Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
OPERATING ACTIVITIES
Net income		$ 117,330	$ 161,579	$ 217,770
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		144,121	127,566	115,142
Non-cash cost of land and improved development		23,553	13,684	11,690
Stock-based incentive compensation expense		6,428	5,396	5,136
Amortization of debt discount/premium		0	0	(462)
Deferred income taxes		22,832	21,980	5,170
Amortization of losses from pension and postretirement plans		675	465	2,513
Gain on sale of large disposition of timberlands		0	(66,994)	(143,933)
Other		(2,613)	(716)	336
Changes in operating assets and liabilities:
Receivables		765	(6,362)	2,517
Inventories		1,773	(1,384)	(1,175)
Accounts payable		(4,626)	3,435	(559)
Income tax receivable/payable		0	(434)	(206)
All other operating activities		(142)	(1,931)	(10,138)
CASH PROVIDED BY OPERATING ACTIVITIES		310,096	256,284	203,801
INVESTING ACTIVITIES
Capital expenditures		(62,325)	(65,345)	(58,723)
Real estate development investments		(9,501)	(15,784)	(8,746)
Purchase of timberlands		(57,608)	(242,910)	(366,481)
Assets purchased in business acquisition		0	0	(887)
Net proceeds from large disposition of timberlands		0	95,243	203,862
Rayonier office building under construction		0	(6,084)	(6,307)
Other		(3,421)	(373)	2,311
CASH USED FOR INVESTING ACTIVITIES		(132,855)	(235,253)	(234,971)
FINANCING ACTIVITIES
Issuance of debt		1,014	63,389	695,916
Repayment of debt		(54,416)	(100,157)	(458,415)
Dividends paid		(136,772)	(127,069)	(122,845)
Proceeds from the issuance of common shares under incentive stock plan		8,591	4,751	1,576
Proceeds from the issuance of common shares from equity offering, net of costs		0	152,390	0
Repurchase of common shares		(2,984)	(176)	(690)
Proceeds from shareholder distribution hedge		2,025	0	0
Distribution to minority shareholder		(11,172)	0	0
Debt issuance costs		0	0	(818)
Other		0	0	(301)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(193,714)	(6,872)	114,423
EFFECT OF EXCHANGE RATE CHANGES ON CASH		571	580	(938)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (a)
Change in cash, cash equivalents and restricted cash	[1]	(15,902)	14,739	82,315
Balance, beginning of year		172,356	157,617	75,302
Balance, end of year		156,454	172,356	157,617
Cash paid during the year:
Interest (b)	[2]	33,120	36,041	36,289
Income taxes		2,150	514	501
Non-cash investing activity:
Capital assets purchased on account		$ 2,001	$ 3,809	$ 4,683

[1] (a)Due to the adoption of ASU No. 2016-08, restricted cash is now included with cash and cash equivalents when reconciling the beginning-of-year and end-of-year total amounts shown and therefore changes in restricted cash are no longer reported as investing activities. Prior year amounts have been restated to conform to current year presentation. For additional information and a reconciliation of cash, see

[2] (b)Interest paid is presented net of patronage payments received of $4.1 million and $3.0 million for the years ended December 31, 2018 and December 31, 2017, respectively. For additional information on patronage payments, see Note 5 — Debt.