RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income		$ 35,783	$ 49,274
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		106,663	114,281
Non-cash cost of land and improved development		19,217	20,189
Stock-based incentive compensation expense		12,027	10,201
Deferred income taxes		(4,154)	(2,855)
Pension settlement charge		5,979	0
Timber write-offs resulting from casualty events		0	2,302
Other		51	7,826
Changes in operating assets and liabilities:
Receivables		(12,469)	251
Inventories		721	(1,190)
Accounts payable		5,000	3,630
All other operating activities		4,960	5,027
CASH PROVIDED BY OPERATING ACTIVITIES		173,778	208,936
INVESTING ACTIVITIES
Capital expenditures		(53,166)	(53,128)
Real estate development investments		(19,073)	(18,757)
Purchase of timberlands		(3,637)	(13,988)
Other		1,031	6,197
CASH USED FOR INVESTING ACTIVITIES		(74,845)	(79,676)
FINANCING ACTIVITIES
Repayment of debt		(60,000)	0
Dividends paid on common shares	[1]	(158,094)	(127,587)
Distributions to noncontrolling interests in the Operating Partnership	[2]	(2,192)	(2,265)
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		0	(82)
Repurchase of common shares to pay withholding taxes on vested incentive stock awards		(4,167)	(4,217)
Distributions to noncontrolling interests in consolidated affiliates		(5,473)	0
CASH USED FOR FINANCING ACTIVITIES		(229,926)	(134,151)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(135)	(928)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(131,128)	(5,819)
Balance, beginning of year		208,374	115,407
Balance, end of period		77,246	109,588
Cash paid during the period:
Interest	[3]	24,900	31,556
Income taxes		5,493	4,651
Non-cash investing activity:
Capital assets purchased on account		$ 5,091	$ 5,161

[1] The nine months ended September 30, 2024 includes an additional cash dividend of $0.20 per common share, totaling $29.8 million. The additional dividend was paid on January 12, 2024, to shareholders of record on December 29, 2023.

[2] The nine months ended September 30, 2024 includes an additional cash distribution of $0.20 per Redeemable Operating Partnership Unit, totaling $0.5 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.

[3] Interest paid is presented net of patronage payments received of $8.3 million and $6.2 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2023 Form 10-K.