CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net income		$ 82,043	$ 65,856
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		80,920	67,895
Non-cash cost of land and improved development		14,936	7,359
Stock-based incentive compensation expense		3,474	2,892
Deferred income taxes		13,653	15,214
Amortization of losses from pension and postretirement plans		338	233
Gain on sale of large disposition of timberlands		0	(28,183)
Other		(5,466)	1,719
Changes in operating assets and liabilities:
Receivables		(26,203)	(10,421)
Inventories		1,014	(1,772)
Accounts payable		4,448	5,141
Income tax receivable/payable		(84)	(126)
All other operating activities		12,510	2,508
CASH PROVIDED BY OPERATING ACTIVITIES		181,583	128,315
INVESTING ACTIVITIES
Capital expenditures		(25,920)	(29,840)
Real estate development investments		(4,501)	(5,599)
Purchase of timberlands		(31,234)	(237,235)
Net proceeds from large disposition of timberlands		0	42,029
Rayonier office building under construction		0	(5,573)
Other		113	1,033
CASH (USED FOR) INVESTING ACTIVITIES		(61,542)	(235,185)
FINANCING ACTIVITIES
Issuance of debt		1,014	63,389
Repayment of debt		(54,389)	(60,422)
Dividends paid		(67,053)	(62,825)
Proceeds from the issuance of common shares under incentive stock plan		7,824	3,206
Proceeds from the issuance of common shares from equity offering, net of costs		0	152,390
Repurchase of common shares		(2,966)	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(115,570)	95,738
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(578)	1,855
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	[1]	3,893	(9,277)
Balance, beginning of year	[1]	172,356	157,617
Balance, end of period	[1]	176,249	148,340
Cash paid during the period:
Interest	[2]	14,858	16,546
Income taxes		302	376
Non-cash investing activity:
Capital assets purchased on account		$ 6,646	$ 5,284

[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 Note 17 — Restricted Cash.

[2] Interest paid is presented net of patronage payments received of $3.8 million and $3.0 million for the six months ended June 30, 2018 and June 30, 2017, respectively. For additional information on patronage payments, see Note 5 — Debt in the 2017 Form 10-K.