CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES
Net income		$ 26,876	$ 48,713
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		76,195	64,093
Non-cash cost of land and improved development		13,441	5,647
Stock-based incentive compensation expense		4,178	3,821
Deferred income taxes		9,225	7,257
Amortization of losses from pension and postretirement plans		435	224
Gain on sale of large disposition of timberlands		(28,655)	0
Other		(10,632)	987
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:
Receivables		(7,604)	(21,031)
Inventories		(3,714)	(994)
Accounts payable		4,895	5,558
All other operating activities		(2,040)	2,679
CASH PROVIDED BY OPERATING ACTIVITIES		82,600	116,954
INVESTING ACTIVITIES
Capital expenditures		(29,440)	(29,505)
Real estate development investments		(3,587)	(999)
Purchase of timberlands		(24,238)	(26,396)
Net proceeds from large disposition of timberlands		115,666	0
Net cash consideration for merger with Pope Resources		(231,068)	0
Other		1,880	(3,888)
CASH USED FOR INVESTING ACTIVITIES		(170,787)	(60,788)
FINANCING ACTIVITIES
Issuance of debt		320,000	0
Repayment of debt		(117,000)	0
Dividends paid on common stock		(72,204)	(71,107)
Distributions to noncontrolling interests in the Operating Partnership		(1,200)	0
Proceeds from the issuance of common shares under incentive stock plan		66	774
Repurchase of common shares		(1,572)	(4,241)
Debt issuance costs		(2,427)	0
Repurchase of common shares made under repurchase program		(3,152)	0
Distributions to noncontrolling interest in consolidated affiliates		(7,581)	(3,594)
Other		0	133
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES		114,930	(78,035)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(1,450)	125
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		25,293	(21,744)
Balance, beginning of year		69,968	156,454
Balance, end of period		95,261	134,710
Cash paid during the period:
Interest	[1]	16,134	14,377
Income taxes		1,083	705
Non-cash investing activity:
Capital assets purchased on account		2,217	3,407
Non-cash financing activity:
Equity consideration for merger with Pope Resources		172,640	0
Redeemable Common Unit consideration for merger with Pope Resources		106,752	0
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		26,876	48,713
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		76,195	64,093
Non-cash cost of land and improved development		13,441	5,647
Stock-based incentive compensation expense		4,178	3,821
Deferred income taxes		9,225	7,257
Amortization of losses from pension and postretirement plans		435	224
Gain on sale of large disposition of timberlands		(28,655)	0
Other		(10,632)	987
Changes in operating assets and liabilities, net of effects of merger with Pope Resources:
Receivables		(7,604)	(21,031)
Inventories		(3,714)	(994)
Accounts payable		4,895	5,558
All other operating activities		(2,040)	2,679
CASH PROVIDED BY OPERATING ACTIVITIES		82,600	116,954
INVESTING ACTIVITIES
Capital expenditures		(29,440)	(29,505)
Real estate development investments		(3,587)	(999)
Purchase of timberlands		(24,238)	(26,396)
Net proceeds from large disposition of timberlands		115,666	0
Net cash consideration for merger with Pope Resources		(231,068)	0
Other		1,880	(3,888)
CASH USED FOR INVESTING ACTIVITIES		(170,787)	(60,788)
FINANCING ACTIVITIES
Issuance of debt		320,000	0
Repayment of debt		(117,000)	0
Distribution on common units		(73,404)	(71,107)
Proceeds from the issuance of common units under incentive stock plan		66	774
Repurchase of common units		(1,572)	(4,241)
Debt issuance costs		(2,427)	0
Repurchase of common shares made under repurchase program		(3,152)	0
Distributions to noncontrolling interest in consolidated affiliates		(7,581)	(3,594)
Other		0	133
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES		114,930	(78,035)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(1,450)	125
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		25,293	(21,744)
Balance, beginning of year		69,968	156,454
Balance, end of period		95,261	134,710
Cash paid during the period:
Interest	[2]	16,134	14,377
Income taxes		1,083	705
Non-cash investing activity:
Capital assets purchased on account		2,217	3,407
Non-cash financing activity:
Redeemable Common Unit consideration for merger with Pope Resources		106,752	0
Common unit consideration for merger with Pope Resources		$ 172,640	$ 0

[1] Interest paid is presented net of patronage payments received of $4.3 million and $4.0 million for the six months ended June 30, 2020 and June 30, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.

[2] Interest paid is presented net of patronage payments received of $4.3 million and $4.0 million for the six months ended June 30, 2020 and June 30, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.