CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net income		$ 30,998	$ 15,032
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		47,419	45,213
Non-cash cost of land and improved development		5,359	1,813
Stock-based incentive compensation expense		2,797	2,156
Deferred income taxes		(8,014)	(1,128)
Amortization of losses from pension and postretirement plans		188	294
Other		(2,244)	(3,681)
Changes in operating assets and liabilities:
Receivables		(27,837)	(3,697)
Inventories		(4,875)	(3,512)
Accounts payable		7,376	6,684
All other operating activities		(1,500)	(5,306)
CASH PROVIDED BY OPERATING ACTIVITIES		49,667	53,868
INVESTING ACTIVITIES
Capital expenditures		(15,597)	(15,831)
Real estate development investments		(3,137)	(3,011)
Purchase of timberlands		(2,830)	(29,938)
Other		2,619	4,356
CASH USED FOR INVESTING ACTIVITIES		(18,945)	(44,424)
FINANCING ACTIVITIES
Issuance of debt		404,018	0
Repayment of debt		(526,948)	0
Dividends paid on common shares		(39,444)	(37,490)
Distributions to noncontrolling interests in the operating partnership		(895)	(1,155)
Proceeds from the issuance of common shares under incentive stock plan		579	1,166
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		30,918	32,545
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(214)	(155)
Distributions to noncontrolling interests in consolidated affiliates		(2,684)	(8,737)
CASH USED FOR FINANCING ACTIVITIES		(134,670)	(13,826)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		620	(5)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(103,328)	(4,387)
Balance, beginning of year		369,139	87,482
Balance, end of period		265,811	83,095
Cash paid during the period:
Interest	[1]	3,935	2,945
Income taxes		14,042	4,838
Non-cash investing activity:
Capital assets purchased on account		4,511	4,814
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		30,998	15,032
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		47,419	45,213
Non-cash cost of land and improved development		5,359	1,813
Stock-based incentive compensation expense		2,797	2,156
Deferred income taxes		(8,014)	(1,128)
Amortization of losses from pension and postretirement plans		188	294
Other		(2,244)	(3,681)
Changes in operating assets and liabilities:
Receivables		(27,837)	(3,697)
Inventories		(4,875)	(3,512)
Accounts payable		7,376	6,684
All other operating activities		(1,500)	(5,306)
CASH PROVIDED BY OPERATING ACTIVITIES		49,667	53,868
INVESTING ACTIVITIES
Capital expenditures		(15,597)	(15,831)
Real estate development investments		(3,137)	(3,011)
Purchase of timberlands		(2,830)	(29,938)
Other		2,619	4,356
CASH USED FOR INVESTING ACTIVITIES		(18,945)	(44,424)
FINANCING ACTIVITIES
Issuance of debt		404,018	0
Repayment of debt		(526,948)	0
Distributions on units		(40,339)	(38,645)
Proceeds from the issuance of units under incentive stock plan		579	1,166
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		30,918	32,545
Repurchase of units to pay withholding taxes on vested incentive stock awards		(214)	(155)
Distributions to noncontrolling interests in consolidated affiliates		(2,684)	(8,737)
CASH USED FOR FINANCING ACTIVITIES		(134,670)	(13,826)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		620	(5)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(103,328)	(4,387)
Balance, beginning of year		369,139	87,482
Balance, end of period		265,811	83,095
Cash paid during the period:
Interest	[2]	3,935	2,945
Income taxes		14,042	4,838
Non-cash investing activity:
Capital assets purchased on account		$ 4,511	$ 4,814

[1] Interest paid is presented net of patronage payments received of $5.5 million and $6.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K.

[2] Interest paid is presented net of patronage payments received of $5.5 million and $6.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K.