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CONSOLIDATING FINANCIAL STATEMENTS | 9 Months Ended
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Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
CONSOLIDATING FINANCIAL STATEMENTS | CONSOLIDATING FINANCIAL STATEMENTS The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries. In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. In connection with these notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. The subsidiary guarantors, Rayonier Operating Company LLC (“ROC”) and Rayonier TRS Holdings Inc., are wholly-owned by the parent company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries.
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| For the Three Months Ended September 30, 2019
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $156,417 |  |  | — |  |  |  | $156,417 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | (134,463 | ) |  | — |  |  | (134,463 | )
Selling and general expenses | — |  |  | (4,725 | ) |  | (5,377 | ) |  | — |  |  | (10,102 | )
Other operating expense, net | — |  |  | (17 | ) |  | (848 | ) |  | — |  |  | (865 | )
| — |  |  | (4,742 | ) |  | (140,688 | ) |  | — |  |  | (145,430 | )
OPERATING (LOSS) INCOME | — |  |  | (4,742 | ) |  | 15,729 |  |  | — |  |  | 10,987 |
Interest expense | (3,139 | ) |  | (4,843 | ) |  | (14 | ) |  | — |  |  | (7,996 | )
Interest and miscellaneous income (expense), net | (457 | ) |  | 742 |  |  | 503 |  |  | — |  |  | 788 |
Equity in income from subsidiaries | 3,163 |  |  | 12,660 |  |  | — |  |  | (15,823 | ) |  | — |
(LOSS) INCOME BEFORE INCOME TAXES | (433 | ) |  | 3,817 |  |  | 16,218 |  |  | (15,823 | ) |  | 3,779 |
Income tax expense | — |  |  | (654 | ) |  | (1,597 | ) |  | — |  |  | (2,251 | )
NET (LOSS) INCOME | (433 | ) |  | 3,163 |  |  | 14,621 |  |  | (15,823 | ) |  | 1,528 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | (1,961 | ) |  | — |  |  | (1,961 | )
NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. | (433 | ) |  | 3,163 |  |  | 12,660 |  |  | (15,823 | ) |  | (433 | )
OTHER COMPREHENSIVE (LOSS) INCOME |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax | (21,918 | ) |  | — |  |  | (28,524 | ) |  | 21,918 |  |  | (28,524 | )
Cash flow hedges, net of income tax | (11,899 | ) |  | (10,141 | ) |  | (2,283 | ) |  | 11,899 |  |  | (12,424 | )
Amortization of pension and postretirement plans, net of income tax | 112 |  |  | 112 |  |  | — |  |  | (112 | ) |  | 112 |
Total other comprehensive loss | (33,705 | ) |  | (10,029 | ) |  | (30,807 | ) |  | 33,705 |  |  | (40,836 | )
COMPREHENSIVE (LOSS) INCOME | (34,138 | ) |  | (6,866 | ) |  | (16,186 | ) |  | 17,882 |  |  | (39,308 | )
Less: Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 5,169 |  |  | — |  |  | 5,169 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC. |  | ($34,138 | ) |  |  | ($6,866 | ) |  |  | ($11,017 | ) |  |  | $17,882 |  |  |  | ($34,139 | )
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| For the Three Months Ended September 30, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $200,890 |  |  | — |  |  |  | $200,890 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | (143,261 | ) |  | — |  |  | (143,261 | )
Selling and general expenses | — |  |  | (5,094 | ) |  | (5,706 | ) |  | — |  |  | (10,800 | )
Other operating (expense) income, net | — |  |  | (50 | ) |  | (401 | ) |  | — |  |  | (451 | )
| — |  |  | (5,144 | ) |  | (149,368 | ) |  | — |  |  | (154,512 | )
OPERATING (LOSS) INCOME | — |  |  | (5,144 | ) |  | 51,522 |  |  | — |  |  | 46,378 |
Interest expense | (3,138 | ) |  | (4,676 | ) |  | (24 | ) |  | — |  |  | (7,838 | )
Interest and miscellaneous income (expense), net | 1,743 |  |  | 1,755 |  |  | (3,003 | ) |  | — |  |  | 495 |
Equity in income from subsidiaries | 24,827 |  |  | 33,539 |  |  | — |  |  | (58,366 | ) |  | — |
INCOME BEFORE INCOME TAXES | 23,432 |  |  | 25,474 |  |  | 48,495 |  |  | (58,366 | ) |  | 39,035 |
Income tax expense | — |  |  | (647 | ) |  | (7,749 | ) |  | — |  |  | (8,396 | )
NET INCOME | 23,432 |  |  | 24,827 |  |  | 40,746 |  |  | (58,366 | ) |  | 30,639 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | (7,207 | ) |  | — |  |  | (7,207 | )
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 23,432 |  |  | 24,827 |  |  | 33,539 |  |  | (58,366 | ) |  | 23,432 |
OTHER COMPREHENSIVE (LOSS) INCOME |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax | (8,090 | ) |  | — |  |  | (10,527 | ) |  | 8,090 |  |  | (10,527 | )
Cash flow hedges, net of income tax | 4,379 |  |  | 5,174 |  |  | (1,032 | ) |  | (4,379 | ) |  | 4,142 |
Amortization of pension and postretirement plans, net of income tax | (542 | ) |  | (542 | ) |  | — |  |  | 542 |  |  | (542 | )
Total other comprehensive (loss) income | (4,253 | ) |  | 4,632 |  |  | (11,559 | ) |  | 4,253 |  |  | (6,927 | )
COMPREHENSIVE INCOME | 19,179 |  |  | 29,459 |  |  | 29,187 |  |  | (54,113 | ) |  | 23,712 |
Less: Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (4,533 | ) |  | — |  |  | (4,533 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $19,179 |  |  |  | $29,459 |  |  |  | $24,654 |  |  |  | ($54,113 | ) |  |  | $19,179 |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| Nine Months Ended September 30, 2019
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $532,764 |  |  | — |  |  |  | $532,764 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | (418,169 | ) |  | — |  |  | (418,169 | )
Selling and general expenses | — |  |  | (15,228 | ) |  | (15,668 | ) |  | — |  |  | (30,896 | )
Other operating expense, net | — |  |  | (1,107 | ) |  | (1,692 | ) |  | — |  |  | (2,799 | )
| — |  |  | (16,335 | ) |  | (435,529 | ) |  | — |  |  | (451,864 | )
OPERATING (LOSS) INCOME | — |  |  | (16,335 | ) |  | 97,235 |  |  | — |  |  | 80,900 |
Interest expense | (9,417 | ) |  | (14,160 | ) |  | (52 | ) |  | — |  |  | (23,629 | )
Interest and miscellaneous income (expense), net | (1,370 | ) |  | 2,634 |  |  | 1,914 |  |  | — |  |  | 3,178 |
Equity in income from subsidiaries | 53,899 |  |  | 83,161 |  |  | — |  |  | (137,060 | ) |  | — |
INCOME BEFORE INCOME TAXES | 43,112 |  |  | 55,300 |  |  | 99,097 |  |  | (137,060 | ) |  | 60,449 |
Income tax expense | — |  |  | (1,401 | ) |  | (8,807 | ) |  | — |  |  | (10,208 | )
NET INCOME | 43,112 |  |  | 53,899 |  |  | 90,290 |  |  | (137,060 | ) |  | 50,241 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | (7,129 | ) |  | — |  |  | (7,129 | )
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,112 |  |  | 53,899 |  |  | 83,161 |  |  | (137,060 | ) |  | 43,112 |
OTHER COMPREHENSIVE (LOSS) INCOME |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax | (21,544 | ) |  | (90 | ) |  | (28,005 | ) |  | 21,544 |  |  | (28,095 | )
Cash flow hedges, net of income tax | (42,248 | ) |  | (40,973 | ) |  | (1,656 | ) |  | 42,248 |  |  | (42,629 | )
Amortization of pension and postretirement plans, net of income tax | 337 |  |  | 337 |  |  | — |  |  | (337 | ) |  | 337 |
Total other comprehensive loss | (63,455 | ) |  | (40,726 | ) |  | (29,661 | ) |  | 63,455 |  |  | (70,387 | )
COMPREHENSIVE (LOSS) INCOME | (20,343 | ) |  | 13,173 |  |  | 60,629 |  |  | (73,605 | ) |  | (20,146 | )
Less: Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (197 | ) |  | — |  |  | (197 | )
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. |  | ($20,343 | ) |  |  | $13,173 |  |  |  | $60,432 |  |  |  | ($73,605 | ) |  |  | ($20,343 | )
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| Nine Months Ended September 30, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
SALES | — |  |  | — |  |  |  | $649,991 |  |  | — |  |  |  | $649,991 |
Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | — |  |  | (466,167 | ) |  | — |  |  | (466,167 | )
Selling and general expenses | — |  |  | (14,953 | ) |  | (16,351 | ) |  | — |  |  | (31,304 | )
Other operating (expense) income, net | (12 | ) |  | 545 |  |  | 2,044 |  |  | — |  |  | 2,577 |
| (12 | ) |  | (14,408 | ) |  | (480,474 | ) |  | — |  |  | (494,894 | )
OPERATING (LOSS) INCOME | (12 | ) |  | (14,408 | ) |  | 169,517 |  |  | — |  |  | 155,097 |
Interest expense | (9,417 | ) |  | (14,229 | ) |  | (346 | ) |  | — |  |  | (23,992 | )
Interest and miscellaneous income (expense), net | 7,105 |  |  | 3,265 |  |  | (6,350 | ) |  | — |  |  | 4,020 |
Equity in income from subsidiaries | 102,553 |  |  | 128,786 |  |  | — |  |  | (231,339 | ) |  | — |
INCOME BEFORE INCOME TAXES | 100,229 |  |  | 103,414 |  |  | 162,821 |  |  | (231,339 | ) |  | 135,125 |
Income tax expense | — |  |  | (861 | ) |  | (21,582 | ) |  | — |  |  | (22,443 | )
NET INCOME | 100,229 |  |  | 102,553 |  |  | 141,239 |  |  | (231,339 | ) |  | 112,682 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | (12,453 | ) |  | — |  |  | (12,453 | )
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 100,229 |  |  | 102,553 |  |  | 128,786 |  |  | (231,339 | ) |  | 100,229 |
OTHER COMPREHENSIVE (LOSS) INCOME |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment, net of income tax | (23,341 | ) |  | 452 |  |  | (31,051 | ) |  | 23,341 |  |  | (30,599 | )
Cash flow hedges, net of income tax | 22,476 |  |  | 26,460 |  |  | (5,175 | ) |  | (22,476 | ) |  | 21,285 |
Amortization of pension and postretirement plans, net of income tax | (204 | ) |  | (204 | ) |  | — |  |  | 204 |  |  | (204 | )
Total other comprehensive (loss) income | (1,069 | ) |  | 26,708 |  |  | (36,226 | ) |  | 1,069 |  |  | (9,518 | )
COMPREHENSIVE INCOME | 99,160 |  |  | 129,261 |  |  | 105,013 |  |  | (230,270 | ) |  | 103,164 |
Less: Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (4,004 | ) |  | — |  |  | (4,004 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. |  | $99,160 |  |  |  | $129,261 |  |  |  | $101,009 |  |  |  | ($230,270 | ) |  |  | $99,160 |
| CONDENSED CONSOLIDATING BALANCE SHEETS
| As of September 30, 2019
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $6,181 |  |  |  | $32,926 |  |  |  | $17,839 |  |  | — |  |  |  | $56,946 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 2,894 |  |  | 23,165 |  |  | — |  |  | 26,059 |
Inventory | — |  |  | — |  |  | 8,352 |  |  | — |  |  | 8,352 |
Prepaid expenses | — |  |  | 2,056 |  |  | 12,838 |  |  | — |  |  | 14,894 |
Other current assets | — |  |  | 97 |  |  | 182 |  |  | — |  |  | 279 |
Total current assets | 6,181 |  |  | 37,973 |  |  | 62,376 |  |  | — |  |  | 106,530 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 2,408,310 |  |  | — |  |  | 2,408,310 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | — |  |  | — |  |  | 89,456 |  |  | — |  |  | 89,456 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 16,803 |  |  | 5,397 |  |  | — |  |  | 22,200 |
RESTRICTED CASH | — |  |  | — |  |  | 2,988 |  |  | — |  |  | 2,988 |
RIGHT-OF-USE ASSETS | — |  |  | 33,893 |  |  | 63,539 |  |  | — |  |  | 97,432 |
INVESTMENT IN SUBSIDIARIES | 1,692,797 |  |  | 2,994,568 |  |  | — |  |  | (4,687,365 | ) |  | — |
INTERCOMPANY RECEIVABLE | 56,257 |  |  | (644,851 | ) |  | 588,594 |  |  | — |  |  | — |
OTHER ASSETS | 2 |  |  | (2,735 | ) |  | 42,895 |  |  | — |  |  | 40,162 |
TOTAL ASSETS |  | $1,755,237 |  |  |  | $2,435,651 |  |  |  | $3,263,555 |  |  |  | ($4,687,365 | ) |  |  | $2,767,078 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | — |  |  |  | $3,381 |  |  |  | $16,175 |  |  | — |  |  |  | $19,556 |
Accrued taxes | — |  |  | 227 |  |  | 7,869 |  |  | — |  |  | 8,096 |
Accrued payroll and benefits | — |  |  | 4,217 |  |  | 2,342 |  |  | — |  |  | 6,559 |
Accrued interest | 6,094 |  |  | 1,882 |  |  | — |  |  | — |  |  | 7,976 |
Deferred revenue | — |  |  | — |  |  | 15,320 |  |  | — |  |  | 15,320 |
Other current liabilities | — |  |  | 4,747 |  |  | 21,515 |  |  | — |  |  | 26,262 |
Total current liabilities | 6,094 |  |  | 14,454 |  |  | 63,221 |  |  | — |  |  | 83,769 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 324,079 |  |  | 648,910 |  |  | — |  |  | — |  |  | 972,989 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 24,637 |  |  | (684 | ) |  | — |  |  | 23,953 |
LONG-TERM LEASE LIABILITY | — |  |  | 29,619 |  |  | 58,768 |  |  | — |  |  | 88,387 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 25,234 |  |  | 57,125 |  |  | — |  |  | 82,359 |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,425,064 |  |  | 1,692,797 |  |  | 2,994,568 |  |  | (4,687,365 | ) |  | 1,425,064 |
Noncontrolling interest | — |  |  | — |  |  | 90,557 |  |  | — |  |  | 90,557 |
TOTAL SHAREHOLDERS’ EQUITY | 1,425,064 |  |  | 1,692,797 |  |  | 3,085,125 |  |  | (4,687,365 | ) |  | 1,515,621 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $1,755,237 |  |  |  | $2,435,651 |  |  |  | $3,263,555 |  |  |  | ($4,687,365 | ) |  |  | $2,767,078 |
| CONDENSED CONSOLIDATING BALANCE SHEETS
| As of December 31, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $361 |  |  |  | $104,777 |  |  |  | $43,236 |  |  | — |  |  |  | $148,374 |
Accounts receivable, less allowance for doubtful accounts | — |  |  | 3,752 |  |  | 22,399 |  |  | — |  |  | 26,151 |
Inventory | — |  |  | — |  |  | 15,703 |  |  | — |  |  | 15,703 |
Prepaid expenses | — |  |  | 977 |  |  | 16,039 |  |  | — |  |  | 17,016 |
Other current assets | — |  |  | 108 |  |  | 501 |  |  | — |  |  | 609 |
Total current assets | 361 |  |  | 109,614 |  |  | 97,878 |  |  | — |  |  | 207,853 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — |  |  | — |  |  | 2,401,327 |  |  | — |  |  | 2,401,327 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | — |  |  | — |  |  | 85,609 |  |  | — |  |  | 85,609 |
NET PROPERTY, PLANT AND EQUIPMENT | — |  |  | 16,940 |  |  | 5,811 |  |  | — |  |  | 22,751 |
RESTRICTED CASH | — |  |  | — |  |  | 8,080 |  |  | — |  |  | 8,080 |
INVESTMENT IN SUBSIDIARIES | 1,833,899 |  |  | 3,022,875 |  |  | — |  |  | (4,856,774 | ) |  | — |
INTERCOMPANY RECEIVABLE | 49,461 |  |  | (638,424 | ) |  | 588,963 |  |  | — |  |  | — |
OTHER ASSETS | 2 |  |  | 19,244 |  |  | 35,800 |  |  | — |  |  | 55,046 |
TOTAL ASSETS |  | $1,883,723 |  |  |  | $2,530,249 |  |  |  | $3,223,468 |  |  |  | ($4,856,774 | ) |  |  | $2,780,666 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | — |  |  |  | $1,616 |  |  |  | $16,403 |  |  | — |  |  |  | $18,019 |
Accrued taxes | — |  |  | 8 |  |  | 3,170 |  |  | — |  |  | 3,178 |
Accrued payroll and benefits | — |  |  | 5,848 |  |  | 4,568 |  |  | — |  |  | 10,416 |
Accrued interest | 3,047 |  |  | 1,960 |  |  | — |  |  | — |  |  | 5,007 |
Deferred revenue | — |  |  | — |  |  | 10,447 |  |  | — |  |  | 10,447 |
Other current liabilities | — |  |  | 216 |  |  | 16,258 |  |  | — |  |  | 16,474 |
Total current liabilities | 3,047 |  |  | 9,648 |  |  | 50,846 |  |  | — |  |  | 63,541 |
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS | 323,803 |  |  | 648,764 |  |  | — |  |  | — |  |  | 972,567 |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — |  |  | 30,484 |  |  | (684 | ) |  | — |  |  | 29,800 |
OTHER NON-CURRENT LIABILITIES | — |  |  | 7,454 |  |  | 52,754 |  |  | — |  |  | 60,208 |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,556,873 |  |  | 1,833,899 |  |  | 3,022,875 |  |  | (4,856,774 | ) |  | 1,556,873 |
Noncontrolling interest | — |  |  | — |  |  | 97,677 |  |  | — |  |  | 97,677 |
TOTAL SHAREHOLDERS’ EQUITY | 1,556,873 |  |  | 1,833,899 |  |  | 3,120,552 |  |  | (4,856,774 | ) |  | 1,654,550 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $1,883,723 |  |  |  | $2,530,249 |  |  |  | $3,223,468 |  |  |  | ($4,856,774 | ) |  |  | $2,780,666 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, 2019
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES |  | ($14,637 | ) |  |  | $15,495 |  |  |  | $163,335 |  |  | — |  |  |  | $164,193 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (619 | ) |  | (44,652 | ) |  | — |  |  | (45,271 | )
Real estate development investments | — |  |  | — |  |  | (3,349 | ) |  | — |  |  | (3,349 | )
Purchase of timberlands | — |  |  | — |  |  | (81,913 | ) |  | — |  |  | (81,913 | )
Investment in subsidiaries | — |  |  | (3,945 | ) |  | — |  |  | 3,945 |  |  | — |
Other | — |  |  | (7,304 | ) |  | 5,085 |  |  | — |  |  | (2,219 | )
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — |  |  | (11,868 | ) |  | (124,829 | ) |  | 3,945 |  |  | (132,752 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Dividends paid | (104,667 | ) |  | (25,983 | ) |  | 24,525 |  |  | — |  |  | (106,125 | )
Proceeds from the issuance of common shares under incentive stock plan | 831 |  |  | — |  |  | — |  |  | — |  |  | 831 |
Repurchase of common shares | (4,249 | ) |  | — |  |  | — |  |  | — |  |  | (4,249 | )
Repurchase of common shares made under repurchase program | — |  |  | (8,430 | ) |  | — |  |  | — |  |  | (8,430 | )
Proceeds from shareholder distribution hedge | — |  |  | — |  |  | 135 |  |  | — |  |  | 135 |
Distribution to minority shareholder | — |  |  | — |  |  | (7,315 | ) |  | — |  |  | (7,315 | )
Intercompany distributions | 128,542 |  |  | (41,065 | ) |  | (83,532 | ) |  | (3,945 | ) |  | — |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 20,457 |  |  | (75,478 | ) |  | (66,187 | ) |  | (3,945 | ) |  | (125,153 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (2,808 | ) |  | — |  |  | (2,808 | )
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |  |  |  |  |  |  |  |
Change in cash, cash equivalents and restricted cash | 5,820 |  |  | (71,851 | ) |  | (30,489 | ) |  | — |  |  | (96,520 | )
Balance, beginning of year | 361 |  |  | 104,777 |  |  | 51,316 |  |  | — |  |  | 156,454 |
Balance, end of period |  | $6,181 |  |  |  | $32,926 |  |  |  | $20,827 |  |  | — |  |  |  | $59,934 |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, 2018
| Rayonier Inc. (Parent Issuer) |  | Subsidiary Guarantors |  | Non- guarantors |  | Consolidating Adjustments |  | Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES |  | ($16,590 | ) |  |  | $165,283 |  |  |  | $112,358 |  |  | — |  |  |  | $261,051 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (58 | ) |  | (44,079 | ) |  | — |  |  | (44,137 | )
Real estate development investments | — |  |  | — |  |  | (6,889 | ) |  | — |  |  | (6,889 | )
Purchase of timberlands | — |  |  | — |  |  | (38,978 | ) |  | — |  |  | (38,978 | )
Investment in subsidiaries | — |  |  | 40,554 |  |  | — |  |  | (40,554 | ) |  | — |
Other | — |  |  | — |  |  | 2,132 |  |  | — |  |  | 2,132 |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — |  |  | 40,496 |  |  | (87,814 | ) |  | (40,554 | ) |  | (87,872 | )
FINANCING ACTIVITIES (a) |  |  |  |  |  |  |  |  |
Issuance of debt | — |  |  | — |  |  | 1,014 |  |  | — |  |  | 1,014 |
Repayment of debt | — |  |  | (50,000 | ) |  | (4,416 | ) |  | — |  |  | (54,416 | )
Dividends paid | (101,839 | ) |  | — |  |  | — |  |  | — |  |  | (101,839 | )
Proceeds from the issuance of common shares under incentive stock plan | 8,216 |  |  | — |  |  | — |  |  | — |  |  | 8,216 |
Repurchase of common shares | (2,980 | ) |  | — |  |  | — |  |  | — |  |  | (2,980 | )
Proceeds from shareholder distribution hedge | — |  |  | — |  |  | 610 |  |  | — |  |  | 610 |
Distribution to minority shareholder | — |  |  | — |  |  | (3,122 | ) |  | — |  |  | (3,122 | )
Issuance of intercompany notes | (9,000 | ) |  | — |  |  | 9,000 |  |  | — |  |  | — |
Intercompany distributions | 79,874 |  |  | (88,074 | ) |  | (32,354 | ) |  | 40,554 |  |  | — |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | (25,729 | ) |  | (138,074 | ) |  | (29,268 | ) |  | 40,554 |  |  | (152,517 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (1,341 | ) |  | — |  |  | (1,341 | )
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |  |  |  |  |  |  |  |
Change in cash, cash equivalents and restricted cash | (42,319 | ) |  | 67,705 |  |  | (6,065 | ) |  | — |  |  | 19,321 |
Balance, beginning of year | 48,564 |  |  | 25,042 |  |  | 98,750 |  |  | — |  |  | 172,356 |
Balance, end of period |  | $6,245 |  |  |  | $92,747 |  |  |  | $92,685 |  |  | — |  |  |  | $191,677 |
(a) Non-cash financing activity: In August 2018, Rayonier Inc. waived $308.7 million and $67.2 million of intercompany loans and accrued interest, respectively, due from non-guarantors.

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