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RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income $ 5,341 $ 26,534
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 73,177 77,314
Non-cash cost of land and improved development 9,372 13,603
Stock-based incentive compensation expense 8,122 6,836
Deferred income taxes (2,319) (2,375)
Pension settlement charge 5,673 0
Timber write-offs resulting from casualty events 0 2,302
Other 1,262 (538)
Changes in operating assets and liabilities:    
Receivables (4,760) (10,400)
Inventories (379) (1,083)
Accounts payable 2,385 112
All other operating activities 9,753 14,018
CASH PROVIDED BY OPERATING ACTIVITIES 107,627 126,323
INVESTING ACTIVITIES    
Capital expenditures (36,942) (36,798)
Real estate development investments (10,124) (14,757)
Purchase of timberlands 0 (9,295)
Other (379) 4,378
CASH USED FOR INVESTING ACTIVITIES (47,445) (56,472)
FINANCING ACTIVITIES    
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs 0 (82)
Distributions to noncontrolling interests in consolidated affiliates (3,760) 0
CASH USED FOR FINANCING ACTIVITIES (125,078) (91,025)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (895) (867)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Change in cash, cash equivalents and restricted cash (65,791) (22,041)
Balance, beginning of year 208,374 115,407
Balance, end of period 142,583 93,366
Cash paid during the period:    
Interest [1] 15,727 20,733
Income taxes 3,839 3,688
Non-cash investing activity:    
Capital assets purchased on account 4,766 5,303
Rayonier Limited Partnership    
OPERATING ACTIVITIES    
Net income 5,341 26,534
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 73,177 77,314
Non-cash cost of land and improved development 9,372 13,603
Stock-based incentive compensation expense 8,122 6,836
Deferred income taxes (2,319) (2,375)
Pension settlement charge 5,673 0
Timber write-offs resulting from casualty events 0 2,302
Other 1,262 (538)
Changes in operating assets and liabilities:    
Receivables (4,760) (10,400)
Inventories (379) (1,083)
Accounts payable 2,385 112
All other operating activities 9,753 14,018
CASH PROVIDED BY OPERATING ACTIVITIES 107,627 126,323
INVESTING ACTIVITIES    
Capital expenditures (36,942) (36,798)
Real estate development investments (10,124) (14,757)
Purchase of timberlands 0 (9,295)
Other (379) 4,378
CASH USED FOR INVESTING ACTIVITIES (47,445) (56,472)
FINANCING ACTIVITIES    
Distributions on units [2] (117,155) (86,755)
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs 0 (82)
Repurchase of units to pay withholding taxes on vested incentive stock awards (4,163) (4,188)
Distributions to noncontrolling interests in consolidated affiliates (3,760) 0
CASH USED FOR FINANCING ACTIVITIES (125,078) (91,025)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (895) (867)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Change in cash, cash equivalents and restricted cash (65,791) (22,041)
Balance, beginning of year 208,374 115,407
Balance, end of period 142,583 93,366
Cash paid during the period:    
Interest [3] 15,727 20,733
Income taxes 3,839 3,688
Non-cash investing activity:    
Capital assets purchased on account $ 4,766 $ 5,303
[1] Interest paid is presented net of patronage payments received of $8.3 million and $6.2 million for the six months ended June 30, 2024 and June 30, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.
[2] The six months ended June 30, 2024 includes an additional cash distribution of $.20 per Redeemable Operating Partnership Unit, totaling $30.2 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.
[3] Interest paid is presented net of patronage payments received of $8.3 million and $6.2 million for the six months ended June 30, 2024 and June 30, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.