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RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
NET INCOME $ 178,495 $ 122,791 $ 210,487
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 158,231 147,339 155,722
Non-cash cost of land and improved development 29,768 28,374 24,976
Stock-based incentive compensation expense 14,002 12,356 9,277
Deferred income taxes 278 (5,352) 8,509
Pension settlement charge 2,036 0 0
Amortization of losses from pension and postretirement plans 6 753 1,174
Timber write-offs resulting from casualty events 2,302 729 0
Fund II carried interest incentive fee 0 0 (3,807)
Other 13,169 1,049 9,456
Changes in operating assets and liabilities:      
Receivables 4,404 (9,109) 17,239
Inventories 513 (4,335) (503)
Accounts payable 1,505 1,144 (1,593)
All other operating activities (1,256) (9,943) (5,846)
CASH PROVIDED BY OPERATING ACTIVITIES 298,375 269,190 325,110
INVESTING ACTIVITIES      
Capital expenditures (81,447) (74,811) (75,965)
Real estate development investments (23,078) (13,698) (12,521)
Purchase of timberlands (14,062) (458,530) (179,115)
Other 2,776 1,180 912
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES 124,087 (516,363) (26,253)
FINANCING ACTIVITIES      
Issuance of debt 0 656,842 446,378
Repayment of debt (150,000) (531,842) (420,000)
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs (81) 61,557 230,826
Debt issuance costs 0 (740) (4,846)
Distributions to noncontrolling interests in consolidated affiliates (1,699) (19,434) (108,956)
Make-whole fee on NWFCS debt prepayment 0 0 (6,234)
CASH USED FOR FINANCING ACTIVITIES (328,874) (4,589) (16,311)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (621) (1,970) (889)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Change in cash, cash equivalents and restricted cash 92,967 (253,732) 281,657
Balance, beginning of year 115,407 369,139 87,482
Balance, end of year 208,374 115,407 369,139
Cash paid during the year:      
Interest [1] 48,742 35,717 42,672
Income taxes 4,816 15,127 7,392
Non-cash investing activity:      
Capital assets purchased on account 7,490 4,435 5,272
Non-cash financing activity:      
Noncontrolling interests in consolidated affiliates redemption of shares [2] 0 27,860 28,119
Large Disposition Of Timberlands      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands (105,078) (16,606) (44,784)
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands 239,898 29,496 54,682
Fund II Timberland Dispositions      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands 0 0 (51,522)
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands 0 0 154,740
Timber Funds III And IV      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands 0 0 (3,675)
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands 0 0 31,014
Rayonier Limited Partnership      
OPERATING ACTIVITIES      
NET INCOME 178,495 122,791 210,487
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 158,231 147,339 155,722
Non-cash cost of land and improved development 29,768 28,374 24,976
Stock-based incentive compensation expense 14,002 12,356 9,277
Deferred income taxes 278 (5,352) 8,509
Pension settlement charge 2,036 0 0
Amortization of losses from pension and postretirement plans 6 753 1,174
Timber write-offs resulting from casualty events 2,302 729 0
Fund II carried interest incentive fee 0 0 (3,807)
Other 13,169 1,049 9,456
Changes in operating assets and liabilities:      
Receivables 4,404 (9,109) 17,239
Inventories 513 (4,335) (503)
Accounts payable 1,505 1,144 (1,593)
All other operating activities (1,256) (9,943) (5,846)
CASH PROVIDED BY OPERATING ACTIVITIES 298,375 269,190 325,110
INVESTING ACTIVITIES      
Capital expenditures (81,447) (74,811) (75,965)
Real estate development investments (23,078) (13,698) (12,521)
Purchase of timberlands (14,062) (458,530) (179,115)
Other 2,776 1,180 912
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES 124,087 (516,363) (26,253)
FINANCING ACTIVITIES      
Issuance of debt 0 656,842 446,378
Repayment of debt (150,000) (531,842) (420,000)
Distributions on units (172,952) (169,375) (157,784)
Proceeds from the issuance of units under incentive stock plan 75 2,628 5,922
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs (81) 61,557 230,826
Repurchase of units to pay withholding taxes on vested incentive stock awards (4,217) (4,225) (1,617)
Debt issuance costs 0 (740) (4,846)
Distributions to noncontrolling interests in consolidated affiliates (1,699) (19,434) (108,956)
Make-whole fee on NWFCS debt prepayment 0 0 (6,234)
CASH USED FOR FINANCING ACTIVITIES (328,874) (4,589) (16,311)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (621) (1,970) (889)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Change in cash, cash equivalents and restricted cash 92,967 (253,732) 281,657
Balance, beginning of year 115,407 369,139 87,482
Balance, end of year 208,374 115,407 369,139
Cash paid during the year:      
Interest [3] 48,742 35,717 42,672
Income taxes 4,816 15,127 7,392
Non-cash investing activity:      
Capital assets purchased on account 7,490 4,435 5,272
Non-cash financing activity:      
Noncontrolling interests in consolidated affiliates redemption of shares [4] 0 27,860 28,119
Rayonier Limited Partnership | Large Disposition Of Timberlands      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands (105,078) (16,606) (44,784)
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands 239,898 29,496 54,682
Rayonier Limited Partnership | Fund II Timberland Dispositions      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands 0 0 (51,522)
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands 0 0 154,740
Rayonier Limited Partnership | Timber Funds III And IV      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands 0 0 (3,675)
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands $ 0 $ 0 $ 31,014
[1] Interest paid is presented net of patronage payments received of $6.2 million, $6.0 million and $6.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. For additional information on patronage payments, see Note 7 — Debt.
[2] The New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.
[3] Interest paid is presented net of patronage payments received of $6.2 million, $6.0 million and $6.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. For additional information on patronage payments, see Note 7 — Debt.
[4] The New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $27.9 million and $28.1 million for the years ended December 31, 2022 and 2021, respectively. See Note 5 — Noncontrolling Interests and Note 7 — Debt for further information.