CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES
Net income		$ 42,706	$ 35,083
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		34,537	30,773
Non-cash cost of land and improved development		1,624	4,479
Stock-based incentive compensation expense		1,262	880
Deferred income taxes		6,982	5,989
Amortization of losses from pension and postretirement plans		159	116
Gain on sale of large disposition of timberlands		0	28,188
Other		6,271	2,306
Changes in operating assets and liabilities:
Receivables		(10,473)	(11,442)
Inventories		(1,268)	(3,481)
Accounts payable		3,921	5,886
Income tax receivable/payable		(290)	(126)
All other operating activities		(7,196)	(8,332)
CASH PROVIDED BY OPERATING ACTIVITIES		78,235	33,943
INVESTING ACTIVITIES
Capital expenditures		(13,192)	(14,362)
Real estate development investments		(2,340)	(2,185)
Purchase of timberlands		(12)	(11,293)
Net proceeds from large disposition of timberlands		0	42,034
Rayonier office building under construction		0	(2,604)
Other		(2,105)	(5,617)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES		(17,649)	5,973
FINANCING ACTIVITIES
Issuance of debt		0	29,719
Repayment of debt		(29,375)	(20,530)
Dividends paid		(32,123)	(30,618)
Proceeds from the issuance of common shares under incentive stock plan		5,455	2,251
Proceeds from the issuance of common shares from equity offering, net of costs		0	152,345
Repurchase of common shares		(18)	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(56,061)	133,167
EFFECT OF EXCHANGE RATE CHANGES ON CASH		807	(67)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash and cash equivalents	[1]	5,332	173,016
Balance, beginning of year	[1]	172,356	157,617
Balance, end of period	[1]	177,688	330,633
Cash paid during the period:
Interest	[2]	2,585	3,695
Income taxes		281	214
Non-cash investing activity:
Capital assets purchased on account		$ 1,525	$ 5,430

[1] Due to the adoption of ASU No. 2016-18, restricted cash is now included with cash and cash equivalents when reconciling the beginning-of-year and end-of-period total amounts shown and therefore changes in restricted cash are no longer reported as investing activities. Prior period amounts have been restated to conform to current period presentation. For additional information and a reconciliation of cash, see

[2] Interest paid is presented net of patronage payments received of $3.7 million and $3.0 million for the three months ended March 31, 2018 and March 31, 2017, respectively. For additional information on patronage payments, see Note 5 — Debt in the 2017 Form 10-K.