v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following table contains information on the outstanding interest rate swaps as of June 30, 2026:
Outstanding Interest Rate Swaps (a)
Start DateYears to MaturityNotional AmountRelated Debt FacilityFixed Rate of SwapBank Margin on DebtTotal Effective Interest Rate (b)
 Legacy Rayonier Hedging Instruments
February 2022
3 years
200,000 2021 Incremental Term Loan0.67%1.92%2.59%
August 2024
2 years
100,000 2015 Term Loan0.78%1.60%2.38%
August 2024
2 years
50,000 2015 Term Loan0.64%1.60%2.24%
August 2024
2 years
50,000 2015 Term Loan3.29%1.60%4.89%
Hedging Instruments Acquired in the PotlatchDeltic Merger (January 30, 2026)
January 2026
1 year
138,750  Term Loan Q 0.50%2.00%2.50%
January 2026
2 years
65,000  Term Loan K 2.79%2.04%4.83%
January 2026
2 years
35,000  Term Loan L 2.79%2.04%4.83%
January 2026
3 years
150,000  Term Loan M 0.43%1.70%2.13%
January 2026
3 years
40,000  Term Loan N 1.26%1.69%2.95%
January 2026
4 years
138,750  Term Loan R0.66%2.00%2.66%
January 2026
4 years
23,000  Term Loan O 0.87%2.28%3.15%
January 2026
4 years
23,000  Term Loan O 0.87%2.28%3.15%
January 2026
5 years
20,000  Term Loan P0.93%2.20%3.13%
January 2026
5 years
20,000  Term Loan P 0.93%2.20%3.13%
January 2026
6 years
20,000  Term Loan S 0.98%2.30%3.28%
January 2026
6 years
20,000  Term Loan S 0.97%2.30%3.27%
January 2026
6 years
38,000  Term Loan U 1.82%2.20%4.02%
January 2026
7 years
38,000  Term Loan V 2.02%2.25%4.27%
January 2026
7 years
40,000  Term Loan T 1.05%2.30%3.35%
January 2026
8 years
100,000  Term Loan W 1.98%2.30%4.28%
January 2026
9 years
100,000  Term Loan X 1.81%2.30%4.11%
Total Notional$1,409,500 
(a)All interest rate swaps are designated as cash flow hedges and qualify for hedge accounting.
(b)Rate is before estimated patronage payments.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table presents the pre-tax impact of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30,		Six Months Ended
June 30,
Income Statement Location2026202520262025
Derivatives designated as cash flow hedges:
Interest rate productsOther comprehensive income (loss), relating to continuing operations$14,253 ($1,439)$20,535 ($5,687)
Interest expense, net(3,661)(4,529)(7,671)(9,040)
Total interest expense, net, as reported on the Consolidated Statements of Income and Comprehensive Income (Loss)(16,910)(6,542)(31,211)(12,936)
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at June 30, 2026 and December 31, 2025:
Notional Amount
June 30, 2026December 31, 2025
Derivatives designated as cash flow hedges:
Interest rate swaps (a)$1,409,500 $600,000 
(a)    The period-over-period increase in notional outstanding of $809.5 million is attributable to the 17 PotlatchDeltic Merger Swaps re-designated as cash flow hedges on January 30, 2026, offset by the maturity of swaps with an aggregate notional amount of $200 million related to the 2016 Term Loan, which was repaid in full at maturity on April 28, 2026.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at June 30, 2026 and December 31, 2025. The Company classifies the fair value of its derivative instruments as current or non-current based on the contractual settlement timing of each individual derivative:
Location on Balance SheetFair Value Assets (Liabilities) (a)
June 30, 2026December 31, 2025
Derivatives designated as cash flow hedges:
Interest rate swaps
Other current assets— $1,404 
Other assets129,990 25,438 
Total derivative assets$129,990 $26,842 
Other non-current liabilities— ($23)
Total derivative liabilities— ($23)
(a)    See Note 10 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.