The following table presents the changes in AOCI by component for the three months ended March 31, 2026 and the year ended December 31, 2025. All amounts are presented net of tax and exclude portions attributable to noncontrolling interests.


	Foreign currency translation adjustments		Net investment hedges of New Zealand subsidiary		Cash flow hedges		Employee benefit plans		Total Rayonier, L.P.	Allocation of Operating Partnership	Total Rayonier Inc.
Balance as of December 31, 2024	($51,149)		$1,321		$41,733		$230		($7,865)	($2,564)	($10,429)
Other comprehensive income before reclassifications	19,766		—		2,256	(a)	7		22,029	(104)	21,925
Amounts reclassified from AOCI	—		—		(16,868)		(6)	(b)	(16,874)	796	(16,078)
Amounts reclassified from AOCI due to deconsolidation of discontinued operations	31,383	(c)	(1,321)	(c)	(994)	(c)	—		29,068	—	29,068
Net other comprehensive income (loss)	51,149		(1,321)		(15,606)		1		34,223	692	34,915
Balance as of December 31, 2025	—		—		$26,127		$231		$26,358	($1,872)	$24,486
Other comprehensive income before reclassifications	—		—		6,266	(a)	—		6,266	(40)	6,226
Amounts reclassified from AOCI	—		—		(4,010)		(1)	(b)	(4,011)	26	(3,985)

Net other comprehensive income (loss)	—		—		2,256		(1)		2,255	(14)	2,241
Balance as of March 31, 2026	—		—		$28,383		$230		$28,613	($1,886)	$26,727

(a)The three months ended March 31, 2026 includes $6.3 million of other comprehensive income related to interest rate products. The year ended December 31, 2025 included $3.8 million of other comprehensive loss related to interest rate products. See Note 9 — Derivative Financial Instruments and Hedging Activities for additional information.

(b)This component of other comprehensive income (loss) is included in the computation of net periodic pension and post-retirement costs. See Note 18 — Pension and Other Postretirement Employee Benefits for additional information.

(c)The year ended December 31, 2025 includes $29.1 million reclassified from AOCI to “Gain on sale of discontinued operations” in the Consolidated Statements of Income and Comprehensive Income (Loss) upon deconsolidation of our New Zealand operations on June 30, 2025.

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2026 and March 31, 2025:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income		Affected line item in the Income Statement
	March 31, 2026	March 31, 2025
Realized gain on interest rate contracts	($4,010)	($4,511)	Interest expense, net
Noncontrolling interests	—	(189)	Comprehensive loss attributable to noncontrolling interests
Realized loss on foreign currency exchange contracts	—	801	Income from operations of discontinued operations, net of tax
Realized loss on foreign currency option contracts	—	20	Income from operations of discontinued operations, net of tax
Income tax effect from net loss on foreign currency contracts	—	(177)	Income from operations of discontinued operations, net of tax


Net gain on cash flow hedges reclassified from accumulated other comprehensive income	($4,010)	($4,056)