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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income (loss) $ 210,487 $ 29,784 $ 67,678
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 155,722 164,996 128,235
Non-cash cost of land and improved development 24,976 30,368 12,565
Stock-based incentive compensation expense 9,277 8,026 6,904
Deferred income taxes 8,509 7,541 11,314
Amortization of losses from pension and postretirement plans 1,174 869 449
Timber write-offs due to casualty events 0 15,203 0
Fund II carried interest incentive fee (3,807) 0 0
Other 9,456 (11,100) (4,999)
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:      
Receivables 17,239 (15,378) (849)
Inventories (503) (1,448) 1,224
Accounts payable (1,593) 5,668 (1,554)
All other operating activities (5,846) (1,700) (6,714)
CASH PROVIDED BY OPERATING ACTIVITIES 325,110 204,174 214,253
INVESTING ACTIVITIES      
Capital expenditures (75,965) (66,500) (63,996)
Real estate development investments (12,521) (6,462) (6,803)
Purchase of timberlands (179,115) (24,695) (142,287)
Cash consideration for merger with Pope Resources, net of cash acquired 0 (231,068) 0
Other 912 (584) (6,304)
CASH USED FOR INVESTING ACTIVITIES (26,253) (213,643) (219,390)
FINANCING ACTIVITIES      
Issuance of debt 446,378 320,000 82,000
Repayment of debt (420,000) (152,000) 0
Dividends paid on common stock (153,515) (146,348) (141,071)
Distributions to noncontrolling interests in the operating partnership (4,269) (3,596) 0
Proceeds from the issuance of common shares under incentive stock plan 5,922 1,368 1,260
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs 230,826 32,574 0
Repurchase of common shares to pay withholding taxes on vested incentive stock awards (1,617) (1,605) (4,250)
Repurchase of common shares made under repurchase program 0 (3,152) (8,430)
Debt issuance cost (4,846) (2,483) (132)
Proceeds from shareholder distribution hedge 0 0 135
Noncontrolling interests in consolidated affiliates redemption of shares 0 (5,113) 0
Distributions to noncontrolling interests in consolidated affiliates (108,956) (12,643) (9,161)
Make-whole fee on NWFCS debt prepayment (6,234) 0 0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (16,311) 27,002 (79,649)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (889) (19) (1,700)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Change in cash, cash equivalents and restricted cash 281,657 17,514 (86,486)
Balance, beginning of year 87,482 69,968 156,454
Balance, end of year 369,139 87,482 69,968
Cash paid during the year:      
Interest [1] 42,672 40,895 32,782
Income taxes 7,392 816 1,691
Non-cash investing activity:      
Capital assets purchased on account 5,272 3,205 3,568
Non-cash financing activity:      
Equity consideration for merger with Pope Resources 0 172,640 0
Redeemable Operating Partnership Unit consideration for merger with Pope Resources 0 106,752 0
Noncontrolling interests in consolidated affiliates redemption of shares [2] 28,119 23,290 0
Large Disposition Of Timberlands      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands (44,784) (28,655) 0
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands 54,682 115,666 0
Timber Funds III And IV      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands (3,675) 0 0
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands 31,014 0 0
Fund II Timberland Dispositions      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands (51,522) 0 0
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands 154,740 0 0
Rayonier Limited Partnership      
OPERATING ACTIVITIES      
Net income (loss) 210,487 29,784 67,678
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 155,722 164,996 128,235
Non-cash cost of land and improved development 24,976 30,368 12,565
Stock-based incentive compensation expense 9,277 8,026 6,904
Deferred income taxes 8,509 7,541 11,314
Amortization of losses from pension and postretirement plans 1,174 869 449
Timber write-offs due to casualty events 0 15,203 0
Fund II carried interest incentive fee (3,807) 0 0
Other 9,456 (11,100) (4,999)
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:      
Receivables 17,239 (15,378) (849)
Inventories (503) (1,448) 1,224
Accounts payable (1,593) 5,668 (1,554)
All other operating activities (5,846) (1,700) (6,714)
CASH PROVIDED BY OPERATING ACTIVITIES 325,110 204,174 214,253
INVESTING ACTIVITIES      
Capital expenditures (75,965) (66,500) (63,996)
Real estate development investments (12,521) (6,462) (6,803)
Purchase of timberlands (179,115) (24,695) (142,287)
Cash consideration for merger with Pope Resources, net of cash acquired 0 (231,068) 0
Other 912 (584) (6,304)
CASH USED FOR INVESTING ACTIVITIES (26,253) (213,643) (219,390)
FINANCING ACTIVITIES      
Issuance of debt 446,378 320,000 82,000
Repayment of debt (420,000) (152,000) 0
Distributions on units (157,784) (149,944) (141,071)
Proceeds from the issuance of units under incentive stock plan 5,922 1,368 1,260
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs 230,826 32,574 0
Repurchase of units to pay withholding taxes on vested incentive stock awards (1,617) (1,605) (4,250)
Repurchase of common shares made under repurchase program 0 (3,152) (8,430)
Debt issuance cost (4,846) (2,483) (132)
Proceeds from shareholder distribution hedge 0 0 135
Noncontrolling interests in consolidated affiliates redemption of shares 0 (5,113) 0
Distributions to noncontrolling interests in consolidated affiliates (108,956) (12,643) (9,161)
Make-whole fee on NWFCS debt prepayment (6,234) 0 0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (16,311) 27,002 (79,649)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (889) (19) (1,700)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Change in cash, cash equivalents and restricted cash 281,657 17,514 (86,486)
Balance, beginning of year 87,482 69,968 156,454
Balance, end of year 369,139 87,482 69,968
Cash paid during the year:      
Interest [3] 42,672 40,895 32,782
Income taxes 7,392 816 1,691
Non-cash investing activity:      
Capital assets purchased on account 5,272 3,205 3,568
Non-cash financing activity:      
Unit consideration for merger with Pope Resources 0 172,640 0
Redeemable Operating Partnership Unit consideration for merger with Pope Resources 0 106,752 0
Noncontrolling interests in consolidated affiliates redemption of shares [4] 28,119 23,290 0
Rayonier Limited Partnership | Large Disposition Of Timberlands      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands (44,784) (28,655) 0
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands 54,682 115,666 0
Rayonier Limited Partnership | Timber Funds III And IV      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands (3,675) 0 0
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands 31,014 0 0
Rayonier Limited Partnership | Fund II Timberland Dispositions      
Adjustments to reconcile net income to cash provided by operating activities:      
Gain on sale of large disposition of timberlands (51,522) 0 0
INVESTING ACTIVITIES      
Net proceeds from large disposition of timberlands $ 154,740 $ 0 $ 0
[1] Interest paid is presented net of patronage payments received of $6.8 million, $4.7 million and $4.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. For additional information on patronage payments, see Note 10 - Debt.
[2] In 2021, the New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $28.1 million. In 2020, the New Zealand subsidiary made a capital distribution 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 7 - Noncontrolling Interests and Note 10 - Debt for further information.
[3] Interest paid is presented net of patronage payments received of $6.8 million, $4.7 million and $4.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. For additional information on patronage payments, see Note 10 — Debt.
[4] In 2021, the New Zealand subsidiary made a capital distribution in order to redeem certain equity interests, resulting in the recording of a loan payable by the New Zealand subsidiary in the amount of $28.1 million. In 2020, the New Zealand subsidiary made a capital distribution 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 7 - Noncontrolling Interests and Note 10 - Debt for further information.