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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES      
Net income $ 29,784 $ 67,678 $ 117,330
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 164,996 128,235 144,121
Non-cash cost of land and improved development 30,368 12,565 23,553
Stock-based incentive compensation expense 8,026 6,904 6,428
Deferred income taxes 7,541 11,314 22,832
Amortization of losses from pension and postretirement plans 869 449 675
Timber write-offs due to casualty events 15,203 0 0
Gain on sale of large disposition of timberlands (28,655) 0 0
Other (11,100) (4,999) (2,613)
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:      
Receivables (15,378) (849) 765
Inventories (1,448) 1,224 1,773
Accounts payable 5,668 (1,554) (4,626)
All other operating activities (1,700) (6,714) (142)
CASH PROVIDED BY OPERATING ACTIVITIES 204,174 214,253 310,096
INVESTING ACTIVITIES      
Capital expenditures (66,500) (63,996) (62,325)
Real estate development investments (6,462) (6,803) (9,501)
Purchase of timberlands (24,695) (142,287) (57,608)
Net proceeds from large disposition of timberlands 115,666 0 0
Cash consideration for merger with Pope Resources, net of cash acquired (231,068) 0 0
Other (584) (6,304) (3,421)
CASH USED FOR INVESTING ACTIVITIES (213,643) (219,390) (132,855)
FINANCING ACTIVITIES      
Issuance of debt 320,000 82,000 1,014
Repayment of debt (152,000) 0 (54,416)
Dividends paid on common stock (146,348) (141,071) (136,772)
Distributions to noncontrolling interests in the Operating Partnership (3,596) 0 0
Proceeds from the issuance of common shares under incentive stock plan 1,368 1,260 8,591
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs 32,574 0 0
Repurchase of common shares to pay withholding taxes on vested incentive stock awards (1,605) (4,250) (2,984)
Repurchase of common shares under repurchase program (3,152) (8,430) 0
Debt issuance cost (2,483) (132) 0
Proceeds from shareholder distribution hedge 0 135 2,025
Noncontrolling interests in consolidated affiliates redemption of shares (5,113) 0 0
Distributions to noncontrolling interests in consolidated affiliates (12,643) (9,161) (11,172)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 27,002 (79,649) (193,714)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (19) (1,700) 571
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Change in cash, cash equivalents and restricted cash 17,514 (86,486) (15,902)
Balance, beginning of year 69,968 156,454 172,356
Balance, end of year 87,482 69,968 156,454
Cash paid during the year:      
Interest [1] 40,895 32,782 33,120
Income taxes 816 1,691 2,150
Non-cash investing activity:      
Capital assets purchased on account 3,205 3,568 2,001
Non-cash financing activity:      
Equity consideration for merger with Pope Resources 172,640 0 0
Redeemable Common Unit consideration for merger with Pope Resources 106,752 0 0
Noncontrolling interests in consolidated affiliates redemption of shares [2] 23,290 0 0
Rayonier Limited Partnership      
OPERATING ACTIVITIES      
Net income 29,784 67,678 117,330
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 164,996 128,235 144,121
Non-cash cost of land and improved development 30,368 12,565 23,553
Stock-based incentive compensation expense 8,026 6,904 6,428
Deferred income taxes 7,541 11,314 22,832
Amortization of losses from pension and postretirement plans 869 449 675
Timber write-offs due to casualty events 15,203 0 0
Gain on sale of large disposition of timberlands (28,655) 0 0
Other (11,100) (4,999) (2,613)
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:      
Receivables (15,378) (849) 765
Inventories (1,448) 1,224 1,773
Accounts payable 5,668 (1,554) (4,626)
All other operating activities (1,700) (6,714) (142)
CASH PROVIDED BY OPERATING ACTIVITIES 204,174 214,253 310,096
INVESTING ACTIVITIES      
Capital expenditures (66,500) (63,996) (62,325)
Real estate development investments (6,462) (6,803) (9,501)
Purchase of timberlands (24,695) (142,287) (57,608)
Net proceeds from large disposition of timberlands 115,666 0 0
Cash consideration for merger with Pope Resources, net of cash acquired (231,068) 0 0
Other (584) (6,304) (3,421)
CASH USED FOR INVESTING ACTIVITIES (213,643) (219,390) (132,855)
FINANCING ACTIVITIES      
Issuance of debt 320,000 82,000 1,014
Repayment of debt (152,000) 0 (54,416)
Distributions on units (149,944) (141,071) (136,772)
Proceeds from the issuance of units under incentive stock plan 1,368 1,260 8,591
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs 32,574 0 0
Repurchase of units to pay withholding taxes on vested incentive stock awards (1,605) (4,250) (2,984)
Repurchase of common shares under repurchase program (3,152) (8,430) 0
Debt issuance cost (2,483) (132) 0
Proceeds from shareholder distribution hedge 0 135 2,025
Noncontrolling interests in consolidated affiliates redemption of shares (5,113) 0 0
Distributions to noncontrolling interests in consolidated affiliates (12,643) (9,161) (11,172)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 27,002 (79,649) (193,714)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (19) (1,700) 571
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Change in cash, cash equivalents and restricted cash 17,514 (86,486) (15,902)
Balance, beginning of year 69,968 156,454 172,356
Balance, end of year 87,482 69,968 156,454
Cash paid during the year:      
Interest [3] 40,895 32,782 33,120
Income taxes 816 1,691 2,150
Non-cash investing activity:      
Capital assets purchased on account 3,205 3,568 2,001
Non-cash financing activity:      
Common unit consideration for merger with Pope Resources 172,640 0 0
Redeemable Common Unit consideration for merger with Pope Resources 106,752 0 0
Noncontrolling interests in consolidated affiliates redemption of shares [4] $ 23,290 $ 0 $ 0
[1] Interest paid is presented net of patronage payments received of $4.7 million, $4.0 million and $4.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. For additional information on patronage payments, see Note 8 - Debt.
[2] Represents a capital distribution made by the New Zealand subsidiary in order to redeem certain equity interests, resulting in the recording of a noncontrolling interest share redemption of $5.1 million and a loan payable by the New Zealand subsidiary in the amount of $23.3 million. See Note 6 - Noncontrolling Interests and Note 8 - Debt for further information.
[3] Interest paid is presented net of patronage payments received of $4.7 million, $4.0 million and $4.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. For additional information on patronage payments, see Note 8 — Debt.
[4] Represents a capital distribution made by the New Zealand subsidiary in order to redeem certain equity interests, resulting in the recording of a noncontrolling interest share redemption of $5.1 million and a loan payable by the New Zealand subsidiary in the amount of $23.3 million. See Note 6 - Noncontrolling Interests and Note 8 - Debt for further information.