CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017
OPERATING ACTIVITIES
Net income		$ 112,682	$ 94,659
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		115,726	96,602
Non-cash cost of land and improved development		17,051	8,631
Stock-based incentive compensation expense		4,957	4,084
Deferred income taxes		21,019	16,714
Amortization of losses from pension and postretirement plans		507	349
Gain on sale of large disposition of timberlands		0	(28,183)
Other		3,470	29
Changes in operating assets and liabilities:
Receivables		(15,261)	(18,639)
Inventories		1,085	(617)
Accounts payable		(825)	5,018
Income tax receivable/payable		0	(126)
All other operating activities		640	8,352
CASH PROVIDED BY OPERATING ACTIVITIES		261,051	186,873
INVESTING ACTIVITIES
Capital expenditures		(44,137)	(45,731)
Real estate development investments		(6,889)	(11,780)
Purchase of timberlands		(38,978)	(239,052)
Net proceeds from large disposition of timberlands		0	42,029
Rayonier office building under construction		0	(5,979)
Other		2,132	383
CASH (USED FOR) INVESTING ACTIVITIES		(87,872)	(260,130)
FINANCING ACTIVITIES
Issuance of debt		1,014	63,389
Repayment of debt		(54,416)	(95,216)
Dividends paid		(101,839)	(95,008)
Proceeds from the issuance of common shares under incentive stock plan		8,216	3,665
Proceeds from the issuance of common shares from equity offering, net of costs		0	152,390
Repurchase of common shares		(2,980)	0
Proceeds from shareholder distribution hedge		610	0
Distribution to minority shareholder		(3,122)	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(152,517)	29,220
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(1,341)	1,113
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	[1]	19,321	(42,924)
Balance, beginning of year	[1]	172,356	157,617
Balance, end of period	[1]	191,677	114,693
Cash paid during the period:
Interest	[2]	20,910	23,540
Income taxes		824	495
Non-cash investing activity:
Capital assets purchased on account		$ 2,848	$ 4,376

[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 $4.1 million and $3.0 million for the nine months ended September 30, 2018 and September 30, 2017, respectively. For additional information on patronage payments, see Note 5 — Debt in the 2017 Form 10-K.