CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES
Net (loss) income		$ 78,452	$ 26,876
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		87,909	76,195
Non-cash cost of land and improved development		7,003	13,441
Stock-based incentive compensation expense		5,008	4,178
Deferred income taxes		7,315	9,225
Amortization of losses from pension and postretirement plans		587	435
Gain on sale of large disposition of timberlands		(30,324)	(28,655)
Other		7,233	(10,632)
Changes in operating assets and liabilities:
Receivables		(413)	(7,604)
Inventories		(1,637)	(3,714)
Accounts payable		4,213	4,895
All other operating activities		(764)	(2,040)
CASH PROVIDED BY OPERATING ACTIVITIES		164,582	82,600
INVESTING ACTIVITIES
Capital expenditures		(32,199)	(29,440)
Real estate development investments		(6,269)	(3,587)
Purchase of timberlands		(51,882)	(24,238)
Net proceeds from large disposition of timberlands		35,219	115,666
Net cash consideration for merger with Pope Resources		0	(231,068)
Other		5,998	1,880
CASH USED FOR INVESTING ACTIVITIES		(49,133)	(170,787)
FINANCING ACTIVITIES
Issuance of debt		446,378	320,000
Repayment of debt		(350,000)	(117,000)
Dividends paid on common stock		(75,676)	(72,204)
Distributions to noncontrolling interests in the Operating Partnership		(2,309)	(1,200)
Proceeds from the issuance of common shares under incentive stock plan		4,490	66
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		110,702	0
Repurchase of common shares		(1,608)	(1,572)
Debt issuance costs		(4,812)	(2,427)
Repurchase of common shares made under repurchase program		0	(3,152)
Distributions to noncontrolling interests in consolidated affiliates		(15,212)	(7,581)
CASH PROVIDED BY FINANCING ACTIVITIES		111,953	114,930
EFFECT OF EXCHANGE RATE CHANGES ON CASH		126	(1,450)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		227,528	25,293
Balance, beginning of year		87,482	69,968
Balance, end of period		315,010	95,261
Cash paid during the period:
Interest	[1]	17,677	16,134
Income taxes		7,132	1,083
Non-cash investing activity:
Capital assets purchased on account		4,155	2,217
Non-cash financing activity:
Equity consideration for merger with Pope Resources		0	172,640
Redeemable Operating Partnership Unit consideration for merger with Pope Resources		0	106,752
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net (loss) income		78,452	26,876
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		87,909	76,195
Non-cash cost of land and improved development		7,003	13,441
Stock-based incentive compensation expense		5,008	4,178
Deferred income taxes		7,315	9,225
Amortization of losses from pension and postretirement plans		587	435
Gain on sale of large disposition of timberlands		(30,324)	(28,655)
Other		7,233	(10,632)
Changes in operating assets and liabilities:
Receivables		(413)	(7,604)
Inventories		(1,637)	(3,714)
Accounts payable		4,213	4,895
All other operating activities		(764)	(2,040)
CASH PROVIDED BY OPERATING ACTIVITIES		164,582	82,600
INVESTING ACTIVITIES
Capital expenditures		(32,199)	(29,440)
Real estate development investments		(6,269)	(3,587)
Purchase of timberlands		(51,882)	(24,238)
Net proceeds from large disposition of timberlands		35,219	115,666
Net cash consideration for merger with Pope Resources		0	(231,068)
Other		5,998	1,880
CASH USED FOR INVESTING ACTIVITIES		(49,133)	(170,787)
FINANCING ACTIVITIES
Issuance of debt		446,378	320,000
Repayment of debt		(350,000)	(117,000)
Distributions on units		(77,985)	(73,404)
Proceeds from the issuance of units under incentive stock plan		4,490	66
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		110,702	0
Repurchase of units		(1,608)	(1,572)
Debt issuance costs		(4,812)	(2,427)
Repurchase of common shares made under repurchase program		0	(3,152)
Distributions to noncontrolling interests in consolidated affiliates		(15,212)	(7,581)
CASH PROVIDED BY FINANCING ACTIVITIES		111,953	114,930
EFFECT OF EXCHANGE RATE CHANGES ON CASH		126	(1,450)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		227,528	25,293
Balance, beginning of year		87,482	69,968
Balance, end of period		315,010	95,261
Cash paid during the period:
Interest	[2]	17,677	16,134
Income taxes		7,132	1,083
Non-cash investing activity:
Capital assets purchased on account		4,155	2,217
Non-cash financing activity:
Equity consideration for merger with Pope Resources		0	172,640
Redeemable Operating Partnership Unit consideration for merger with Pope Resources		$ 0	$ 106,752

[1] Interest paid is presented net of patronage payments received of $6.8 million and $4.3 million for the six months ended June 30, 2021 and June 30, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K.

[2] Interest paid is presented net of patronage payments received of $6.8 million and $4.3 million for the six months ended June 30, 2021 and June 30, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K.