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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES    
Net income $ 167,261 $ 34,501
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 83,685 85,784
Non-cash cost of land and improved development 10,111 9,532
Stock-based incentive compensation expense 3,894 3,522
Deferred income taxes 4,472 (4,745)
Non-cash adjustments to unrecognized tax benefit liability 0 135
Amortization of losses from pension and postretirement plans 1,881 2,818
Gain on sale of large disposition of timberlands (101,325) 0
Other (251) 2,336
Changes in operating assets and liabilities:    
Receivables (3,897) 1,895
Inventories (4,591) (9,403)
Accounts payable 583 1,854
Income tax receivable/payable (47) (947)
All other operating activities 2,132 16,121
CASH PROVIDED BY OPERATING ACTIVITIES 163,908 143,403
INVESTING ACTIVITIES    
Capital expenditures (40,246) (37,211)
Real estate development investments (4,815) (2,029)
Purchase of timberlands (353,828) (88,466)
Assets purchased in business acquisition (1,113) 0
Net proceeds from large disposition of timberlands 126,965 0
Rayonier office building under construction (3,933) (369)
Change in restricted cash 22,430 (17,835)
Other 444 3,039
CASH USED FOR INVESTING ACTIVITIES (254,096) (142,871)
FINANCING ACTIVITIES    
Issuance of debt 694,096 379,027
Repayment of debt (454,419) (300,871)
Dividends paid (92,095) (94,280)
Proceeds from the issuance of common shares 889 1,322
Repurchase of common shares made under share repurchase program (690) (73,621)
Debt issuance costs (818) (1,678)
Other (139) 0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 146,824 (90,101)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 1,626 (6,234)
CASH AND CASH EQUIVALENTS    
Change in cash and cash equivalents 58,262 (95,803)
Balance, beginning of year 51,777 161,558
Balance, end of period 110,039 65,755
Cash paid during the period:    
Interest [1] 23,540 21,944
Income taxes 495 421
Non-cash investing activity:    
Capital assets purchased on account 4,376 1,945
Patronage refunds received, netted with interest paid $ 400 $ 1,300
[1] Interest paid is presented net of patronage payments received of $0.4 million and $1.3 million for the nine months ended September 30, 2016 and September 30, 2015, respectively. For additional information on patronage payments, see Note 5 — Debt in the 2015 Form 10-K.