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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES      
Net income $ 67,678 $ 117,330 $ 161,579
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 128,235 144,121 127,566
Non-cash cost of land and improved development 12,565 23,553 13,684
Stock-based incentive compensation expense 6,904 6,428 5,396
Deferred income taxes 11,314 22,832 21,980
Amortization of losses from pension and postretirement plans 449 675 465
Gain on sale of large disposition of timberlands 0 0 (66,994)
Other (4,999) (2,613) (716)
Changes in operating assets and liabilities:      
Receivables (849) 765 (6,362)
Inventories 1,224 1,773 (1,384)
Accounts payable (1,554) (4,626) 3,435
Income tax receivable/payable 0 0 (434)
All other operating activities (6,714) (142) (1,931)
CASH PROVIDED BY OPERATING ACTIVITIES 214,253 310,096 256,284
INVESTING ACTIVITIES      
Capital expenditures (63,996) (62,325) (65,345)
Real estate development investments (6,803) (9,501) (15,784)
Purchase of timberlands (142,287) (57,608) (242,910)
Net proceeds from large disposition of timberlands 0 0 95,243
Rayonier office building under construction 0 0 (6,084)
Other (6,304) (3,421) (373)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES (219,390) (132,855) (235,253)
FINANCING ACTIVITIES      
Issuance of debt 82,000 1,014 63,389
Repayment of debt 0 (54,416) (100,157)
Dividends paid (141,071) (136,772) (127,069)
Proceeds from the issuance of common shares under incentive stock plan 1,260 8,591 4,751
Proceeds from the issuance of common shares from equity offering, net of costs 0 0 152,390
Repurchase of common shares to pay withholding taxes on vested incentive stock awards (4,250) (2,984) (176)
Repurchase of common shares under repurchase program (8,430) 0 0
Proceeds from shareholder distribution hedge 135 2,025 0
Distribution to minority shareholder (9,161) (11,172) 0
Debt issuance costs (132) 0 0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (79,649) (193,714) (6,872)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,700) 571 580
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (a)      
Change in cash, cash equivalents and restricted cash [1] (86,486) (15,902) 14,739
Balance, beginning of year [1] 156,454 172,356 157,617
Balance, end of year [1] 69,968 156,454 172,356
Cash paid during the year:      
Interest [1] 32,782 33,120 36,041
Income taxes 1,691 2,150 514
Non-cash investing activity:      
Capital assets purchased on account 3,568 2,001 3,809
Patronage refunds received, netted with interest paid $ 4,000 $ 4,100 $ 3,000
[1]
Interest paid is presented net of patronage payments received of $4.0 million, $4.1 million and $3.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. For additional information on patronage payments, see Note 6 — Debt.