RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income		$ 26,534	$ 56,286
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		77,314	83,169
Non-cash cost of land and improved development		13,603	17,139
Stock-based incentive compensation expense		6,836	7,209
Deferred income taxes		(2,375)	(7,272)
Amortization of losses from pension and postretirement plans		3	376
Timber write-off resulting from a casualty event		2,302	0
Other		(541)	(4,206)
Changes in operating assets and liabilities:
Receivables		(10,400)	(17,060)
Inventories		(1,083)	(2,398)
Accounts payable		112	6,959
All other operating activities		14,018	8,328
CASH PROVIDED BY OPERATING ACTIVITIES		126,323	148,530
INVESTING ACTIVITIES
Capital expenditures		(36,798)	(30,335)
Real estate development investments		(14,757)	(6,013)
Purchase of timberlands		(9,295)	(3,237)
Other		4,378	5,112
CASH USED FOR INVESTING ACTIVITIES		(56,472)	(34,473)
FINANCING ACTIVITIES
Issuance of debt		0	408,439
Repayment of debt		0	(533,298)
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(82)	31,915
Distributions to noncontrolling interests in consolidated affiliates		0	(6,684)
CASH USED FOR FINANCING ACTIVITIES		(91,025)	(184,877)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(867)	(2,246)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(22,041)	(73,066)
Balance, beginning of year		115,407	369,139
Balance, end of period		93,366	296,073
Cash paid during the period:
Interest	[1]	20,733	16,932
Income taxes	[2]	3,688	14,330
Non-cash investing activity:
Capital assets purchased on account		5,303	4,882
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares	[3]	0	27,860
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		26,534	56,286
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		77,314	83,169
Non-cash cost of land and improved development		13,603	17,139
Stock-based incentive compensation expense		6,836	7,209
Deferred income taxes		(2,375)	(7,272)
Amortization of losses from pension and postretirement plans		3	376
Timber write-off resulting from a casualty event		2,302	0
Other		(541)	(4,206)
Changes in operating assets and liabilities:
Receivables		(10,400)	(17,060)
Inventories		(1,083)	(2,398)
Accounts payable		112	6,959
All other operating activities		14,018	8,328
CASH PROVIDED BY OPERATING ACTIVITIES		126,323	148,530
INVESTING ACTIVITIES
Capital expenditures		(36,798)	(30,335)
Real estate development investments		(14,757)	(6,013)
Purchase of timberlands		(9,295)	(3,237)
Other		4,378	5,112
CASH USED FOR INVESTING ACTIVITIES		(56,472)	(34,473)
FINANCING ACTIVITIES
Issuance of debt		0	408,439
Repayment of debt		0	(533,298)
Distributions on units		(86,755)	(83,606)
Proceeds from the issuance of units under incentive stock plan		0	2,561
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(82)	31,915
Repurchase of units to pay withholding taxes on vested incentive stock awards		(4,188)	(4,204)
Distributions to noncontrolling interests in consolidated affiliates		0	(6,684)
CASH USED FOR FINANCING ACTIVITIES		(91,025)	(184,877)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(867)	(2,246)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(22,041)	(73,066)
Balance, beginning of year		115,407	369,139
Balance, end of period		93,366	296,073
Cash paid during the period:
Interest	[4]	20,733	16,932
Income taxes	[5]	3,688	14,330
Non-cash investing activity:
Capital assets purchased on account		5,303	4,882
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares	[6]	$ 0	$ 27,860

[1] Interest paid is presented net of patronage payments received of $6.2 million and $6.0 million for the six months ended June 30, 2023 and June 30, 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] In the second quarter of 2022, 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 $27.9 million.

[4] Interest paid is presented net of patronage payments received of $6.2 million and $6.0 million for the six months ended June 30, 2023 and June 30, 2022, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2022 Form 10-K.

[5] 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.

[6] In the second quarter of 2022, 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 $27.9 million.