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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES    
Net income $ 65,856 $ 126,637
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 67,895 51,707
Non-cash cost of land and improved development 7,359 5,775
Stock-based incentive compensation expense 2,892 2,839
Deferred income taxes 15,214 2,840
Amortization of losses from pension and postretirement plans 233 1,249
Gain on sale of large disposition of timberlands (28,183) (101,325)
Other 1,719 (983)
Changes in operating assets and liabilities:    
Receivables (10,421) (9,367)
Inventories (1,772) (2,132)
Accounts payable 5,141 2,315
Income tax receivable/payable (126) 441
All other operating activities 2,508 (3,017)
CASH PROVIDED BY OPERATING ACTIVITIES 128,315 76,979
INVESTING ACTIVITIES    
Capital expenditures (29,840) (26,180)
Real estate development investments (5,599) (3,018)
Purchase of timberlands (237,235) (276,614)
Assets purchased in business acquisition 0 (1,113)
Net proceeds from large disposition of timberlands 42,029 126,965
Rayonier office building under construction (5,573) (1,155)
Change in restricted cash 59,927 17,985
Other 1,033 (2,066)
CASH USED FOR INVESTING ACTIVITIES (175,258) (165,196)
FINANCING ACTIVITIES    
Issuance of debt 63,389 653,775
Repayment of debt (60,422) (426,173)
Dividends paid (62,825) (61,409)
Proceeds from the issuance of common shares under incentive stock plan 3,206 644
Proceeds from the issuance of common shares from equity offering, net of costs 152,390 0
Repurchase of common shares made under share repurchase program 0 (690)
Debt issuance costs 0 818
Other 0 (139)
CASH PROVIDED BY FINANCING ACTIVITIES 95,738 165,190
EFFECT OF EXCHANGE RATE CHANGES ON CASH 1,855 904
CASH AND CASH EQUIVALENTS    
Change in cash and cash equivalents 50,650 77,877
Balance, beginning of year 85,909 51,777
Balance, end of period 136,559 129,654
Cash paid during the period:    
Interest [1] 16,546 16,934
Income taxes 376 337
Non-cash investing activity:    
Capital assets purchased on account $ 5,284 $ 2,062
[1] Interest paid is presented net of patronage payments received of $3.0 million and $0.4 million for the six months ended June 30, 2017 and June 30, 2016, respectively. For additional information on patronage payments, see Note 5 — Debt in the 2016 Form 10-K.