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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES      
Net income $ 161,579 $ 217,770 $ 43,941
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 127,566 115,142 113,708
Non-cash cost of land and real estate sold 13,684 11,690 12,509
Stock-based incentive compensation expense 5,396 5,136 4,484
Amortization of debt discount/premium 0 (462) 604
Deferred income taxes 21,980 5,170 (1,475)
Non-cash adjustments to unrecognized tax benefit liability 0 0 135
Amortization of losses from pension and postretirement plans 465 2,513 3,403
Gain on sale of Large Dispositions (66,994) (143,933) 0
Other (716) 336 350
Changes in operating assets and liabilities:      
Receivables (6,362) 2,517 2,034
Inventories (1,384) (1,175) (9,749)
Accounts payable 3,435 (559) 1,863
Income tax receivable/payable (434) (206) (894)
All other operating activities (1,931) (10,138) 6,251
CASH PROVIDED BY OPERATING ACTIVITIES 256,284 203,801 177,164
INVESTING ACTIVITIES      
Capital expenditures (65,345) (58,723) (57,293)
Real estate development investments (15,784) (8,746) (2,676)
Purchase of timberlands (242,910) (366,481) (98,409)
Assets purchased in business acquisition 0 (887) 0
Net proceeds from Large Dispositions 95,243 203,862 0
Proceeds from settlement of foreign currency hedge 0 0 2,804
Rayonier office building under construction (6,084) (6,307) (908)
Change in restricted cash 12,005 (48,184) (16,836)
Other (373) 2,311 7,009
CASH USED FOR INVESTING ACTIVITIES (223,248) (283,155) (166,309)
FINANCING ACTIVITIES      
Issuance of debt 63,389 695,916 472,558
Repayment of debt (100,157) (458,415) (364,402)
Dividends paid (127,069) (122,845) (124,936)
Proceeds from the issuance of common shares 4,751 1,576 2,117
Proceeds from the issuance of common shares from equity offering, net of costs 152,390 0 0
Repurchase of common shares (176) (690) (100,000)
Debt issuance costs 0 (818) (1,678)
Other 0 (301) (122)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (6,872) 114,423 (116,463)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 580 (937) (4,173)
CASH AND CASH EQUIVALENTS      
Change in cash and cash equivalents 26,744 34,132 (109,781)
Balance, beginning of year 85,909 51,777 161,558
Balance, end of year 112,653 85,909 51,777
Cash paid during the year:      
Interest 36,041 36,289 33,011
Income taxes 514 501 277
Non-cash investing activity:      
Capital assets purchased on account 3,809 4,683 3,429
Purchase of timberlands $ 0 $ 0 $ 700