RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
Net income		$ 88,147	$ 188,963
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		114,221	121,234
Non-cash cost of land and improved development		20,289	22,818
Stock-based incentive compensation expense		9,844	7,094
Deferred income taxes		(6,678)	7,618
Amortization of losses from pension and postretirement plans		564	881
Other		(1,766)	12,161
Changes in operating assets and liabilities:
Receivables		(12,845)	3,192
Inventories		(6,238)	(1,081)
Accounts payable		6,833	3,350
All other operating activities		(2,482)	(4,306)
CASH PROVIDED BY OPERATING ACTIVITIES		209,889	277,444
INVESTING ACTIVITIES
Capital expenditures		(48,211)	(47,497)
Real estate development investments		(10,935)	(9,165)
Purchase of timberlands		(3,242)	(51,921)
Other		6,531	6,952
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES		(55,857)	69,334
FINANCING ACTIVITIES
Issuance of debt		406,842	446,378
Repayment of debt		(531,842)	(420,000)
Dividends paid on common shares		(123,619)	(114,261)
Distributions to noncontrolling interests in the operating partnership		(2,754)	(3,373)
Proceeds from the issuance of common shares under incentive stock plan		2,580	4,674
Proceeds from the issuance of units under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		31,877	166,549
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(4,225)	(1,614)
Debt issuance costs		0	(4,829)
Distributions to noncontrolling interests in consolidated affiliates		(16,472)	(19,564)
Make-whole fee on NWFCS debt prepayment		0	(6,234)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(237,613)	47,726
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(6,038)	(346)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(89,619)	394,158
Balance, beginning of year		369,139	87,482
Balance, end of period		279,520	481,640
Cash paid during the period:
Interest	[1]	24,161	24,680
Income taxes		14,627	7,306
Non-cash investing activity:
Capital assets purchased on account		4,882	4,726
Non-cash financing activity:
Distributions to noncontrolling interest in consolidated affiliates		645	0
Noncontrolling interests in consolidated affiliates redemption of shares	[2]	27,860	28,119
Large Disposition Of Timberlands
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	(44,800)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		0	54,698
Timber Funds III & IV
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	(3,729)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		0	31,068
Fund II Timberland Dispositions
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale of large disposition of timberlands		0	(35,951)
INVESTING ACTIVITIES
Net proceeds from large disposition of timberlands		$ 0	$ 85,199

[1] Interest paid is presented net of patronage payments received of $6.0 million and $6.8 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. For additional information on patronage payments, see Note 10 — Debt in the 2021 Form 10-K.

[2] he 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 and $28.1 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. See Note 6 - Debt for further information.