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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net (loss) income $ 15,032 $ 26,421
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 45,213 34,329
Non-cash cost of land and improved development 1,813 412
Stock-based incentive compensation expense 2,156 1,510
Deferred income taxes (1,128) 3,361
Amortization of losses from pension and postretirement plans 294 217
Gain on sale of large disposition of timberlands 0 (28,655)
Other (3,681) 568
Changes in operating assets and liabilities:    
Receivables (3,697) (5,316)
Inventories (3,512) (3,618)
Accounts payable 6,684 3,353
All other operating activities (5,306) (3,403)
CASH PROVIDED BY OPERATING ACTIVITIES 53,868 29,179
INVESTING ACTIVITIES    
Capital expenditures (15,831) (17,176)
Real estate development investments (3,011) (1,727)
Purchase of timberlands (29,938) (24,122)
Net proceeds from large disposition of timberlands 0 115,666
Other 4,356 2,070
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES (44,424) 74,711
FINANCING ACTIVITIES    
Issuance of debt 0 20,000
Repayment of debt 0 (20,000)
Dividends paid on common stock (37,490) (34,907)
Distributions to noncontrolling interests in the Operating Partnership (1,155) 0
Proceeds from the issuance of common shares under incentive stock plan 1,166 66
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs 32,545 0
Repurchase of common shares (155) 0
Repurchase of common shares made under repurchase program 0 (3,152)
Distributions to noncontrolling interests in consolidated affiliates (8,737) (725)
CASH USED FOR FINANCING ACTIVITIES (13,826) (38,718)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (5) (2,303)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Change in cash, cash equivalents and restricted cash (4,387) 62,869
Balance, beginning of year 87,482 69,968
Balance, end of period 83,095 132,837
Cash paid during the period:    
Interest [1] 2,945 2,595
Income taxes 4,838 185
Non-cash investing activity:    
Capital assets purchased on account 4,814 4,215
Rayonier Limited Partnership    
OPERATING ACTIVITIES    
Net (loss) income 15,032 26,421
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 45,213 34,329
Non-cash cost of land and improved development 1,813 412
Stock-based incentive compensation expense 2,156 1,510
Deferred income taxes (1,128) 3,361
Amortization of losses from pension and postretirement plans 294 217
Gain on sale of large disposition of timberlands 0 (28,655)
Other (3,681) 568
Changes in operating assets and liabilities:    
Receivables (3,697) (5,316)
Inventories (3,512) (3,618)
Accounts payable 6,684 3,353
All other operating activities (5,306) (3,403)
CASH PROVIDED BY OPERATING ACTIVITIES 53,868 29,179
INVESTING ACTIVITIES    
Capital expenditures (15,831) (17,176)
Real estate development investments (3,011) (1,727)
Purchase of timberlands (29,938) (24,122)
Net proceeds from large disposition of timberlands 0 115,666
Other 4,356 2,070
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES (44,424) 74,711
FINANCING ACTIVITIES    
Issuance of debt 0 20,000
Repayment of debt 0 (20,000)
Distributions on units (38,645) (34,907)
Proceeds from the issuance of units under incentive stock plan 1,166 66
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs 32,545 0
Repurchase of units (155) 0
Repurchase of common shares made under repurchase program 0 (3,152)
Distributions to noncontrolling interests in consolidated affiliates (8,737) (725)
CASH USED FOR FINANCING ACTIVITIES (13,826) (38,718)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (5) (2,303)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Change in cash, cash equivalents and restricted cash (4,387) 62,869
Balance, beginning of year 87,482 69,968
Balance, end of period 83,095 132,837
Cash paid during the period:    
Interest [2] 2,945 2,595
Income taxes 4,838 185
Non-cash investing activity:    
Capital assets purchased on account $ 4,814 $ 4,215
[1] Interest paid is presented net of patronage payments received of $6.2 million and $4.3 million for the three months ended March 31, 2021 and March 31, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K.
[2] Interest paid is presented net of patronage payments received of $6.2 million and $4.3 million for the three months ended March 31, 2021 and March 31, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K.