consolidated affiliates | Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1,012) | (3,843) | Less: Net income attributable to noncontrolling interests in consolidated affiliates | (637) | (4,461) | (1,650) | (8,304) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Rayonier Inc. | Net income attributable to Rayonier Inc. | $29,317 | $10,848 | Net income attributable to Rayonier Inc. | $24,104 | $57,206 | $53,422 | $68,054 | ||||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per common share - weighted average shares | Denominator for basic earnings per common share - weighted average shares | 145,430,171 | 137,870,821 | Denominator for basic earnings per common share - weighted average shares | 146,257,311 | 139,556,748 | 145,846,026 | 138,718,442 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per common share attributable to Rayonier Inc.: | Basic earnings per common share attributable to Rayonier Inc.: | $0.20 | $0.08 | Basic earnings per common share attributable to Rayonier Inc.: | $0.16 | $0.41 | $0.37 | $0.49 | ||||||||||||||||||||||||||||||||||||||
Earnings per common share - diluted | Earnings per common share - diluted | Earnings per common share - diluted | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $30,998 | $15,032 | Net Income | $25,287 | $63,420 | $56,286 | $78,452 | ||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in consolidated affiliates | Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1,012) | (3,843) | Less: Net income attributable to noncontrolling interests in consolidated affiliates | (637) | (4,461) | (1,650) | (8,304) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership | Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership | $29,986 | $11,189 | Net income attributable to Rayonier Inc., before net income attributable to noncontrolling interests in the operating partnership | $24,650 | $58,959 | $54,636 | $70,148 | ||||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per common share - weighted average shares | Denominator for basic earnings per common share - weighted average shares | 145,430,171 | 137,870,821 | Denominator for basic earnings per common share - weighted average shares | 146,257,311 | 139,556,748 | 145,846,026 | 138,718,442 | ||||||||||||||||||||||||||||||||||||||
Add: Dilutive effect of: | Add: Dilutive effect of: | Add: Dilutive effect of: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options | Stock options | 7,229 | 4,051 | Stock options | 8,100 | 12,646 | 7,664 | 8,348 | ||||||||||||||||||||||||||||||||||||||
Performance shares, restricted shares and restricted stock units | Performance shares, restricted shares and restricted stock units | 794,892 | 353,131 | Performance shares, restricted shares and restricted stock units | 666,653 | 210,923 | 730,773 | 282,027 | ||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in operating partnership units | Noncontrolling interests in operating partnership units | 3,314,784 | 4,330,794 | Noncontrolling interests in operating partnership units | 3,312,315 | 4,275,912 | 3,313,543 | 4,303,201 | ||||||||||||||||||||||||||||||||||||||
Denominator for diluted earnings per common share - adjusted weighted average shares | Denominator for diluted earnings per common share - adjusted weighted average shares | 149,547,076 | 142,558,797 | Denominator for diluted earnings per common share - adjusted weighted average shares | 150,244,379 | 144,056,229 | 149,898,006 | 143,312,018 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share attributable to Rayonier Inc.: | Diluted earnings per common share attributable to Rayonier Inc.: | $0.20 | $0.08 | Diluted earnings per common share attributable to Rayonier Inc.: | $0.16 | $0.41 | $0.36 | $0.49 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Anti-dilutive shares excluded from the computations of diluted earnings per common share: | Anti-dilutive shares excluded from the computations of diluted earnings per common share: | Anti-dilutive shares excluded from the computations of diluted earnings per common share: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options, performance shares, restricted shares and restricted stock units | Stock options, performance shares, restricted shares and restricted stock units | 254 | 194,256 | Stock options, performance shares, restricted shares and restricted stock units | 109,515 | 208,614 | 54,884 | 201,435 | ||||||||||||||||||||||||||||||||||||||
Total | Total | 254 | 194,256 | Total | 109,515 | 208,614 | 54,884 | 201,435 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Earnings per unit - basic | Earnings per unit - basic | Earnings per unit - basic | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $30,998 | $15,032 | Net Income | $25,287 | $63,420 | $56,286 | $78,452 | ||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in consolidated affiliates | Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1,012) | (3,843) | Less: Net income attributable to noncontrolling interests in consolidated affiliates | (637) | (4,461) | (1,650) | (8,304) | ||||||||||||||||||||||||||||||||||||||
Net income available to unitholders | Net income available to unitholders | $29,986 | $11,189 | Net income available to unitholders | $24,650 | $58,959 | $54,636 | $70,148 | ||||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per unit - weighted average units | Denominator for basic earnings per unit - weighted average units | 148,744,955 | 142,201,615 | Denominator for basic earnings per unit - weighted average units | 149,569,626 | 143,832,660 | 149,159,569 | 143,021,643 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per unit attributable to Rayonier, L.P.: | Basic earnings per unit attributable to Rayonier, L.P.: | $0.20 | $0.08 | Basic earnings per unit attributable to Rayonier, L.P.: | $0.16 | $0.41 | $0.37 | $0.49 | ||||||||||||||||||||||||||||||||||||||
Earnings per unit - diluted | Earnings per unit - diluted | Earnings per unit - diluted | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $30,998 | $15,032 | Net Income | $25,287 | $63,420 | $56,286 | $78,452 | ||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in consolidated affiliates | Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1,012) | (3,843) | Less: Net income attributable to noncontrolling interests in consolidated affiliates | (637) | (4,461) | (1,650) | (8,304) | ||||||||||||||||||||||||||||||||||||||
Net income available to unitholders | Net income available to unitholders | $29,986 | $11,189 | Net income available to unitholders | $24,650 | $58,959 | $54,636 | $70,148 | ||||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per unit - weighted average units | Denominator for basic earnings per unit - weighted average units | 148,744,955 | 142,201,615 | Denominator for basic earnings per unit - weighted average units | 149,569,626 | 143,832,660 | 149,159,569 | 143,021,643 | ||||||||||||||||||||||||||||||||||||||
Add: Dilutive effect of unit equivalents: | Add: Dilutive effect of unit equivalents: | Add: Dilutive effect of unit equivalents: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options | Stock options | 7,229 | 4,051 | Stock options | 8,100 | 12,646 | 7,664 | 8,348 | ||||||||||||||||||||||||||||||||||||||
Performance shares, restricted shares and restricted stock units | Performance shares, restricted shares and restricted stock units | 794,892 | 353,131 | Performance shares, restricted shares and restricted stock units | 666,653 | 210,923 | 730,773 | 282,027 | ||||||||||||||||||||||||||||||||||||||
Denominator for diluted earnings per unit - adjusted weighted average units | Denominator for diluted earnings per unit - adjusted weighted average units | 149,547,076 | 142,558,797 | Denominator for diluted earnings per unit - adjusted weighted average units | 150,244,379 | 144,056,229 | 149,898,006 | 143,312,018 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings per unit attributable to Rayonier, L.P.: | Diluted earnings per unit attributable to Rayonier, L.P.: | $0.20 | $0.08 | Diluted earnings per unit attributable to Rayonier, L.P.: | $0.16 | $0.41 | $0.36 | $0.49 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: | Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: | Anti-dilutive unit equivalents excluded from the computations of diluted earnings per unit: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options, performance shares, restricted shares and restricted stock units | Stock options, performance shares, restricted shares and restricted stock units | 254 | 194,256 | Stock options, performance shares, restricted shares and restricted stock units | 109,515 | 208,614 | 54,884 | 201,435 | ||||||||||||||||||||||||||||||||||||||
Total | Total | 254 | 194,256 | Total | 109,515 | 208,614 | 54,884 | 201,435 |
Debt | |||||
Term Credit Agreement borrowings due 2028 at a variable interest rate of | $350,000 | ||||
Senior Notes due 2031 at a fixed interest rate of 2.75% | 450,000 | ||||
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of | 200,000 | ||||
2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of | 200,000 | ||||
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d) | |||||
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d) | |||||
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (d) | 25,026 | ||||
New Zealand Working Capital Facility due | |||||
Total principal debt | |||||
Less: Unamortized discounts | |||||
Less: Current maturities of long-term debt | |||||
Less: Deferred financing costs | |||||
Total long-term debt | $ |
Total | Total | |||||||||||||||||||||
2022 | 2022 | $2,087 | 2022 | — | ||||||||||||||||||
2023 | 2023 | — | 2023 | 622 | ||||||||||||||||||
2024 | 2024 | — | 2024 | — | ||||||||||||||||||
2025 | 2025 | 24,005 | 2025 | 21,451 | ||||||||||||||||||
2026 | 2026 | 228,006 | 2026 | 225,026 | ||||||||||||||||||
Thereafter | Thereafter | 1,000,000 | Thereafter | 1,025,026 | ||||||||||||||||||
Total Debt | Total Debt | $1,254,098 | Total Debt | $1,272,125 |
Covenant Requirement | Actual Ratio | Favorable | Covenant Requirement | Actual Ratio | Favorable | |||||||||||||||||||||||||||||
Covenant EBITDA to consolidated interest expense should not be less than | Covenant EBITDA to consolidated interest expense should not be less than | 2.5 to 1 | 13.6 to 1 | 11.1 | Covenant EBITDA to consolidated interest expense should not be less than | 2.5 to 1 | 13.6 to 1 | 11.1 | ||||||||||||||||||||||||||
Covenant debt to covenant net worth plus covenant debt shall not exceed | Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % | 40 | % | 25 | % | Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % | 41 | % | 24 | % |
Outstanding Interest Rate Swaps (a) | Outstanding Interest Rate Swaps (a) | Outstanding Interest Rate Swaps (a) | ||||||||||||||||||||||||||||||||||||||
Date Entered Into | Date Entered Into | Term | Notional Amount | Related Debt Facility | Fixed Rate of Swap | Bank Margin on Debt | Total Effective Interest Rate (b) | Date Entered Into | Term | Notional Amount | Related Debt Facility | Fixed Rate of Swap | Bank Margin on Debt | Total Effective Interest Rate (b) | ||||||||||||||||||||||||||
August 2015 | August 2015 | 9 years | $170,000 | Term Credit Agreement | 2.20 | % | 1.60 | % | 3.80 | % | August 2015 | 9 years | $170,000 | Term Credit Agreement | 2.20 | % | 1.60 | % | 3.80 | % | ||||||||||||||||||||
August 2015 | August 2015 | 9 years | 180,000 | Term Credit Agreement | 2.35 | % | 1.60 | % | 3.95 | % | August 2015 | 9 years | 180,000 | Term Credit Agreement | 2.35 | % | 1.60 | % | 3.95 | % | ||||||||||||||||||||
April 2016 | April 2016 | 10 years | 100,000 | Incremental Term Loan | 1.60 | % | 1.65 | % | 3.25 | % | April 2016 | 10 years | 100,000 | Incremental Term Loan | 1.60 | % | 1.65 | % | 3.25 | % | ||||||||||||||||||||
April 2016 | April 2016 | 10 years | 100,000 | Incremental Term Loan | 1.60 | % | 1.65 | % | 3.25 | % | April 2016 | 10 years | 100,000 | Incremental Term Loan | 1.60 | % | 1.65 | % | 3.25 | % | ||||||||||||||||||||
May 2021 | May 2021 | 7 years | 200,000 | 2021 Incremental Term Loan Facility | 0.77 | % | 1.55 | % | 2.32 | % | May 2021 | 7 years | 200,000 | 2021 Incremental Term Loan Facility | 0.77 | % | 1.55 | % | 2.32 | % |
Outstanding Forward-Starting Interest Rate Swaps (a) | ||||||||||||||||||||
Date Entered Into | Term | Notional Amount | Fixed Rate of Swap | Related Debt Facility | Forward Date | Maximum Period Ending for Forecasted Issuance Date | ||||||||||||||
April 2020 | 4 years | $100,000 | 0.88 | % | Term Credit Agreement | August 2024 | N/A | |||||||||||||
May 2020 | 4 years | 50,000 | 0.74 | % | Term Credit Agreement | August 2024 | N/A | |||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
Income Statement Location | 2022 | 2021 | Income Statement Location | 2022 | 2021 | |||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | Derivatives designated as cash flow hedges: | Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Foreign currency exchange contracts | Other comprehensive (loss) income | $3,514 | ($2,852) | Foreign currency exchange contracts | Other comprehensive (loss) income | ($14,352) | ($896) | ||||||||||||||||||||||||||
Foreign currency option contracts | Foreign currency option contracts | Other comprehensive (loss) income | 136 | (929) | Foreign currency option contracts | Other comprehensive (loss) income | (686) | (230) | ||||||||||||||||||||||||||
Interest rate products | Interest rate products | Other comprehensive (loss) income | 35,129 | 59,731 | Interest rate products | Other comprehensive (loss) income | 14,636 | (14,587) | ||||||||||||||||||||||||||
Interest expense | 2,670 | 3,994 | Interest expense | 1,948 | 5,377 |
March 31, | |||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
Income Statement Location | 2022 | 2021 | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Foreign currency exchange contracts | Other comprehensive (loss) income | ($10,839) | ($3,747) | ||||||||||||||
Foreign currency option contracts | Other comprehensive (loss) income | (550) | (1,158) | ||||||||||||||
Interest rate products | Other comprehensive (loss) income | 49,765 | 45,144 | ||||||||||||||
Interest expense | 4,618 | 9,371 | |||||||||||||||
Amount expected to be reclassified into earnings in next 12 months | |||||
Derivatives designated as cash flow hedges: | |||||
Foreign currency exchange contracts | |||||
Foreign currency option contracts | (51) | ||||
Interest rate products | |||||
Total estimated gain on derivatives contracts | $ |
Notional Amount | Notional Amount | |||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | Derivatives designated as cash flow hedges: | Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||
Foreign currency exchange contracts | Foreign currency exchange contracts | $149,500 | $149,250 | Foreign currency exchange contracts | $160,500 | $149,250 | ||||||||||||||||||||||
Foreign currency option contracts | Foreign currency option contracts | 14,000 | 14,000 | Foreign currency option contracts | 32,000 | 14,000 | ||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | 750,000 | 550,000 | Interest rate swaps | 750,000 | 550,000 | ||||||||||||||||||||||
Forward-starting interest rate swaps | Forward-starting interest rate swaps | 150,000 | 350,000 | Forward-starting interest rate swaps | 150,000 | 350,000 |
Location on Balance Sheet | Fair Value Assets / (Liabilities) (a) | Location on Balance Sheet | Fair Value Assets / (Liabilities) (a) | |||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | Derivatives designated as cash flow hedges: | Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Foreign currency exchange contracts | Other current assets | $712 | $721 | Foreign currency exchange contracts | Other current assets | — | $721 | ||||||||||||||||||||||||||
Other assets | 1,241 | 86 | Other assets | — | 86 | |||||||||||||||||||||||||||||
Other current liabilities | (369) | (2,061) | Other current liabilities | (9,424) | (2,061) | |||||||||||||||||||||||||||||
Other non-current liabilities | (18) | (694) | Other non-current liabilities | (3,364) | (694) | |||||||||||||||||||||||||||||
Foreign currency option contracts | Foreign currency option contracts | Other assets | 318 | 228 | Foreign currency option contracts | Other current assets | 7 | — | ||||||||||||||||||||||||||
Other assets | 446 | 228 | ||||||||||||||||||||||||||||||||
Other non-current liabilities | (224) | (270) | Other current liabilities | (78) | — | |||||||||||||||||||||||||||||
Other non-current liabilities | (967) | (270) | ||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | Other assets | 26,912 | — | Interest rate swaps | Other assets | 40,909 | — | ||||||||||||||||||||||||||
Interest rate swaps | Other non-current liabilities | — | (15,582) | |||||||||||||||||||||||||||||||
Other non-current liabilities | — | (15,582) | ||||||||||||||||||||||||||||||||
Forward-starting interest rate swaps | Forward-starting interest rate swaps | Other assets | 6,699 | 11,482 | Forward-starting interest rate swaps | Other assets | 9,106 | 11,482 | ||||||||||||||||||||||||||
Total derivative contracts: | Total derivative contracts: | Total derivative contracts: | ||||||||||||||||||||||||||||||||
Other current assets | Other current assets | $712 | $721 | Other current assets | $7 | $721 | ||||||||||||||||||||||||||||
Other assets | Other assets | 35,170 | 11,796 | Other assets | 50,461 | 11,796 | ||||||||||||||||||||||||||||
Total derivative assets | Total derivative assets | $35,882 | $12,517 | Total derivative assets | $50,468 | $12,517 | ||||||||||||||||||||||||||||
Other current liabilities | Other current liabilities | (369) | (2,061) | Other current liabilities | (9,502) | (2,061) | ||||||||||||||||||||||||||||
Other non-current liabilities | Other non-current liabilities | (242) | (16,546) | Other non-current liabilities | (4,331) | (16,546) | ||||||||||||||||||||||||||||
Total derivative liabilities | Total derivative liabilities | ($611) | ($18,607) | Total derivative liabilities | ($13,833) | ($18,607) |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset (Liability) (a) | Asset (Liability) (a) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Asset (Liability) (a) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, excluding Timber Funds | Cash and cash equivalents, excluding Timber Funds | $256,537 | $256,537 | — | $358,680 | $358,680 | — | Cash and cash equivalents, excluding Timber Funds | $279,331 | $279,331 | — | $358,680 | $358,680 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, Timber Funds | Cash and cash equivalents, Timber Funds | 3,185 | 3,185 | — | 3,493 | 3,493 | — | Cash and cash equivalents, Timber Funds | 949 | 949 | — | 3,493 | 3,493 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash, Timber Funds (b) | Restricted cash, Timber Funds (b) | 5,464 | 5,464 | — | 6,341 | 6,341 | — | Restricted cash, Timber Funds (b) | 1,464 | 1,464 | — | 6,341 | 6,341 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash, excluding Timber Funds (c) | Restricted cash, excluding Timber Funds (c) | 625 | 625 | — | 625 | 625 | — | Restricted cash, excluding Timber Funds (c) | 14,329 | 14,329 | — | 625 | 625 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt (d) | Current maturities of long-term debt (d) | (2,087) | — | (2,087) | (124,965) | — | (125,288) | Current maturities of long-term debt (d) | (622) | — | (622) | (124,965) | — | (125,288) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt (d) | Long-term debt (d) | (1,243,673) | — | (1,209,595) | (1,242,819) | — | (1,245,148) | Long-term debt (d) | (1,263,394) | — | (1,196,582) | (1,242,819) | — | (1,245,148) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps (e) | Interest rate swaps (e) | 26,912 | — | 26,912 | (15,582) | — | (15,582) | Interest rate swaps (e) | 40,909 | — | 40,909 | (15,582) | — | (15,582) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward-starting interest rate swaps (e) | Forward-starting interest rate swaps (e) | 6,699 | — | 6,699 | 11,482 | — | 11,482 | Forward-starting interest rate swaps (e) | 9,106 | — | 9,106 | 11,482 | — | 11,482 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts (e) | Foreign currency exchange contracts (e) | 1,566 | — | 1,566 | (1,948) | — | (1,948) | Foreign currency exchange contracts (e) | (12,788) | — | (12,788) | (1,948) | — | (1,948) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency option contracts (e) | Foreign currency option contracts (e) | 94 | — | 94 | (42) | — | (42) | Foreign currency option contracts (e) | (592) | — | (592) | (42) | — | (42) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in the operating partnership (f) | Noncontrolling interests in the operating partnership (f) | 136,239 | 136,239 | — | 133,823 | 133,823 | — | Noncontrolling interests in the operating partnership (f) | 123,811 | 123,811 | — | 133,823 | 133,823 | — |
Environmental Remediation (a) | Development Projects (b) | Commitments (c) | Total | Environmental Remediation (a) | Development Projects (b) | Commitments (c) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining 2022 | Remaining 2022 | $740 | $17,803 | $9,002 | $27,545 | Remaining 2022 | $726 | $19,676 | $8,480 | $28,882 | ||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 3,873 | 3,239 | 11,174 | 18,286 | 2023 | 3,874 | 3,239 | 12,024 | 19,137 | ||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 3,840 | 267 | 8,233 | 12,340 | 2024 | 3,839 | 267 | 4,433 | 8,539 | ||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | 1,036 | 267 | 4,494 | 5,797 | 2025 | 1,010 | 267 | 1,192 | 2,469 | ||||||||||||||||||||||||||||||||||||||||||||||||
2026 | 2026 | 460 | 267 | 2,558 | 3,285 | 2026 | 451 | 267 | 360 | 1,078 | ||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 1,374 | 3,944 | 3,306 | 8,624 | Thereafter | 1,358 | 4,062 | — | 5,420 | ||||||||||||||||||||||||||||||||||||||||||||||||
$11,323 | $25,787 | $38,767 | $75,877 | $11,258 | $27,778 | $26,489 | $65,525 |
Port Gamble, WA | |||||
Non-current portion at December 31, 2021 | $10,110 | ||||
Plus: Current portion | 695 | ||||
Total Balance at December 31, 2021 | 10,805 | ||||
Expenditures charged to liabilities | |||||
Increase to liabilities | |||||
Total Balance at | |||||
Less: Current portion | |||||
Non-current portion at | $ |
Financial Commitments (a) | Maximum Potential Payment | |||||||||||||
Standby letters of credit | $885 | |||||||||||||
Surety bonds (b) | ||||||||||||||
Total financial commitments | $ |
Higher and Better Use Timberlands and Real Estate Development Investments | Higher and Better Use Timberlands and Real Estate Development Investments | |||||||||||||||||||||||||||||||||
Land and Timber | Development Investments | Total | Land and Timber | Development Investments | Total | |||||||||||||||||||||||||||||
Non-current portion at December 31, 2021 | Non-current portion at December 31, 2021 | $87,910 | $18,968 | $106,878 | Non-current portion at December 31, 2021 | $87,910 | $18,968 | $106,878 | ||||||||||||||||||||||||||
Plus: Current portion (a) | Plus: Current portion (a) | 718 | 24,022 | 24,740 | Plus: Current portion (a) | 718 | 24,022 | 24,740 | ||||||||||||||||||||||||||
Total Balance at December 31, 2021 | Total Balance at December 31, 2021 | 88,628 | 42,990 | 131,618 | Total Balance at December 31, 2021 | 88,628 | 42,990 | 131,618 | ||||||||||||||||||||||||||
Non-cash cost of land and improved development | Non-cash cost of land and improved development | (378) | (2,308) | (2,686) | Non-cash cost of land and improved development | (579) | (9,617) | (10,196) | ||||||||||||||||||||||||||
Amortization of parcel real estate development investments | Amortization of parcel real estate development investments | — | (1,964) | (1,964) | Amortization of parcel real estate development investments | — | (3,212) | (3,212) | ||||||||||||||||||||||||||
Timber depletion from harvesting activities and basis of timber sold in real estate sales | Timber depletion from harvesting activities and basis of timber sold in real estate sales | (445) | — | (445) | Timber depletion from harvesting activities and basis of timber sold in real estate sales | (633) | — | (633) | ||||||||||||||||||||||||||
Capitalized real estate development investments (b) | Capitalized real estate development investments (b) | — | 4,435 | 4,435 | Capitalized real estate development investments (b) | — | 8,957 | 8,957 | ||||||||||||||||||||||||||
Capital expenditures (silviculture) | Capital expenditures (silviculture) | 139 | — | 139 | Capital expenditures (silviculture) | 116 | — | 116 | ||||||||||||||||||||||||||
Intersegment transfers | Intersegment transfers | 3,977 | — | 3,977 | Intersegment transfers | 4,345 | — | 4,345 | ||||||||||||||||||||||||||
Total Balance at March 31, 2022 | 91,921 | 43,153 | 135,074 | |||||||||||||||||||||||||||||||
Total Balance at June 30, 2022 | Total Balance at June 30, 2022 | 91,877 | 39,118 | 130,995 | ||||||||||||||||||||||||||||||
Less: Current portion (a) | Less: Current portion (a) | (415) | (23,214) | (23,629) | Less: Current portion (a) | (1,058) | (17,440) | (18,498) | ||||||||||||||||||||||||||
Non-current portion at March 31, 2022 | $91,506 | $19,939 | $111,445 | |||||||||||||||||||||||||||||||
Non-current portion at June 30, 2022 | Non-current portion at June 30, 2022 | $90,819 | $21,678 | $112,497 |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
Finished goods inventory | Finished goods inventory | Finished goods inventory | ||||||||||||||||||||
Real estate inventory (a) | Real estate inventory (a) | $23,629 | $24,740 | Real estate inventory (a) | $18,498 | $24,740 | ||||||||||||||||
Log inventory | Log inventory | 9,661 | 3,783 | Log inventory | 6,832 | 3,783 | ||||||||||||||||
Total inventory | Total inventory | $33,290 | $28,523 | Total inventory | $25,330 | $28,523 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
(Loss) gain on foreign currency remeasurement, net of cash flow hedges | ($571) | $2,429 | ||||||||||||||||||||||||||||||||||||||||||||
Gain on foreign currency remeasurement, net of cash flow hedges | Gain on foreign currency remeasurement, net of cash flow hedges | $1,249 | $1,922 | $677 | $4,351 | |||||||||||||||||||||||||||||||||||||||||
Gain on sale or disposal of property and equipment | Gain on sale or disposal of property and equipment | 25 | 90 | Gain on sale or disposal of property and equipment | 6 | 3 | 31 | 93 | ||||||||||||||||||||||||||||||||||||||
Log trading marketing fees | Log trading marketing fees | — | 6 | Log trading marketing fees | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||
Equity (loss) income related to Bainbridge Landing LLC joint venture | Equity (loss) income related to Bainbridge Landing LLC joint venture | (227) | 19 | Equity (loss) income related to Bainbridge Landing LLC joint venture | (145) | 186 | (370) | 206 | ||||||||||||||||||||||||||||||||||||||
Miscellaneous expense, net | Miscellaneous expense, net | (211) | (96) | Miscellaneous expense, net | (309) | (155) | (520) | (252) | ||||||||||||||||||||||||||||||||||||||
Total | Total | ($984) | $2,448 | Total | $801 | $1,956 | ($182) | $4,404 |
Components of Net Periodic Benefit (Credit) Cost | Components of Net Periodic Benefit (Credit) Cost | Income Statement Location | Pension | Postretirement | Components of Net Periodic Benefit (Credit) Cost | Income Statement Location | Pension | Postretirement | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | Selling and general expenses | — | — | $2 | $2 | Service cost | Selling and general expenses | — | — | $2 | $2 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | Interest and other miscellaneous expense, net | 609 | 557 | 13 | 11 | Interest cost | Interest and other miscellaneous income (expense), net | 609 | 557 | 13 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets (a) | Expected return on plan assets (a) | Interest and other miscellaneous expense, net | (872) | (936) | — | — | Expected return on plan assets (a) | Interest and other miscellaneous income (expense), net | (872) | (936) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of losses | Amortization of losses | Interest and other miscellaneous expense, net | 184 | 288 | 4 | 5 | Amortization of losses | Interest and other miscellaneous income (expense), net | 184 | 288 | 4 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit (credit) cost | Net periodic benefit (credit) cost | ($79) | ($91) | $19 | $18 | Net periodic benefit (credit) cost | ($79) | ($91) | $19 | $18 |
Components of Net Periodic Benefit (Credit) Cost | Income Statement Location | Pension | Postretirement | ||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Service cost | Selling and general expenses | — | — | $3 | $4 | ||||||||||||||||||||||||
Interest cost | Interest and other miscellaneous income (expense), net | 1,217 | 1,114 | 26 | 23 | ||||||||||||||||||||||||
Expected return on plan assets (a) | Interest and other miscellaneous income (expense), net | (1,743) | (1,873) | — | — | ||||||||||||||||||||||||
Amortization of losses | Interest and other miscellaneous income (expense), net | 369 | 577 | 7 | 10 | ||||||||||||||||||||||||
Net periodic benefit (credit) cost | ($157) | ($182) | $36 | $37 | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Income tax expense | ($5,515) | ($3,421) |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Annualized effective tax rate after discrete items | 10.5 | % | 11.6 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Income tax expense | ($1,304) | ($6,880) | ($6,818) | ($10,302) |
Six Months Ended June 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Annualized effective tax rate after discrete items | 9.2 | % | 11.0 | % |
Foreign currency translation (loss) gains | Net investment hedges of New Zealand subsidiary | Cash flow hedges | Employee benefit plans | Total Rayonier, L.P. | Allocation to Operating Partnership | Total Rayonier Inc. | Foreign currency translation (loss) gains | Net investment hedges of New Zealand subsidiary | Cash flow hedges | Employee benefit plans | Total Rayonier, L.P. | Allocation to Operating Partnership | Total Rayonier Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | Balance as of December 31, 2020 | $22,702 | $1,321 | ($71,056) | ($24,312) | ($71,345) | (2,540) | ($73,885) | Balance as of December 31, 2020 | $22,702 | $1,321 | ($71,056) | ($24,312) | ($71,345) | ($2,540) | ($73,885) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (18,487) | — | 44,899 | (a) | 11,302 | 37,714 | (1,080) | 36,634 | Other comprehensive income (loss) before reclassifications | (18,487) | — | 44,899 | (a) | 11,302 | 37,714 | (1,080) | 36,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 16,994 | 1,174 | (b) | 18,168 | (521) | 17,647 | Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 16,994 | 1,174 | (b) | 18,168 | (521) | 17,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | Net other comprehensive income (loss) | (18,487) | — | 61,893 | 12,476 | 55,882 | (1,601) | 54,281 | Net other comprehensive income (loss) | (18,487) | — | 61,893 | 12,476 | 55,882 | (1,601) | 54,281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | $4,215 | $1,321 | ($9,163) | ($11,836) | ($15,463) | ($4,141) | ($19,604) | Balance as of December 31, 2021 | $4,215 | $1,321 | ($9,163) | ($11,836) | ($15,463) | ($4,141) | ($19,604) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | Other comprehensive (loss) income before reclassifications | 5,668 | — | 37,147 | (a) | — | 42,815 | (954) | 41,861 | Other comprehensive (loss) income before reclassifications | (28,706) | — | 43,413 | (a) | — | 14,707 | (330) | 14,377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 2,675 | 188 | (b) | 2,863 | 853 | 3,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | Amounts reclassified from accumulated other comprehensive income | — | — | 4,657 | 376 | (b) | 5,033 | 804 | 5,837 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | Net other comprehensive income (loss) | 5,668 | — | 39,822 | 188 | 45,678 | (101) | 45,577 | Net other comprehensive income (loss) | (28,706) | — | 48,070 | 376 | 19,740 | 474 | 20,214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $9,883 | $1,321 | $30,659 | ($11,648) | $30,215 | ($4,242) | $25,973 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | ($24,491) | $1,321 | $38,907 | ($11,460) | $4,277 | ($3,667) | $610 |
Details about accumulated other comprehensive income (loss) components | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the income statement | ||||||||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||||||||
Realized loss on foreign currency exchange contracts | $9 | $1,205 | Other operating (expense) income, net | |||||||||||||||||
Realized loss on foreign currency option contracts | — | 594 | Other operating (expense) income, net | |||||||||||||||||
Noncontrolling interests | (2) | (414) | Comprehensive income attributable to noncontrolling interests | |||||||||||||||||
Realized loss on interest rate contracts | 2,670 | 3,994 | Interest expense | |||||||||||||||||
Income tax effect from net loss on foreign currency contracts | (2) | (388) | Income tax expense | |||||||||||||||||
Net loss on cash flow hedges reclassified from accumulated other comprehensive income | $2,675 | $4,991 |
Details about accumulated other comprehensive income (loss) components | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the income statement | ||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||
Realized loss on foreign currency exchange contracts | $71 | $1,725 | Other operating (expense) income, net | |||||||||||||||||
Realized loss on foreign currency option contracts | — | 827 | Other operating (expense) income, net | |||||||||||||||||
Noncontrolling interests | (16) | (587) | Comprehensive income attributable to noncontrolling interests | |||||||||||||||||
Realized loss on interest rate contracts | 4,617 | 9,541 | Interest expense | |||||||||||||||||
Income tax effect from net loss on foreign currency contracts | (15) | (551) | Income tax expense | |||||||||||||||||
Net loss on cash flow hedges reclassified from accumulated other comprehensive income | $4,657 | $10,955 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Restricted cash, excluding Timber Funds: | Restricted cash, excluding Timber Funds: | |||||||||||||||||||||
Restricted cash deposited with LKE intermediary | Restricted cash deposited with LKE intermediary | $13,704 | — | |||||||||||||||||||
Restricted cash held in escrow | Restricted cash held in escrow | 625 | 702 | |||||||||||||||||||
Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds | Total restricted cash shown in the Consolidated Balance Sheets, excluding Timber Funds | 14,329 | 702 | |||||||||||||||||||
Restricted cash shown in the Consolidated Balance Sheets, Timber Funds | Restricted cash shown in the Consolidated Balance Sheets, Timber Funds | 1,464 | — | |||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $259,722 | $82,620 | Cash and cash equivalents | 280,280 | 314,308 | ||||||||||||||||
Restricted cash, Timber Funds | 5,464 | — | ||||||||||||||||||||
Restricted cash, excluding Timber Funds (Held in escrow) | 625 | 475 | ||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $265,811 | $83,095 | Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $296,073 | $315,010 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction | Related Party Transaction | Location on Statement of Income and Comprehensive Income | 2022 | 2021 | Related Party Transaction | Location on Statement of Income and Comprehensive Income | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Mattamy Contract | Mattamy Contract | Sales (a) | $174 | $42 | Mattamy Contract | Sales (a) | $339 | 1,446 | $513 | 1,488 |
(acres in 000s) | (acres in 000s) | As of March 31, 2022 | As of December 31, 2021 | (acres in 000s) | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owned | Leased | Total | Owned | Leased | Total | Owned | Leased | Total | Owned | Leased | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southern | Southern | Southern | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alabama | Alabama | 224 | 14 | 238 | 223 | 14 | 237 | Alabama | 224 | 14 | 238 | 223 | 14 | 237 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arkansas | Arkansas | — | 4 | 4 | — | 4 | 4 | Arkansas | — | 4 | 4 | — | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Florida | Florida | 350 | 51 | 401 | 350 | 51 | 401 | Florida | 348 | 51 | 399 | 350 | 51 | 401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Georgia | Georgia | 618 | 64 | 682 | 619 | 64 | 683 | Georgia | 618 | 64 | 682 | 619 | 64 | 683 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Louisiana | Louisiana | 140 | — | 140 | 140 | — | 140 | Louisiana | 140 | — | 140 | 140 | — | 140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oklahoma | Oklahoma | 92 | — | 92 | 92 | — | 92 | Oklahoma | 91 | — | 91 | 92 | — | 92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | South Carolina | 16 | — | 16 | 16 | — | 16 | South Carolina | 16 | — | 16 | 16 | — | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | Texas | 222 | — | 222 | 225 | — | 225 | Texas | 221 | — | 221 | 225 | — | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,662 | 133 | 1,795 | 1,665 | 133 | 1,798 | 1,658 | 133 | 1,791 | 1,665 | 133 | 1,798 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Northwest | Pacific Northwest | Pacific Northwest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oregon | Oregon | 61 | — | 61 | 61 | — | 61 | Oregon | 61 | — | 61 | 61 | — | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington | Washington | 421 | 4 | 425 | 425 | 4 | 429 | Washington | 421 | 4 | 425 | 425 | 4 | 429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
482 | 4 | 486 | 486 | 4 | 490 | 482 | 4 | 486 | 486 | 4 | 490 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Zealand (a) | New Zealand (a) | 187 | 232 | 419 | 187 | 232 | 419 | New Zealand (a) | 187 | 231 | 418 | 187 | 232 | 419 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,331 | 369 | 2,700 | 2,338 | 369 | 2,707 | Total | 2,327 | 368 | 2,695 | 2,338 | 369 | 2,707 |
(acres in 000s) | (acres in 000s) | Acres Owned | (acres in 000s) | Acres Owned | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | Acquisitions | Sales | Other | March 31, 2022 | December 31, 2021 | Acquisitions | Sales | Other | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Southern | Southern | Southern | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alabama | Alabama | 223 | 1 | — | — | 224 | Alabama | 223 | 1 | — | — | 224 | ||||||||||||||||||||||||||||||||||||||||||||||
Florida | Florida | 350 | 1 | (1) | — | 350 | Florida | 350 | 1 | (3) | — | 348 | ||||||||||||||||||||||||||||||||||||||||||||||
Georgia | Georgia | 619 | — | (1) | — | 618 | Georgia | 619 | — | (1) | — | 618 | ||||||||||||||||||||||||||||||||||||||||||||||
Louisiana | Louisiana | 140 | — | — | — | 140 | Louisiana | 140 | — | — | — | 140 | ||||||||||||||||||||||||||||||||||||||||||||||
Oklahoma | Oklahoma | 92 | — | — | — | 92 | Oklahoma | 92 | — | (1) | — | 91 | ||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | South Carolina | 16 | — | — | — | 16 | South Carolina | 16 | — | — | — | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
Texas | Texas | 225 | — | (3) | — | 222 | Texas | 225 | — | (4) | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||||
1,665 | 2 | (5) | — | 1,662 | 1,665 | 2 | (9) | — | 1,658 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Northwest | Pacific Northwest | Pacific Northwest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oregon | Oregon | 61 | — | — | — | 61 | Oregon | 61 | — | — | — | 61 | ||||||||||||||||||||||||||||||||||||||||||||||
Washington | Washington | 425 | — | (4) | — | 421 | Washington | 425 | — | (4) | — | 421 | ||||||||||||||||||||||||||||||||||||||||||||||
486 | — | (4) | — | 482 | 486 | — | (4) | — | 482 | |||||||||||||||||||||||||||||||||||||||||||||||||
New Zealand (a) | New Zealand (a) | 187 | — | — | — | 187 | New Zealand (a) | 187 | — | — | — | 187 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,338 | 2 | (9) | — | 2,331 | Total | 2,338 | 2 | (13) | — | 2,327 |
(acres in 000s) | (acres in 000s) | Acres Leased | (acres in 000s) | Acres Leased | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | New Leases | Sold/Expired Leases (a) | Other (b) | March 31, 2022 | December 31, 2021 | New Leases | Sold/Expired Leases (a) | Other | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Southern | Southern | Southern | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alabama | Alabama | 14 | — | — | — | 14 | Alabama | 14 | — | — | — | 14 | ||||||||||||||||||||||||||||||||||||||||||||||
Arkansas | Arkansas | 4 | — | — | — | 4 | Arkansas | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
Florida | Florida | 51 | — | — | — | 51 | Florida | 51 | — | — | — | 51 | ||||||||||||||||||||||||||||||||||||||||||||||
Georgia | Georgia | 64 | — | — | — | 64 | Georgia | 64 | — | — | — | 64 | ||||||||||||||||||||||||||||||||||||||||||||||
133 | — | — | — | 133 | 133 | — | — | — | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Northwest | Pacific Northwest | Pacific Northwest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington | Washington | 4 | — | — | — | 4 | Washington | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
New Zealand | New Zealand | 232 | — | — | — | 232 | New Zealand | 232 | — | (1) | — | 231 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 369 | — | — | — | 369 | Total | 369 | — | (1) | — | 368 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
Financial Information (in millions) | Financial Information (in millions) | 2022 | 2021 | Financial Information (in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Sales | Sales | Sales | ||||||||||||||||||||||||||||||||||||||||||||
Southern Timber | Southern Timber | $76.8 | $51.7 | Southern Timber | $66.3 | $49.3 | $143.0 | $101.0 | ||||||||||||||||||||||||||||||||||||||
Pacific Northwest Timber | Pacific Northwest Timber | 46.3 | 41.5 | Pacific Northwest Timber | 39.2 | 35.3 | 85.4 | 76.8 | ||||||||||||||||||||||||||||||||||||||
New Zealand Timber | New Zealand Timber | 51.4 | 57.6 | New Zealand Timber | 78.9 | 80.6 | 130.3 | 138.1 | ||||||||||||||||||||||||||||||||||||||
Timber Funds | Timber Funds | — | 14.9 | Timber Funds | — | 18.6 | — | 33.6 | ||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Real Estate | ||||||||||||||||||||||||||||||||||||||||||||
Improved Development | Improved Development | 5.0 | 0.3 | Improved Development | 11.6 | 19.3 | 16.5 | 19.6 | ||||||||||||||||||||||||||||||||||||||
Rural | Rural | 16.9 | 9.8 | Rural | 23.4 | 20.3 | 40.4 | 30.1 | ||||||||||||||||||||||||||||||||||||||
Timberland & Non-Strategic | Timberland & Non-Strategic | 11.4 | — | Timberland & Non-Strategic | — | — | 11.4 | — | ||||||||||||||||||||||||||||||||||||||
Conservation Easement | Conservation Easement | — | 3.9 | — | 3.9 | |||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | Deferred Revenue/Other (a) | 0.9 | 0.5 | Deferred Revenue/Other (a) | (0.6) | (5.0) | 0.3 | (4.5) | ||||||||||||||||||||||||||||||||||||||
Large Dispositions | Large Dispositions | — | 36.0 | — | 36.0 | |||||||||||||||||||||||||||||||||||||||||
Total Real Estate | Total Real Estate | 34.2 | 10.5 | Total Real Estate | 34.4 | 74.5 | 68.6 | 85.0 | ||||||||||||||||||||||||||||||||||||||
Trading | Trading | 13.4 | 16.7 | Trading | 27.7 | 34.5 | 41.1 | 51.2 | ||||||||||||||||||||||||||||||||||||||
Intersegment Eliminations | Intersegment Eliminations | (0.1) | (1.5) | Intersegment Eliminations | (0.1) | (1.4) | (0.1) | (2.8) | ||||||||||||||||||||||||||||||||||||||
Total Sales | Total Sales | $222.0 | $191.4 | Total Sales | $246.3 | $291.4 | $468.4 | $482.9 | ||||||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | Operating Income | ||||||||||||||||||||||||||||||||||||||||||||
Southern Timber | Southern Timber | $30.3 | $17.3 | Southern Timber | $24.1 | $17.0 | $54.4 | $34.3 | ||||||||||||||||||||||||||||||||||||||
Pacific Northwest Timber | Pacific Northwest Timber | 6.6 | 1.3 | Pacific Northwest Timber | 2.9 | 1.9 | 9.5 | 3.2 | ||||||||||||||||||||||||||||||||||||||
New Zealand Timber | New Zealand Timber | 5.4 | 14.0 | New Zealand Timber | 8.0 | 20.7 | 13.4 | 34.7 | ||||||||||||||||||||||||||||||||||||||
Timber Funds | Timber Funds | — | 1.5 | Timber Funds | — | 2.0 | — | 3.5 | ||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | 10.2 | 1.7 | Real Estate | 11.0 | 50.5 | 21.2 | 52.2 | ||||||||||||||||||||||||||||||||||||||
Trading | Trading | 0.4 | 0.2 | Trading | (0.4) | 0.4 | (0.1) | 0.7 | ||||||||||||||||||||||||||||||||||||||
Corporate and Other | Corporate and Other | (7.6) | (7.6) | Corporate and Other | (10.1) | (8.0) | (17.7) | (15.6) | ||||||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | 45.3 | 28.5 | Operating Income | 35.5 | 84.4 | 80.8 | 112.9 | ||||||||||||||||||||||||||||||||||||||
Interest expense, interest income and other | Interest expense, interest income and other | (8.8) | (10.0) | Interest expense, interest income and other | (8.9) | (14.1) | (17.7) | (24.1) | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (5.5) | (3.5) | Income tax expense | (1.3) | (6.9) | (6.8) | (10.3) | ||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | 31.0 | 15.0 | Net Income | 25.3 | 63.4 | 56.3 | 78.5 | ||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in consolidated affiliates | Less: Net income attributable to noncontrolling interests in consolidated affiliates | (1.0) | (3.8) | Less: Net income attributable to noncontrolling interests in consolidated affiliates | (0.6) | (4.5) | (1.7) | (8.3) | ||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Rayonier, L.P. | Net Income Attributable to Rayonier, L.P. | $30.0 | $11.2 | Net Income Attributable to Rayonier, L.P. | $24.7 | $58.9 | $54.6 | $70.2 | ||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in the operating partnership | Less: Net income attributable to noncontrolling interests in the operating partnership | (0.7) | (0.4) | Less: Net income attributable to noncontrolling interests in the operating partnership | (0.6) | (1.7) | (1.2) | (2.1) | ||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Rayonier Inc. | Net Income Attributable to Rayonier Inc. | $29.3 | $10.8 | Net Income Attributable to Rayonier Inc. | $24.1 | $57.2 | $53.4 | $68.1 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||
Southern Timber | Southern Timber | $48.4 | $31.7 | Southern Timber | $38.7 | $30.6 | $87.1 | $62.3 | ||||||||||||||||||||||||||||||||||||||
Pacific Northwest Timber | Pacific Northwest Timber | 21.5 | 17.6 | Pacific Northwest Timber | 14.3 | 13.9 | 35.8 | 31.5 | ||||||||||||||||||||||||||||||||||||||
New Zealand Timber | New Zealand Timber | 10.4 | 21.2 | New Zealand Timber | 14.9 | 27.7 | 25.3 | 48.9 | ||||||||||||||||||||||||||||||||||||||
Timber Funds | Timber Funds | — | 1.0 | Timber Funds | — | 1.4 | — | 2.3 | ||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | 24.7 | 5.1 | Real Estate | 25.4 | 29.1 | 50.1 | 34.1 | ||||||||||||||||||||||||||||||||||||||
Trading | Trading | 0.4 | 0.2 | Trading | (0.4) | 0.4 | (0.1) | 0.7 | ||||||||||||||||||||||||||||||||||||||
Corporate and Other | Corporate and Other | (7.2) | (7.3) | Corporate and Other | (9.8) | (7.7) | (17.0) | (15.1) | ||||||||||||||||||||||||||||||||||||||
Total Adjusted EBITDA | Total Adjusted EBITDA | $98.1 | $69.5 | Total Adjusted EBITDA | $83.0 | $95.3 | $181.1 | $164.7 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
Southern Timber Overview | Southern Timber Overview | 2022 | 2021 | Southern Timber Overview | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Sales Volume (in thousands of tons) | Sales Volume (in thousands of tons) | Sales Volume (in thousands of tons) | ||||||||||||||||||||||||||||||||||||||||||||
Pine Pulpwood | Pine Pulpwood | 1,171 | 843 | Pine Pulpwood | 962 | 889 | 2,133 | 1,732 | ||||||||||||||||||||||||||||||||||||||
Pine Sawtimber | Pine Sawtimber | 622 | 638 | Pine Sawtimber | 458 | 516 | 1,080 | 1,154 | ||||||||||||||||||||||||||||||||||||||
Total Pine Volume | Total Pine Volume | 1,793 | 1,481 | Total Pine Volume | 1,420 | 1,405 | 3,213 | 2,886 | ||||||||||||||||||||||||||||||||||||||
Hardwood | Hardwood | 103 | 31 | Hardwood | 103 | 63 | 206 | 95 | ||||||||||||||||||||||||||||||||||||||
Total Volume | Total Volume | 1,896 | 1,512 | Total Volume | 1,523 | 1,468 | 3,419 | 2,980 | ||||||||||||||||||||||||||||||||||||||
% Delivered Volume (vs. Total Volume) | % Delivered Volume (vs. Total Volume) | 35 | % | 36 | % | % Delivered Volume (vs. Total Volume) | 47 | % | 39 | % | 40 | % | 38 | % | ||||||||||||||||||||||||||||||||
% Pine Sawtimber Volume (vs. Total Pine Volume) | % Pine Sawtimber Volume (vs. Total Pine Volume) | 35 | % | 43 | % | % Pine Sawtimber Volume (vs. Total Pine Volume) | 32 | % | 37 | % | 34 | % | 40 | % | ||||||||||||||||||||||||||||||||
% Export Volume (vs. Total Volume) (a) | % Export Volume (vs. Total Volume) (a) | 1 | % | 5 | % | % Export Volume (vs. Total Volume) (a) | 3 | % | 4 | % | 2 | % | 4 | % | ||||||||||||||||||||||||||||||||
Net Stumpage Pricing (dollars per ton) | Net Stumpage Pricing (dollars per ton) | Net Stumpage Pricing (dollars per ton) | ||||||||||||||||||||||||||||||||||||||||||||
Pine Pulpwood | Pine Pulpwood | $24.11 | $17.10 | Pine Pulpwood | $21.46 | $18.22 | $22.93 | $17.69 | ||||||||||||||||||||||||||||||||||||||
Pine Sawtimber | Pine Sawtimber | 35.46 | 27.51 | Pine Sawtimber | 34.09 | 27.96 | 34.86 | 27.69 | ||||||||||||||||||||||||||||||||||||||
Weighted Average Pine | Weighted Average Pine | $28.05 | $21.58 | Weighted Average Pine | $25.54 | $21.80 | $26.94 | $21.69 | ||||||||||||||||||||||||||||||||||||||
Hardwood | Hardwood | 26.06 | 10.51 | Hardwood | 25.70 | 17.49 | 25.88 | 15.20 | ||||||||||||||||||||||||||||||||||||||
Weighted Average Total | Weighted Average Total | $27.94 | $21.35 | Weighted Average Total | $25.55 | $21.61 | $26.87 | $21.48 | ||||||||||||||||||||||||||||||||||||||
Summary Financial Data (in millions of dollars) | Summary Financial Data (in millions of dollars) | Summary Financial Data (in millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||
Timber Sales | Timber Sales | $71.0 | $44.2 | Timber Sales | $58.2 | $43.7 | $129.2 | $87.9 | ||||||||||||||||||||||||||||||||||||||
Less: Cut and Haul | Less: Cut and Haul | (15.6) | (9.9) | Less: Cut and Haul | (17.6) | (10.3) | (33.2) | (20.2) | ||||||||||||||||||||||||||||||||||||||
Less: Port and Freight | Less: Port and Freight | (2.4) | (2.0) | Less: Port and Freight | (1.8) | (1.6) | (4.1) | (3.6) | ||||||||||||||||||||||||||||||||||||||
Net Stumpage Sales | Net Stumpage Sales | $53.0 | $32.3 | Net Stumpage Sales | $38.9 | $31.7 | $91.9 | $64.0 | ||||||||||||||||||||||||||||||||||||||
Non-Timber Sales | Non-Timber Sales | 5.8 | 7.5 | Non-Timber Sales | 8.1 | 5.6 | 13.8 | 13.1 | ||||||||||||||||||||||||||||||||||||||
Total Sales | Total Sales | $76.8 | $51.7 | Total Sales | $66.3 | $49.3 | $143.0 | $101.0 | ||||||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | $30.3 | $17.3 | Operating Income | $24.1 | $17.0 | $54.4 | $34.3 | ||||||||||||||||||||||||||||||||||||||
(+) Depreciation, depletion and amortization | (+) Depreciation, depletion and amortization | 18.1 | 14.4 | (+) Depreciation, depletion and amortization | 14.7 | 13.6 | 32.7 | 27.9 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (b) | Adjusted EBITDA (b) | $48.4 | $31.7 | Adjusted EBITDA (b) | $38.7 | $30.6 | $87.1 | $62.3 | ||||||||||||||||||||||||||||||||||||||
Other Data | Other Data | Other Data | ||||||||||||||||||||||||||||||||||||||||||||
Period-End Acres (in thousands) | Period-End Acres (in thousands) | 1,795 | 1,751 | Period-End Acres (in thousands) | 1,791 | 1,743 | 1,791 | 1,743 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Northwest Timber Overview | Pacific Northwest Timber Overview | 2022 | 2021 | Pacific Northwest Timber Overview | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Sales Volume (in thousands of tons) | Sales Volume (in thousands of tons) | Sales Volume (in thousands of tons) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | Pulpwood | 76 | 79 | Pulpwood | 80 | 70 | 155 | 150 | ||||||||||||||||||||||||||||||||||||||||||||
Sawtimber | Sawtimber | 429 | 457 | Sawtimber | 296 | 330 | 725 | 786 | ||||||||||||||||||||||||||||||||||||||||||||
Total Volume | Total Volume | 505 | 536 | Total Volume | 376 | 400 | 881 | 936 | ||||||||||||||||||||||||||||||||||||||||||||
% Delivered Volume (vs. Total Volume) | % Delivered Volume (vs. Total Volume) | 82 | % | 78 | % | % Delivered Volume (vs. Total Volume) | 99 | % | 96 | % | 90 | % | 86 | % | ||||||||||||||||||||||||||||||||||||||
% Sawtimber Volume (vs. Total Volume) | % Sawtimber Volume (vs. Total Volume) | 85 | % | 85 | % | % Sawtimber Volume (vs. Total Volume) | 79 | % | 82 | % | 82 | % | 84 | % | ||||||||||||||||||||||||||||||||||||||
% Export Volume (vs. Total Volume) (a) | % Export Volume (vs. Total Volume) (a) | 5 | % | 10 | % | % Export Volume (vs. Total Volume) (a) | 16 | % | 19 | % | 9 | % | 15 | % | ||||||||||||||||||||||||||||||||||||||
Delivered Log Pricing (in dollars per ton) | Delivered Log Pricing (in dollars per ton) | Delivered Log Pricing (in dollars per ton) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pulpwood | Pulpwood | $37.69 | $29.36 | Pulpwood | $45.17 | $29.02 | $41.83 | $29.18 | ||||||||||||||||||||||||||||||||||||||||||||
Sawtimber | Sawtimber | 105.69 | 90.98 | Sawtimber | 116.60 | 97.80 | 110.66 | 94.20 | ||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Log Price | Weighted Average Log Price | $95.35 | $81.64 | Weighted Average Log Price | $101.62 | $85.47 | $98.32 | $83.56 | ||||||||||||||||||||||||||||||||||||||||||||
Summary Financial Data (in millions of dollars) | Summary Financial Data (in millions of dollars) | Summary Financial Data (in millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Timber Sales | Timber Sales | $45.1 | $40.3 | Timber Sales | $37.9 | $33.8 | $83.0 | $74.1 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Cut and Haul | Less: Cut and Haul | (16.2) | (16.0) | Less: Cut and Haul | (16.5) | (14.5) | (32.8) | (30.4) | ||||||||||||||||||||||||||||||||||||||||||||
Less: Port and Freight | Less: Port and Freight | (0.1) | — | Less: Port and Freight | (0.4) | — | (0.4) | — | ||||||||||||||||||||||||||||||||||||||||||||
Net Stumpage Sales | Net Stumpage Sales | $28.8 | $24.3 | Net Stumpage Sales | $21.0 | $19.3 | $49.8 | $43.7 | ||||||||||||||||||||||||||||||||||||||||||||
Non-Timber Sales | Non-Timber Sales | 1.1 | 1.3 | Non-Timber Sales | 1.3 | 1.5 | 2.4 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||
Total Sales | Total Sales | $46.3 | $41.5 | Total Sales | $39.2 | $35.3 | $85.4 | $76.8 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | $6.6 | $1.3 | Operating Income | $2.9 | $1.9 | $9.5 | $3.2 | ||||||||||||||||||||||||||||||||||||||||||||
(+) Depreciation, depletion and amortization | (+) Depreciation, depletion and amortization | 14.9 | 16.3 | (+) Depreciation, depletion and amortization | 11.3 | 12.0 | 26.2 | 28.3 | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (b) | Adjusted EBITDA (b) | $21.5 | $17.6 | Adjusted EBITDA (b) | $14.3 | $13.9 | $35.8 | $31.5 | ||||||||||||||||||||||||||||||||||||||||||||
Other Data | Other Data | Other Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period-End Acres (in thousands) | Period-End Acres (in thousands) | 486 | 507 | Period-End Acres (in thousands) | 486 | 499 | 486 | 499 | ||||||||||||||||||||||||||||||||||||||||||||
Sawtimber (in dollars per MBF) (c) | Sawtimber (in dollars per MBF) (c) | $849 | $730 | Sawtimber (in dollars per MBF) (c) | $905 | $750 | $873 | $740 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
New Zealand Timber Overview | New Zealand Timber Overview | 2022 | 2021 | New Zealand Timber Overview | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Sales Volume (in thousands of tons) | Sales Volume (in thousands of tons) | Sales Volume (in thousands of tons) | ||||||||||||||||||||||||||||||||||||||||||||
Domestic Pulpwood (Delivered) | Domestic Pulpwood (Delivered) | 94 | 106 | Domestic Pulpwood (Delivered) | 105 | 104 | 199 | 210 | ||||||||||||||||||||||||||||||||||||||
Domestic Sawtimber (Delivered) | Domestic Sawtimber (Delivered) | 135 | 159 | Domestic Sawtimber (Delivered) | 188 | 174 | 323 | 333 | ||||||||||||||||||||||||||||||||||||||
Export Pulpwood (Delivered) | Export Pulpwood (Delivered) | 36 | 47 | Export Pulpwood (Delivered) | 55 | 56 | 91 | 103 | ||||||||||||||||||||||||||||||||||||||
Export Sawtimber (Delivered) | Export Sawtimber (Delivered) | 250 | 287 | Export Sawtimber (Delivered) | 355 | 359 | 604 | 646 | ||||||||||||||||||||||||||||||||||||||
Total Volume | Total Volume | 515 | 599 | Total Volume | 703 | 692 | 1,217 | 1,291 | ||||||||||||||||||||||||||||||||||||||
% Delivered Volume (vs. Total Volume) | % Delivered Volume (vs. Total Volume) | 100 | % | 100 | % | % Delivered Volume (vs. Total Volume) | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||
% Sawtimber Volume (vs. Total Volume) | % Sawtimber Volume (vs. Total Volume) | 75 | % | 74 | % | % Sawtimber Volume (vs. Total Volume) | 77 | % | 77 | % | 76 | % | 76 | % | ||||||||||||||||||||||||||||||||
% Export Volume (vs. Total Volume) (a) | % Export Volume (vs. Total Volume) (a) | 56 | % | 56 | % | % Export Volume (vs. Total Volume) (a) | 58 | % | 60 | % | 57 | % | 58 | % | ||||||||||||||||||||||||||||||||
Delivered Log Pricing (in dollars per ton) | Delivered Log Pricing (in dollars per ton) | Delivered Log Pricing (in dollars per ton) | ||||||||||||||||||||||||||||||||||||||||||||
Domestic Pulpwood | Domestic Pulpwood | $34.98 | $40.15 | Domestic Pulpwood | $34.56 | $43.31 | $34.76 | $41.72 | ||||||||||||||||||||||||||||||||||||||
Domestic Sawtimber | Domestic Sawtimber | 75.99 | 80.95 | Domestic Sawtimber | 76.82 | 85.09 | 76.48 | 83.11 | ||||||||||||||||||||||||||||||||||||||
Export Sawtimber | Export Sawtimber | 127.59 | 121.65 | Export Sawtimber | 140.44 | 148.28 | 135.13 | 136.45 | ||||||||||||||||||||||||||||||||||||||
Weighted Average Log Price | Weighted Average Log Price | $96.59 | $95.70 | Weighted Average Log Price | $106.88 | $115.92 | $102.53 | $106.54 | ||||||||||||||||||||||||||||||||||||||
Summary Financial Data (in millions of dollars) | Summary Financial Data (in millions of dollars) | Summary Financial Data (in millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||
Timber Sales | Timber Sales | $49.7 | $57.3 | Timber Sales | $75.1 | $80.3 | $124.8 | $137.6 | ||||||||||||||||||||||||||||||||||||||
Less: Cut and Haul | Less: Cut and Haul | (19.1) | (20.9) | Less: Cut and Haul | (26.7) | (25.1) | (45.8) | (46.1) | ||||||||||||||||||||||||||||||||||||||
Less: Port and Freight | Less: Port and Freight | (15.3) | (12.0) | Less: Port and Freight | (31.4) | (23.1) | (46.8) | (35.1) | ||||||||||||||||||||||||||||||||||||||
Net Stumpage Sales | Net Stumpage Sales | $15.3 | $24.4 | Net Stumpage Sales | $16.9 | $32.1 | $32.2 | $56.4 | ||||||||||||||||||||||||||||||||||||||
Non-Timber Sales / Carbon Credits | Non-Timber Sales / Carbon Credits | 1.7 | 0.2 | Non-Timber Sales / Carbon Credits | 3.8 | 0.3 | 5.5 | 0.6 | ||||||||||||||||||||||||||||||||||||||
Total Sales | Total Sales | $51.4 | $57.6 | Total Sales | $78.9 | $80.6 | $130.3 | $138.1 | ||||||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | $5.4 | $14.0 | Operating Income | $8.0 | $20.7 | $13.4 | $34.7 | ||||||||||||||||||||||||||||||||||||||
(+) Depreciation, depletion and amortization | (+) Depreciation, depletion and amortization | 5.0 | 7.2 | (+) Depreciation, depletion and amortization | 6.9 | 7.0 | 11.9 | 14.2 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (b) | Adjusted EBITDA (b) | $10.4 | $21.2 | Adjusted EBITDA (b) | $14.9 | $27.7 | $25.3 | $48.9 | ||||||||||||||||||||||||||||||||||||||
Other Data | Other Data | Other Data | ||||||||||||||||||||||||||||||||||||||||||||
New Zealand Dollar to U.S. Dollar Exchange Rate (c) | New Zealand Dollar to U.S. Dollar Exchange Rate (c) | 0.6680 | 0.7217 | New Zealand Dollar to U.S. Dollar Exchange Rate (c) | 0.6628 | 0.7164 | 0.6650 | 0.7189 | ||||||||||||||||||||||||||||||||||||||
Net Plantable Period-End Acres (in thousands) | Net Plantable Period-End Acres (in thousands) | 297 | 296 | Net Plantable Period-End Acres (in thousands) | 296 | 296 | 296 | 296 | ||||||||||||||||||||||||||||||||||||||
Export Sawtimber (in dollars per JAS m3) | Export Sawtimber (in dollars per JAS m3) | $148.35 | $141.45 | Export Sawtimber (in dollars per JAS m3) | $163.29 | $172.41 | $157.11 | $158.65 | ||||||||||||||||||||||||||||||||||||||
Domestic Sawtimber (in $NZD per tonne) | Domestic Sawtimber (in $NZD per tonne) | $125.13 | $123.39 | Domestic Sawtimber (in $NZD per tonne) | $127.50 | $130.65 | $126.51 | $127.18 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Overview | Real Estate Overview | 2022 | 2021 | Real Estate Overview | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Sales (in millions of dollars) | Sales (in millions of dollars) | Sales (in millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||
Improved Development | Improved Development | $5.0 | $0.3 | Improved Development | $11.6 | $19.3 | $16.5 | $19.6 | ||||||||||||||||||||||||||||||||||||||
Rural | Rural | 16.9 | 9.8 | Rural | 23.4 | 20.3 | 40.4 | 30.1 | ||||||||||||||||||||||||||||||||||||||
Timberland & Non-Strategic | Timberland & Non-Strategic | 11.4 | — | Timberland & Non-Strategic | — | — | 11.4 | — | ||||||||||||||||||||||||||||||||||||||
Conservation Easement | Conservation Easement | — | 3.9 | — | 3.9 | |||||||||||||||||||||||||||||||||||||||||
Deferred Revenue/Other (a) | Deferred Revenue/Other (a) | 0.9 | 0.5 | Deferred Revenue/Other (a) | (0.6) | (5.0) | 0.3 | (4.5) | ||||||||||||||||||||||||||||||||||||||
Large Dispositions (b) | Large Dispositions (b) | — | 36.0 | — | 36.0 | |||||||||||||||||||||||||||||||||||||||||
Total Sales | Total Sales | $34.2 | $10.5 | Total Sales | $34.4 | $74.5 | $68.6 | $85.0 | ||||||||||||||||||||||||||||||||||||||
Acres Sold | Acres Sold | Acres Sold | ||||||||||||||||||||||||||||||||||||||||||||
Improved Development | Improved Development | 16.1 | 0.6 | Improved Development | 60.8 | 289.2 | 77.0 | 289.9 | ||||||||||||||||||||||||||||||||||||||
Rural | Rural | 4,751 | 2,394 | Rural | 4,633 | 7,725 | 9,385 | 10,119 | ||||||||||||||||||||||||||||||||||||||
Timberland & Non-Strategic | Timberland & Non-Strategic | 3,966 | — | Timberland & Non-Strategic | — | — | 3,966 | — | ||||||||||||||||||||||||||||||||||||||
Large Dispositions (b) | Large Dispositions (b) | — | 8,534 | — | 8,534 | |||||||||||||||||||||||||||||||||||||||||
Total Acres Sold | Total Acres Sold | 8,734 | 2,395 | Total Acres Sold | 4,694 | 16,548 | 13,428 | 18,943 | ||||||||||||||||||||||||||||||||||||||
Gross Price per Acre (dollars per acre) | Gross Price per Acre (dollars per acre) | Gross Price per Acre (dollars per acre) | ||||||||||||||||||||||||||||||||||||||||||||
Improved Development | Improved Development | $308,065 | $406,452 | Improved Development | $190,136 | $66,864 | $214,841 | $67,590 | ||||||||||||||||||||||||||||||||||||||
Rural | Rural | 3,567 | 4,079 | Rural | 5,054 | 2,627 | 4,302 | 2,971 | ||||||||||||||||||||||||||||||||||||||
Timberland & Non-Strategic | Timberland & Non-Strategic | 2,874 | — | Timberland & Non-Strategic | — | — | 2,874 | — | ||||||||||||||||||||||||||||||||||||||
Large Dispositions (b) | Large Dispositions (b) | — | 4,218 | — | 4,218 | |||||||||||||||||||||||||||||||||||||||||
Weighted Average (Total) | Weighted Average (Total) | $3,815 | $4,183 | Weighted Average (Total) | $7,453 | $4,946 | $5,087 | $4,770 | ||||||||||||||||||||||||||||||||||||||
Weighted Average (Adjusted) | Weighted Average (Adjusted) | $3,252 | $4,079 | Weighted Average (Adjusted) | $5,054 | $2,627 | $3,878 | $2,971 | ||||||||||||||||||||||||||||||||||||||
Sales (Excluding Large Dispositions) | Sales (Excluding Large Dispositions) | $34.4 | $38.5 | $68.6 | $49.0 | |||||||||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | $10.2 | $1.7 | Operating Income | $11.0 | $50.5 | $21.2 | $52.2 | ||||||||||||||||||||||||||||||||||||||
(+) Depreciation, depletion and amortization | (+) Depreciation, depletion and amortization | 9.1 | 1.6 | (+) Depreciation, depletion and amortization | 2.6 | 3.7 | 11.7 | 5.3 | ||||||||||||||||||||||||||||||||||||||
(+) Non-cash cost of land and improved development | (+) Non-cash cost of land and improved development | 5.4 | 1.8 | (+) Non-cash cost of land and improved development | 11.8 | 5.2 | 17.1 | 7.0 | ||||||||||||||||||||||||||||||||||||||
(–) Large Dispositions (b) | (–) Large Dispositions (b) | — | (30.3) | — | (30.3) | |||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $24.7 | $5.1 | Adjusted EBITDA | $25.4 | $29.1 | $50.1 | $34.1 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
Trading Overview | Trading Overview | 2022 | 2021 | Trading Overview | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Sales Volume (in thousands of tons) | Sales Volume (in thousands of tons) | Sales Volume (in thousands of tons) | ||||||||||||||||||||||||||||||||||||||||||||
U.S. | U.S. | 17 | — | U.S. | 27 | — | 43 | — | ||||||||||||||||||||||||||||||||||||||
NZ | NZ | 95 | 141 | NZ | 182 | 243 | 278 | 384 | ||||||||||||||||||||||||||||||||||||||
Total Volume | Total Volume | 112 | 141 | Total Volume | 209 | 243 | 320 | 384 | ||||||||||||||||||||||||||||||||||||||
Summary Financial Data (in millions of dollars) | Summary Financial Data (in millions of dollars) | Summary Financial Data (in millions of dollars) | ||||||||||||||||||||||||||||||||||||||||||||
Trading Sales | Trading Sales | $13.1 | $16.2 | Trading Sales | $27.3 | $34.2 | $40.4 | $50.4 | ||||||||||||||||||||||||||||||||||||||
Non-Timber Sales | Non-Timber Sales | 0.4 | 0.4 | Non-Timber Sales | 0.4 | 0.4 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||||||||||
Total Sales | Total Sales | $13.4 | $16.7 | Total Sales | $27.7 | $34.5 | $41.1 | $51.2 | ||||||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | $0.4 | $0.2 | Operating Income | ($0.4) | $0.4 | ($0.1) | $0.7 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (a) | Adjusted EBITDA (a) | $0.4 | $0.2 | Adjusted EBITDA (a) | ($0.4) | $0.4 | ($0.1) | $0.7 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures By Segment (in millions of dollars) | Capital Expenditures By Segment (in millions of dollars) | 2022 | 2021 | Capital Expenditures By Segment (in millions of dollars) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Timber Capital Expenditures | Timber Capital Expenditures | Timber Capital Expenditures | ||||||||||||||||||||||||||||||||||||||||||||
Southern Timber | Southern Timber | Southern Timber | ||||||||||||||||||||||||||||||||||||||||||||
Reforestation, silviculture and other capital expenditures | Reforestation, silviculture and other capital expenditures | $2.5 | $3.3 | Reforestation, silviculture and other capital expenditures | $3.6 | $4.3 | $6.1 | $7.6 | ||||||||||||||||||||||||||||||||||||||
Property taxes | Property taxes | 1.9 | 1.5 | Property taxes | 1.9 | 1.8 | 3.7 | 3.3 | ||||||||||||||||||||||||||||||||||||||
Lease payments | Lease payments | 0.7 | 0.8 | Lease payments | 0.2 | 0.2 | 0.9 | 1.0 | ||||||||||||||||||||||||||||||||||||||
Allocated overhead | Allocated overhead | 1.3 | 1.2 | Allocated overhead | 1.1 | 1.0 | 2.4 | 2.2 | ||||||||||||||||||||||||||||||||||||||
Subtotal Southern Timber | Subtotal Southern Timber | $6.3 | $6.7 | Subtotal Southern Timber | $6.8 | $7.2 | $13.1 | $14.0 | ||||||||||||||||||||||||||||||||||||||
Pacific Northwest Timber | Pacific Northwest Timber | Pacific Northwest Timber | ||||||||||||||||||||||||||||||||||||||||||||
Reforestation, silviculture and other capital expenditures | Reforestation, silviculture and other capital expenditures | 3.6 | 2.7 | Reforestation, silviculture and other capital expenditures | 1.5 | 1.7 | 5.2 | 4.4 | ||||||||||||||||||||||||||||||||||||||
Property taxes | Property taxes | 0.3 | 0.3 | Property taxes | 0.3 | 0.3 | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||||||||
Allocated overhead | Allocated overhead | 1.4 | 1.2 | Allocated overhead | 1.4 | 1.2 | 2.7 | 2.3 | ||||||||||||||||||||||||||||||||||||||
Subtotal Pacific Northwest Timber | Subtotal Pacific Northwest Timber | $5.2 | $4.1 | Subtotal Pacific Northwest Timber | $3.2 | $3.1 | $8.4 | $7.3 | ||||||||||||||||||||||||||||||||||||||
New Zealand Timber | New Zealand Timber | New Zealand Timber | ||||||||||||||||||||||||||||||||||||||||||||
Reforestation, silviculture and other capital expenditures | Reforestation, silviculture and other capital expenditures | 2.5 | 2.0 | Reforestation, silviculture and other capital expenditures | 3.0 | 3.1 | 5.5 | 5.0 | ||||||||||||||||||||||||||||||||||||||
Property taxes | Property taxes | 0.2 | 0.2 | Property taxes | 0.2 | 0.2 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||||
Lease payments | Lease payments | 0.5 | 0.5 | Lease payments | 0.9 | 0.7 | 1.4 | 1.2 | ||||||||||||||||||||||||||||||||||||||
Allocated overhead | Allocated overhead | 0.7 | 0.7 | Allocated overhead | 0.7 | 0.8 | 1.4 | 1.5 | ||||||||||||||||||||||||||||||||||||||
Subtotal New Zealand Timber | Subtotal New Zealand Timber | $3.9 | $3.4 | Subtotal New Zealand Timber | $4.8 | $4.7 | $8.6 | $8.1 | ||||||||||||||||||||||||||||||||||||||
Total Timber Segments Capital Expenditures | Total Timber Segments Capital Expenditures | $15.4 | $14.2 | Total Timber Segments Capital Expenditures | $14.7 | $15.1 | $30.2 | $29.3 | ||||||||||||||||||||||||||||||||||||||
Timber Funds (“Look-through”) (a) | Timber Funds (“Look-through”) (a) | — | 0.2 | Timber Funds (“Look-through”) (a) | — | 0.2 | — | 0.4 | ||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | 0.2 | 0.1 | Real Estate | — | — | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||
Total Capital Expenditures | Total Capital Expenditures | $15.6 | $14.5 | Total Capital Expenditures | $14.7 | $15.2 | $30.3 | $29.7 | ||||||||||||||||||||||||||||||||||||||
Timberland Acquisitions | Timberland Acquisitions | Timberland Acquisitions | ||||||||||||||||||||||||||||||||||||||||||||
Southern Timber | Southern Timber | $2.8 | $29.9 | Southern Timber | $0.4 | $11.0 | $3.2 | $41.0 | ||||||||||||||||||||||||||||||||||||||
New Zealand Timber | New Zealand Timber | — | 10.9 | — | 10.9 | |||||||||||||||||||||||||||||||||||||||||
Timberland Acquisitions | Timberland Acquisitions | $2.8 | $29.9 | Timberland Acquisitions | $0.4 | $21.9 | $3.2 | $51.9 | ||||||||||||||||||||||||||||||||||||||
Real Estate Development Investments (b) | Real Estate Development Investments (b) | $3.1 | $3.0 | Real Estate Development Investments (b) | $2.9 | $3.3 | $6.0 | $6.3 |
Sales | Sales | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Intersegment Eliminations | Total | Sales | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Intersegment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | $51.7 | $41.5 | $57.6 | $14.9 | $10.5 | $16.7 | ($1.5) | $191.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2021 | $49.3 | $35.3 | $80.6 | $18.6 | $74.5 | $34.5 | ($1.4) | $291.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Volume | 8.2 | (1.4) | (7.9) | — | 25.3 | (3.4) | — | 20.8 | Volume | 1.2 | (1.2) | 1.2 | — | (15.9) | (4.9) | — | (19.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Price | Price | 12.5 | 5.8 | (6.2) | — | (2.9) | 0.2 | — | 9.4 | Price | 6.0 | 3.0 | (16.5) | — | 11.0 | (2.0) | — | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-timber sales | Non-timber sales | (1.7) | (0.1) | 1.5 | — | — | (0.1) | — | (0.4) | Non-timber sales | 2.4 | (0.2) | 3.4 | — | — | — | — | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (a) | Foreign exchange (a) | — | — | (1.3) | — | — | — | — | (1.3) | Foreign exchange (a) | — | — | (1.4) | — | — | — | — | (1.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 6.1 | (b) | 0.5 | (b) | 7.7 | (c) | (14.9) | (d) | 1.3 | (e) | — | 1.4 | (f) | 2.1 | Other | 7.4 | (b) | 2.3 | (b) | 11.6 | (c) | (18.6) | (d) | (35.2) | (e) | 0.1 | 1.3 | (f) | (31.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | $76.8 | $46.3 | $51.4 | — | $34.2 | $13.4 | ($0.1) | $222.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | $66.3 | $39.2 | $78.9 | — | $34.4 | $27.7 | ($0.1) | $246.3 |
Sales | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Intersegment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | $101.0 | $76.8 | $138.1 | $33.6 | $85.0 | $51.2 | ($2.8) | $482.9 | ||||||||||||||||||||||||||||||||||||||||||
Volume | 9.4 | (2.6) | (7.8) | — | 13.9 | (8.4) | — | 4.5 | ||||||||||||||||||||||||||||||||||||||||||
Price | 18.4 | 8.7 | (22.4) | — | 3.5 | (1.6) | — | 6.6 | ||||||||||||||||||||||||||||||||||||||||||
Non-timber sales | 0.8 | (0.3) | 4.9 | — | — | (0.1) | — | 5.3 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (a) | — | — | (2.6) | — | — | — | — | (2.6) | ||||||||||||||||||||||||||||||||||||||||||
Other | 13.4 | (b) | 2.8 | (b) | 20.1 | (c) | (33.6) | (d) | (33.8) | (e) | — | 2.7 | (f) | (28.3) | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | $143.0 | $85.4 | $130.3 | — | $68.6 | $41.1 | ($0.1) | $468.4 | ||||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) | Operating Income (Loss) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | Operating Income (Loss) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | $17.3 | $1.3 | $14.0 | $1.5 | $1.7 | $0.2 | ($7.6) | $28.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2021 | $17.0 | $1.9 | $20.7 | $2.0 | $50.5 | $0.4 | ($8.0) | $84.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Volume | 4.5 | (0.3) | (2.6) | — | 17.4 | — | — | 19.0 | Volume | 0.7 | (0.4) | 0.5 | — | (11.3) | — | — | (10.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Price (a) | Price (a) | 12.5 | 5.8 | (6.2) | — | (2.9) | — | — | 9.2 | Price (a) | 6.0 | 3.0 | (16.5) | — | 11.0 | — | — | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Cost | (2.1) | (0.5) | (0.6) | — | (2.8) | 0.2 | — | (5.8) | Cost | (1.4) | (1.4) | (0.9) | — | 0.9 | (0.8) | (2.1) | (5.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-timber income (b) | Non-timber income (b) | (1.8) | (0.1) | 1.5 | — | — | — | — | (0.4) | Non-timber income (b) | 2.4 | (0.2) | 3.4 | — | — | — | — | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (c) | Foreign exchange (c) | — | — | (1.5) | — | — | — | — | (1.5) | Foreign exchange (c) | — | — | 1.1 | — | — | — | — | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion & amortization | Depreciation, depletion & amortization | (0.1) | 0.4 | 0.8 | — | (4.2) | — | — | (3.1) | Depreciation, depletion & amortization | (0.6) | — | (0.3) | — | (0.3) | — | — | (1.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | Non-cash cost of land and improved development | — | — | — | — | 1.0 | — | — | 1.0 | Non-cash cost of land and improved development | — | — | — | — | (8.6) | — | — | (8.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (d) | Other (d) | — | — | — | (1.5) | — | — | — | (1.5) | Other (d) | — | — | — | (2.0) | (31.2) | — | — | (33.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | $30.3 | $6.6 | $5.4 | — | $10.2 | $0.4 | ($7.6) | $45.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | $24.1 | $2.9 | $8.0 | — | $11.0 | ($0.4) | ($10.1) | $35.5 |
Operating Income (Loss) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | $34.3 | $3.2 | $34.7 | $3.5 | $52.2 | $0.7 | ($15.6) | $112.9 | ||||||||||||||||||||||||||||||||||||||||||
Volume | 5.3 | (0.6) | (2.6) | — | 9.8 | — | — | 11.9 | ||||||||||||||||||||||||||||||||||||||||||
Price (a) | 18.4 | 8.7 | (22.4) | — | 3.5 | — | — | 8.2 | ||||||||||||||||||||||||||||||||||||||||||
Cost | (3.6) | (1.9) | (1.4) | — | (1.8) | (0.8) | (2.1) | (11.6) | ||||||||||||||||||||||||||||||||||||||||||
Non-timber income (b) | 0.7 | (0.3) | 4.9 | — | — | — | — | 5.3 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (c) | — | — | (0.4) | — | — | — | — | (0.4) | ||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion & amortization | (0.7) | 0.4 | 0.6 | — | (5.1) | — | — | (4.8) | ||||||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | — | (6.1) | — | — | (6.1) | ||||||||||||||||||||||||||||||||||||||||||
Other (d) | — | — | — | (3.5) | (31.3) | — | — | (34.7) | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | $54.4 | $9.5 | $13.4 | — | $21.2 | ($0.1) | ($17.7) | $80.8 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (a) | Adjusted EBITDA (a) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | Adjusted EBITDA (a) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | $31.7 | $17.6 | $21.2 | $1.0 | $5.1 | $0.2 | ($7.3) | $69.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2021 | $30.6 | $13.9 | $27.7 | $1.4 | $29.1 | $0.4 | ($7.7) | $95.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Volume | 8.1 | (1.3) | (3.5) | — | 25.3 | — | — | 28.6 | Volume | 1.1 | (1.0) | 0.6 | — | (15.9) | — | — | (15.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Price (b) | Price (b) | 12.5 | 5.8 | (6.2) | — | (2.9) | — | — | 9.2 | Price (b) | 6.0 | 3.0 | (16.5) | — | 11.0 | — | — | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Cost | (2.1) | (0.5) | (0.6) | — | (2.8) | 0.2 | 0.1 | (5.7) | Cost | (1.4) | (1.4) | (0.9) | — | 0.9 | (0.8) | (2.1) | (5.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-timber income (c) | Non-timber income (c) | (1.8) | (0.1) | 1.5 | — | — | — | — | (0.4) | Non-timber income (c) | 2.4 | (0.2) | 3.4 | — | — | — | — | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (d) | Foreign exchange (d) | — | — | (2.0) | — | — | — | — | (2.0) | Foreign exchange (d) | — | — | 0.6 | — | — | — | — | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (e) | Other (e) | — | — | — | (1.0) | — | — | — | (1.1) | Other (e) | — | — | — | (1.4) | 0.3 | — | — | (1.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | $48.4 | $21.5 | $10.4 | — | $24.7 | $0.4 | ($7.2) | $98.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | $38.7 | $14.3 | $14.9 | — | $25.4 | ($0.4) | ($9.8) | $83.0 |
Adjusted EBITDA (a) | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | $62.3 | $31.5 | $48.9 | $2.3 | $34.1 | $0.7 | ($15.1) | $164.7 | ||||||||||||||||||||||||||||||||||||||||||
Volume | 9.3 | (2.2) | (3.3) | — | 13.9 | — | — | 17.7 | ||||||||||||||||||||||||||||||||||||||||||
Price (b) | 18.4 | 8.7 | (22.4) | — | 3.5 | — | — | 8.2 | ||||||||||||||||||||||||||||||||||||||||||
Cost | (3.6) | (1.9) | (1.4) | — | (1.8) | (0.8) | (1.9) | (11.4) | ||||||||||||||||||||||||||||||||||||||||||
Non-timber income (c) | 0.7 | (0.3) | 4.9 | — | — | — | — | 5.3 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange (d) | — | — | (1.4) | — | — | — | — | (1.4) | ||||||||||||||||||||||||||||||||||||||||||
Other (e) | — | — | — | (2.3) | 0.4 | — | — | (1.9) | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | $87.1 | $35.8 | $25.3 | — | $50.1 | ($0.1) | ($17.0) | $181.1 | ||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||||||||
(millions of dollars) | (millions of dollars) | 2022 | 2021 | (millions of dollars) | 2022 | 2021 | ||||||||||||||||
Cash and cash equivalents (excluding Timber Funds) | Cash and cash equivalents (excluding Timber Funds) | $256.5 | $358.7 | Cash and cash equivalents (excluding Timber Funds) | $279.3 | $358.7 | ||||||||||||||||
Total debt (a) | Total debt (a) | 1,254.1 | 1,376.1 | Total debt (a) | 1,272.1 | 1,376.1 | ||||||||||||||||
Noncontrolling interests in the operating partnership | Noncontrolling interests in the operating partnership | 136.2 | 133.8 | Noncontrolling interests in the operating partnership | 123.8 | 133.8 | ||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 1,881.6 | 1,815.6 | Shareholders’ equity | 1,820.4 | 1,815.6 | ||||||||||||||||
Total capitalization (total debt plus permanent and temporary equity) | Total capitalization (total debt plus permanent and temporary equity) | 3,271.9 | 3,325.5 | Total capitalization (total debt plus permanent and temporary equity) | 3,216.3 | 3,325.5 | ||||||||||||||||
Debt to capital ratio | Debt to capital ratio | 38 | % | 41 | % | Debt to capital ratio | 40 | % | 41 | % | ||||||||||||
Net debt to enterprise value (b)(c) | Net debt to enterprise value (b)(c) | 14 | % | 14 | % | Net debt to enterprise value (b)(c) | 15 | % | 14 | % |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Shares of common stock issued under the ATM program | Shares of common stock issued under the ATM program | 726,248 | 1,107,814 | Shares of common stock issued under the ATM program | — | 2,199,459 | 726,248 | 3,307,273 | ||||||||||||||||||||||||||||||||||||||
Average price per share sold under the ATM program | Average price per share sold under the ATM program | $41.46 | $33.31 | Average price per share sold under the ATM program | — | $36.79 | $41.46 | $35.63 | ||||||||||||||||||||||||||||||||||||||
Gross proceeds from common shares issued under the ATM program | Gross proceeds from common shares issued under the ATM program | $30.1 | $36.9 | Gross proceeds from common shares issued under the ATM program | — | $80.9 | $30.1 | $117.8 |
(millions of dollars) | (millions of dollars) | 2022 | 2021 | (millions of dollars) | 2022 | 2021 | ||||||||||||||||
Cash provided by (used for): | Cash provided by (used for): | Cash provided by (used for): | ||||||||||||||||||||
Operating activities | Operating activities | $49.7 | $53.9 | Operating activities | $148.5 | $164.6 | ||||||||||||||||
Investing activities | Investing activities | (18.9) | (44.4) | Investing activities | (34.5) | (49.1) | ||||||||||||||||
Financing activities | Financing activities | (134.7) | (13.8) | Financing activities | (184.9) | 112.0 |
Future uses of cash (in millions) | Future uses of cash (in millions) | Total | Payments Due by Period | Future uses of cash (in millions) | Total | Payments Due by Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2023-2024 | 2025-2026 | Thereafter | 2022 | 2023-2024 | 2025-2026 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt (a) | Long-term debt (a) | $1,252.0 | — | — | $252.0 | $1,000.0 | Long-term debt (a) | $1,271.5 | — | — | $246.5 | $1,025.0 | ||||||||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt (b) | Current maturities of long-term debt (b) | 2.1 | 2.1 | — | — | — | Current maturities of long-term debt (b) | 0.6 | — | 0.6 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest payments on long-term debt (b) | Interest payments on long-term debt (b) | 207.1 | 24.5 | 57.1 | 52.9 | 72.6 | Interest payments on long-term debt (b) | 238.4 | 18.1 | 72.5 | 67.2 | 80.6 | ||||||||||||||||||||||||||||||||||||||||||||||
Operating leases — timberland (c) | Operating leases — timberland (c) | 188.6 | 7.3 | 15.0 | 14.4 | 151.9 | Operating leases — timberland (c) | 189.5 | 5.5 | 14.8 | 14.1 | 155.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Operating leases — PP&E, offices (c) | Operating leases — PP&E, offices (c) | 9.0 | 1.4 | 2.3 | 1.3 | 4.0 | Operating leases — PP&E, offices (c) | 7.9 | 0.9 | 2.2 | 1.2 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments — development projects (d) | Commitments — development projects (d) | 25.8 | 17.8 | 3.5 | 0.6 | 3.9 | Commitments — development projects (d) | 27.8 | 19.7 | 3.5 | 0.5 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments — derivatives (e) | Commitments — derivatives (e) | 37.6 | 8.5 | 18.9 | 6.9 | 3.3 | Commitments — derivatives (e) | 25.4 | 8.1 | 15.9 | 1.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments — environmental remediation (f) | Commitments — environmental remediation (f) | 11.3 | 0.7 | 7.7 | 1.5 | 1.4 | Commitments — environmental remediation (f) | 11.3 | 0.7 | 7.7 | 1.5 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Commitments — other (g) | Commitments — other (g) | 1.2 | 0.6 | 0.5 | 0.1 | — | Commitments — other (g) | 1.1 | 0.4 | 0.6 | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $1,734.7 | $62.9 | $105.0 | $329.7 | $1,237.1 | Total | $1,773.5 | $53.4 | $117.8 | $332.5 | $1,269.8 |
(in millions) | (in millions) | March 31, 2022 | December 31, 2021 | (in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Current assets | Current assets | $257.6 | $335.8 | Current assets | $272.0 | $335.8 | ||||||||||||||||
Non-current assets | Non-current assets | 75.6 | 54.6 | Non-current assets | 100.9 | 54.6 | ||||||||||||||||
Current liabilities | Current liabilities | 20.1 | 146.0 | Current liabilities | 19.2 | 146.0 | ||||||||||||||||
Non-current liabilities | Non-current liabilities | 1,800.6 | 1,821.7 | Non-current liabilities | 1,800.6 | 1,821.7 | ||||||||||||||||
Due to non-guarantors | Due to non-guarantors | 565.6 | 570.4 | Due to non-guarantors | 566.3 | 570.4 |
(in millions) | (in millions) | March 31, 2022 | December 31, 2021 | (in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Cost and expenses | Cost and expenses | ($6.5) | ($27.5) | Cost and expenses | ($14.6) | ($27.5) | ||||||||||||||||
Operating loss | Operating loss | (6.5) | (27.3) | Operating loss | (14.6) | (27.3) | ||||||||||||||||
Net loss | Net loss | (16.2) | (69.7) | Net loss | (30.0) | (69.7) | ||||||||||||||||
Revenue from non-guarantors | Revenue from non-guarantors | 222.0 | 1,109.4 | Revenue from non-guarantors | 468.4 | 1,109.4 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income to Adjusted EBITDA Reconciliation | Net Income to Adjusted EBITDA Reconciliation | Net Income to Adjusted EBITDA Reconciliation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $31.0 | $15.0 | Net Income | $25.3 | $63.4 | $56.3 | $78.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income attributable to NCI in Timber Funds | Operating income attributable to NCI in Timber Funds | — | (1.1) | Operating income attributable to NCI in Timber Funds | — | (1.6) | — | (2.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest, net attributable to NCI in Timber Funds | Interest, net attributable to NCI in Timber Funds | — | 0.1 | Interest, net attributable to NCI in Timber Funds | — | 0.2 | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Excluding NCI in Timber Funds) | Net Income (Excluding NCI in Timber Funds) | 31.0 | 14.0 | Net Income (Excluding NCI in Timber Funds) | 25.3 | 62.0 | 56.3 | 76.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest, net and miscellaneous income attributable to Rayonier | Interest, net and miscellaneous income attributable to Rayonier | 8.2 | 9.9 | Interest, net and miscellaneous income attributable to Rayonier | 8.9 | 12.8 | 17.1 | 22.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense attributable to Rayonier | Income tax expense attributable to Rayonier | 5.5 | 3.5 | Income tax expense attributable to Rayonier | 1.3 | 6.8 | 6.8 | 10.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization attributable to Rayonier | Depreciation, depletion and amortization attributable to Rayonier | 47.4 | 40.3 | Depreciation, depletion and amortization attributable to Rayonier | 35.8 | 37.6 | 83.2 | 77.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | Non-cash cost of land and improved development | 5.4 | 1.8 | Non-cash cost of land and improved development | 11.8 | 5.2 | 17.1 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expense | Non-operating expense | 0.6 | — | Non-operating expense | — | 1.2 | 0.6 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Large Dispositions (a) | Large Dispositions (a) | — | (30.3) | — | (30.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $98.1 | $69.5 | Adjusted EBITDA | $83.0 | $95.3 | $181.1 | $164.7 |
Three Months Ended | Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | Three Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $30.3 | $6.6 | $5.4 | — | $10.2 | $0.4 | ($7.6) | $45.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | $24.1 | $2.9 | $8.0 | — | $11.0 | ($0.4) | ($10.1) | $35.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | Depreciation, depletion and amortization | 18.1 | 14.9 | 5.0 | — | 9.1 | — | 0.3 | 47.4 | Depreciation, depletion and amortization | 14.7 | 11.3 | 6.9 | — | 2.6 | — | 0.3 | 35.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | Non-cash cost of land and improved development | — | — | — | — | 5.4 | — | — | 5.4 | Non-cash cost of land and improved development | — | — | — | — | 11.8 | — | — | 11.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $48.4 | $21.5 | $10.4 | — | $24.7 | $0.4 | ($7.2) | $98.1 | Adjusted EBITDA | $38.7 | $14.3 | $14.9 | — | $25.4 | ($0.4) | ($9.8) | $83.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | $17.3 | $1.3 | $14.0 | $1.5 | $1.7 | $0.2 | ($7.6) | $28.5 | Operating income | $17.0 | $1.9 | $20.7 | $2.0 | $50.5 | $0.4 | ($8.0) | $84.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income attributable to NCI in Timber Funds | Operating income attributable to NCI in Timber Funds | — | — | — | (1.1) | — | — | — | (1.1) | Operating income attributable to NCI in Timber Funds | — | — | — | (1.6) | — | — | — | (1.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | Depreciation, depletion and amortization | 14.4 | 16.3 | 7.2 | 0.6 | 1.6 | — | 0.3 | 40.3 | Depreciation, depletion and amortization | 13.6 | 12.0 | 7.0 | 1.0 | 3.7 | — | 0.3 | 37.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | Non-cash cost of land and improved development | — | — | — | — | 1.8 | — | — | 1.8 | Non-cash cost of land and improved development | — | — | — | — | 5.2 | — | — | 5.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large Dispositions (a) | Large Dispositions (a) | — | — | — | — | (30.3) | — | — | (30.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $31.7 | $17.6 | $21.2 | $1.0 | $5.1 | $0.2 | ($7.3) | $69.5 | Adjusted EBITDA | $30.6 | $13.9 | $27.7 | $1.4 | $29.1 | $0.4 | ($7.7) | $95.3 |
Six Months Ended | Southern Timber | Pacific Northwest Timber | New Zealand Timber | Timber Funds | Real Estate | Trading | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $54.4 | $9.5 | $13.4 | — | $21.2 | ($0.1) | ($17.7) | $80.8 | |||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 32.7 | 26.2 | 11.9 | — | 11.7 | — | 0.6 | 83.2 | |||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | — | 17.1 | — | — | 17.1 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $87.1 | $35.8 | $25.3 | — | $50.1 | ($0.1) | ($17.0) | $181.1 | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $34.3 | $3.2 | $34.7 | $3.5 | $52.2 | $0.7 | ($15.6) | $112.9 | |||||||||||||||||||||||||||||||||||||||
Operating income attributable to NCI in Timber Funds | — | — | — | (2.7) | — | — | — | (2.7) | |||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 27.9 | 28.3 | 14.2 | 1.6 | 5.3 | — | 0.6 | 77.9 | |||||||||||||||||||||||||||||||||||||||
Non-cash cost of land and improved development | — | — | — | — | 7.0 | — | — | 7.0 | |||||||||||||||||||||||||||||||||||||||
Large Dispositions (a) | — | — | — | — | (30.3) | — | — | (30.3) | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $62.3 | $31.5 | $48.9 | $2.3 | $34.1 | $0.7 | ($15.1) | $164.7 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash provided by operating activities | Cash provided by operating activities | $49.7 | $53.9 | Cash provided by operating activities | $148.5 | $164.6 | ||||||||||||||||
Capital expenditures (a) | Capital expenditures (a) | (15.6) | (15.8) | Capital expenditures (a) | (30.3) | (32.2) | ||||||||||||||||
CAD attributable to NCI in Timber Funds | CAD attributable to NCI in Timber Funds | — | (4.6) | CAD attributable to NCI in Timber Funds | — | (9.7) | ||||||||||||||||
Working capital and other balance sheet changes | Working capital and other balance sheet changes | 30.4 | 13.8 | Working capital and other balance sheet changes | 1.3 | (11.9) | ||||||||||||||||
CAD | CAD | $64.5 | $47.3 | CAD | $119.5 | $110.8 | ||||||||||||||||
Mandatory debt repayments | Mandatory debt repayments | (2.1) | — | Mandatory debt repayments | (0.6) | (325.0) | ||||||||||||||||
CAD after mandatory debt repayments | CAD after mandatory debt repayments | $62.4 | $47.3 | CAD after mandatory debt repayments | $118.9 | ($214.2) |
Cash used for investing activities | Cash used for investing activities | ($18.9) | ($44.4) | Cash used for investing activities | ($34.5) | ($49.1) | ||||||||||||||||
Cash used for financing activities | ($134.7) | ($13.8) | ||||||||||||||||||||
Cash (used for) provided by financing activities | Cash (used for) provided by financing activities | ($184.9) | $112.0 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Purchase of timberlands | Purchase of timberlands | ($2.8) | ($29.9) | Purchase of timberlands | ($3.2) | ($51.9) | ||||||||||||||||
Real Estate Development Investments | Real Estate Development Investments | (3.1) | (3.0) | Real Estate Development Investments | (6.0) | (6.3) | ||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | (2.7) | (8.7) | Distributions to noncontrolling interests in consolidated affiliates | (6.7) | (15.2) |
(Dollars in thousands) | (Dollars in thousands) | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | Fair Value | (Dollars in thousands) | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate debt: | Variable rate debt: | Variable rate debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amounts | Principal amounts | $2,087 | — | — | — | $200,000 | $550,000 | $752,087 | $752,087 | Principal amounts | — | $622 | — | — | $200,000 | $550,000 | $750,622 | $750,622 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest rate (a)(b) | Average interest rate (a)(b) | 2.06 | % | — | — | — | 1.88 | % | 1.85 | % | 1.86 | % | Average interest rate (a)(b) | — | 3.06 | % | — | — | 2.71 | % | 2.68 | % | 2.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt: | Fixed rate debt: | Fixed rate debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amounts | Principal amounts | — | — | — | $24,005 | $28,006 | $450,000 | $502,011 | $459,595 | Principal amounts | — | — | — | $21,451 | $25,026 | $475,026 | $521,504 | $446,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest rate (b) | Average interest rate (b) | — | — | — | 2.95 | % | 3.64 | % | 2.75 | % | 2.81 | % | Average interest rate (b) | — | — | — | 2.95 | % | 3.64 | % | 2.95 | % | 2.98 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | Interest rate swaps: | Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | Notional amount | — | — | $350,000 | — | $200,000 | $200,000 | $750,000 | $26,912 | Notional amount | — | — | $350,000 | — | $200,000 | $200,000 | $750,000 | $40,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average pay rate (b) | Average pay rate (b) | — | — | 2.28 | % | — | 1.60 | % | 0.77 | % | 1.69 | % | Average pay rate (b) | — | — | 2.28 | % | — | 1.60 | % | 0.77 | % | 1.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average receive rate (b) | Average receive rate (b) | — | — | 0.29 | % | — | 0.23 | % | 0.23 | % | 0.26 | % | Average receive rate (b) | — | — | 1.12 | % | — | 1.06 | % | 1.06 | % | 1.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward-starting interest rate swaps | Forward-starting interest rate swaps | Forward-starting interest rate swaps | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | Notional amount | — | — | — | — | — | $150,000 | $150,000 | $6,699 | Notional amount | — | — | — | — | — | $150,000 | $150,000 | $9,106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average pay rate (b) | Average pay rate (b) | — | — | — | — | — | 0.83 | % | 0.83 | % | Average pay rate (b) | — | — | — | — | — | 0.83 | % | 0.83 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average receive rate (b) | Average receive rate (b) | — | — | — | — | — | 0.45 | % | 0.45 | % | Average receive rate (b) | — | — | — | — | — | 1.79 | % | 1.79 | % |
(Dollars in thousands) | (Dollars in thousands) | 0-1 months | 1-2 months | 2-3 months | 3-6 months | 6-12 months | 12-18 months | 18-24 months | Total | Fair Value | (Dollars in thousands) | 0-1 months | 1-2 months | 2-3 months | 3-6 months | 6-12 months | 12-18 months | 18-24 months | 24-36 months | Total | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts to sell U.S. dollar for New Zealand dollar | Foreign exchange contracts to sell U.S. dollar for New Zealand dollar | Foreign exchange contracts to sell U.S. dollar for New Zealand dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | Notional amount | $9,000 | $9,500 | $8,000 | $26,000 | $46,500 | $38,500 | $12,000 | $149,500 | $1,566 | Notional amount | $10,500 | $11,000 | $9,000 | $26,500 | $45,000 | $36,500 | $20,000 | $2,000 | $160,500 | ($12,788) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average contract rate | Average contract rate | 1.4505 | 1.4397 | 1.4432 | 1.4378 | 1.4567 | 1.4848 | 1.5059 | 1.4624 | Average contract rate | 1.4678 | 1.4452 | 1.4560 | 1.4538 | 1.4709 | 1.5050 | 1.5588 | 1.6251 | 1.4859 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency option contracts to sell U.S. dollar for New Zealand dollar | Foreign currency option contracts to sell U.S. dollar for New Zealand dollar | Foreign currency option contracts to sell U.S. dollar for New Zealand dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | Notional amount | — | — | — | — | — | $8,000 | $6,000 | $14,000 | $94 | Notional amount | — | — | — | — | $2,000 | $12,000 | $6,000 | $12,000 | $32,000 | ($592) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average strike price | Average strike price | — | — | — | — | — | 1.4808 | 1.5053 | 1.4913 | Average strike price | — | — | — | — | 1.4744 | 1.4941 | 1.5684 | 1.6391 | 1.5612 |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (c) | |||||||||||||||||||||||||
January 1 to January 31 | 5,392 | $39.44 | — | 2,400,888 | |||||||||||||||||||||||||
February 1 to February 28 | — | — | — | 2,209,785 | |||||||||||||||||||||||||
March 1 to March 31 | 28 | 33.59 | — | 2,133,474 | |||||||||||||||||||||||||
Total | 5,420 | — |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (c) | |||||||||||||||||||||||||
April 1 to April 30 | 90,405 | $43.51 | — | 2,030,751 | |||||||||||||||||||||||||
May 1 to May 31 | 324 | 39.52 | — | 2,128,298 | |||||||||||||||||||||||||
June 1 to June 30 | 1,091 | 40.96 | — | 2,346,935 | |||||||||||||||||||||||||
Total | 91,820 | — |
22.1 | Filed herewith | ||||||||||
31.1 | Filed herewith | ||||||||||
31.2 | Filed herewith | ||||||||||
31.3 | Filed herewith | ||||||||||
31.4 | Filed herewith | ||||||||||
32.1 | Furnished herewith | ||||||||||
32.2 | Furnished herewith | ||||||||||
101 | The following financial information from Rayonier Inc. and Rayonier, L.P.’s Quarterly Report on Form 10-Q for the fiscal quarter ended | Filed herewith | |||||||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q from the quarter ended |
RAYONIER INC. | ||||||||
By: | /s/ APRIL TICE | |||||||
April Tice Vice President and Chief Accounting Officer (Duly Authorized Officer, Principal Accounting Officer) |
RAYONIER, L.P. | ||||||||
By: RAYONIER INC., its sole general partner | ||||||||
By: | /s/ APRIL TICE | |||||||
April Tice Vice President and Chief Accounting Officer (Duly Authorized Officer, Principal Accounting Officer) |