RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income		$ 49,274	$ 88,147
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		114,281	114,221
Non-cash cost of land and improved development		20,189	20,289
Stock-based incentive compensation expense		10,201	9,844
Deferred income taxes		(2,855)	(6,678)
Amortization of losses from pension and postretirement plans		4	564
Timber write-offs resulting from casualty events		2,302	1,088
Other		7,822	(2,854)
Changes in operating assets and liabilities:
Receivables		251	(12,845)
Inventories		(1,190)	(6,238)
Accounts payable		3,630	6,833
All other operating activities		5,027	(2,482)
CASH PROVIDED BY OPERATING ACTIVITIES		208,936	209,889
INVESTING ACTIVITIES
Capital expenditures		(53,128)	(48,211)
Real estate development investments		(18,757)	(10,935)
Purchase of timberlands		(13,988)	(3,242)
Other		6,197	6,531
CASH USED FOR INVESTING ACTIVITIES		(79,676)	(55,857)
FINANCING ACTIVITIES
Issuance of debt		0	406,842
Repayment of debt		0	(531,842)
Dividends paid on common shares		(127,587)	(123,619)
Distributions to noncontrolling interests in the operating partnership		(2,265)	(2,754)
Proceeds from the issuance of common shares under incentive stock plan		0	2,580
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		(82)	31,877
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(4,217)	(4,225)
Distributions to noncontrolling interests in consolidated affiliates		0	(16,472)
CASH USED FOR FINANCING ACTIVITIES		(134,151)	(237,613)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(928)	(6,038)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(5,819)	(89,619)
Balance, beginning of year		115,407	369,139
Balance, end of period		109,588	279,520
Cash paid during the period:
Interest	[1]	31,556	24,161
Income taxes	[2]	4,651	14,627
Non-cash investing activity:
Capital assets purchased on account		5,161	4,882
Non-cash financing activity:
Noncontrolling interests in consolidated affiliates redemption of shares	[3]	$ 0	$ 27,860

[1] Interest paid is presented net of patronage payments received of $6.2 million and $6.0 million for the nine months ended September 30, 2023 and September 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.