RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income		$ 7,437	$ 30,998
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		37,599	47,419
Non-cash cost of land and improved development		4,208	5,359
Stock-based incentive compensation expense		2,499	2,797
Deferred income taxes		(1,155)	(8,014)
Amortization of losses from pension and postretirement plans		1	188
Timber write-offs due to casualty event		2,302	0
Other		578	(2,244)
Changes in operating assets and liabilities:
Receivables		3,730	(27,837)
Inventories		(4,098)	(4,875)
Accounts payable		8,913	7,376
All other operating activities		1,937	(1,500)
CASH PROVIDED BY OPERATING ACTIVITIES		63,951	49,667
INVESTING ACTIVITIES
Capital expenditures		(18,746)	(15,597)
Real estate development investments		(7,753)	(3,137)
Purchase of timberlands		(8,729)	(2,830)
Other		3,029	2,619
CASH USED FOR INVESTING ACTIVITIES		(32,199)	(18,945)
FINANCING ACTIVITIES
Issuance of debt		0	404,018
Repayment of debt		0	(526,948)
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(10)	30,918
Distributions to noncontrolling interests in consolidated affiliates		0	(2,684)
CASH USED FOR FINANCING ACTIVITIES		(43,061)	(134,670)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(362)	620
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(11,671)	(103,328)
Balance, beginning of year		115,407	369,139
Balance, end of period		103,736	265,811
Cash paid during the period:
Interest	[1]	3,802	3,935
Income taxes	[2]	2,203	14,042
Non-cash investing activity:
Capital assets purchased on account		5,689	4,511
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		7,437	30,998
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		37,599	47,419
Non-cash cost of land and improved development		4,208	5,359
Stock-based incentive compensation expense		2,499	2,797
Deferred income taxes		(1,155)	(8,014)
Amortization of losses from pension and postretirement plans		1	188
Timber write-offs due to casualty event		2,302	0
Other		578	(2,244)
Changes in operating assets and liabilities:
Receivables		3,730	(27,837)
Inventories		(4,098)	(4,875)
Accounts payable		8,913	7,376
All other operating activities		1,937	(1,500)
CASH PROVIDED BY OPERATING ACTIVITIES		63,951	49,667
INVESTING ACTIVITIES
Capital expenditures		(18,746)	(15,597)
Real estate development investments		(7,753)	(3,137)
Purchase of timberlands		(8,729)	(2,830)
Other		3,029	2,619
CASH USED FOR INVESTING ACTIVITIES		(32,199)	(18,945)
FINANCING ACTIVITIES
Issuance of debt		0	404,018
Repayment of debt		0	(526,948)
Distributions on units		(43,010)	(40,339)
Proceeds from the issuance of units under incentive stock plan		0	579
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(10)	30,918
Repurchase of units to pay withholding taxes on vested incentive stock awards		(41)	(214)
Distributions to noncontrolling interests in consolidated affiliates		0	(2,684)
CASH USED FOR FINANCING ACTIVITIES		(43,061)	(134,670)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(362)	620
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(11,671)	(103,328)
Balance, beginning of year		115,407	369,139
Balance, end of period		103,736	265,811
Cash paid during the period:
Interest	[3]	3,802	3,935
Income taxes	[4]	2,203	14,042
Non-cash investing activity:
Capital assets purchased on account		$ 5,689	$ 4,511

[1] Interest paid is presented net of patronage payments received of $6.1 million and $5.5 million for the three months ended March 31, 2023 and March 31, 2022, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2022 Form 10-K.

[2] Income taxes paid in 2022 were elevated due to timing of required tax payments for the New Zealand subsidiary following a full utilization of its net operating losses.

[3] Interest paid is presented net of patronage payments received of $6.1 million and $5.5 million for the three months ended March 31, 2023 and March 31, 2022, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2022 Form 10-K.

[4] Income taxes paid in 2022 were elevated due to timing of required tax payments for the New Zealand subsidiary following a full utilization of its net operating losses.