Rayonier inc. (RYN)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
OPERATING ACTIVITIES
Net income

67,678

117,330

161,579

217,770

43,941

97,846

373,798

278,685

276,005

217,586

312,541

148,583

Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization

128,235

144,121

127,566

115,142

113,708

119,980

116,854

84,631

132,548

143,406

158,371

168,239

Non-cash cost of land and improved development

12,565

23,553

13,684

11,690

12,509

13,264

10,212

4,746

4,329

6,692

7,634

11,145

Non-cash cost of New York timberland sale

-

-

-

-

-

-

53,990

0

0

-

-

-

Stock-based incentive compensation expense

6,904

6,428

5,396

5,136

4,484

7,869

11,683

15,116

16,181

15,223

15,754

13,344

Amortization of debt discount/premium

-

-

-

-462

604

1,092

1,215

6,323

8,654

8,160

6,517

5,437

Deferred income taxes

11,314

22,832

21,980

5,170

-1,475

1,828

5,857

3,505

2,498

14,936

-6,260

11,576

Tax benefit of AFMC for CBPC exchange

-

-

-

-

-

-

18,761

12,196

0

-

-

-

Non-cash adjustments to unrecognized tax benefit liability

-

-

-

-

135

-6,597

3,967

0

-16,000

4,723

15,467

-

Depreciation and amortization from discontinued operations

-

-

-

-

-

37,985

74,940

64,087

-

-

-

-

Amortization of losses from pension and postretirement plans

449

675

465

2,513

3,403

7,276

22,029

19,493

12,369

6,135

4,387

-

Gain on sale of large disposition of timberlands

0

0

66,994

143,933

0

0

-

-

-

-

-

-

Other

-4,999

-2,613

-716

336

-350

-3,307

6,082

2,880

-8,378

-237

3,973

6,255

Gain on sale of discontinued operations, net

-

-

-

-

-

-

42,121

0

0

-

-

-

Gain related to consolidation of New Zealand joint venture

-

-

-

-

-

-

16,098

0

0

11,545

0

-

Loss on early redemption of exchangeable notes

-

-

-

-

-

-

-3,974

0

0

-

-

-

Excess tax benefits on stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

3,248

Changes in operating assets and liabilities:
Receivables

849

-765

6,362

-2,517

-2,034

-4,300

-11,100

4,248

12,011

-20,774

26,863

-1,794

Inventories

-1,224

-1,773

1,384

1,175

9,749

-3,926

19,986

10,649

3,868

27,693

-9,202

15,946

Accounts payable

-1,554

-4,626

3,435

-559

1,863

29,929

-1,655

-7,967

6,347

-4,606

-12,552

6,128

Income tax receivable/payable

0

0

434

206

894

-838

-47,232

-65,212

-19,788

-170,845

190,694

-9,513

All other operating activities

6,714

142

1,931

10,138

-6,251

-2,669

6,474

-2,750

13,739

-60,377

17,917

-

Payment to exchange AFMC for CBPC

-

-

-

-

-

-

70,311

50,768

0

-

-

-

Other current assets

-

-

-

-

-

-

-

-

-

-

-

4,383

Accrued liabilities

-

-

-

-

-

-

-

-

-

-

-

-7,245

Other assets

-

-

-

-

-

-

-

-

-

-

-

-4,736

Other non-current liabilities

-

-

-

-

-

-

-

-

-

-

-

-8,080

Expenditures for dispositions and discontinued operations

-

-

-

-

-

5,096

8,570

9,926

9,209

8,632

8,095

7,660

CASH PROVIDED BY OPERATING ACTIVITIES

214,253

310,096

256,284

203,801

177,164

320,416

546,793

445,914

432,270

495,390

307,299

340,188

INVESTING ACTIVITIES
Capital expenditures

63,996

62,325

65,345

58,723

57,293

63,713

63,203

155,520

144,522

138,449

91,667

104,806

Capital expenditures from discontinued operations

-

-

-

-

-

60,955

103,092

-

-

-

-

-

Real estate development investments

6,803

9,501

15,784

8,746

2,676

3,674

1,292

-

-

-

-

-

Purchase of timberlands

142,287

57,608

242,910

366,481

98,409

130,896

20,401

106,536

320,899

5,360

0

229,701

Assets purchased in business acquisition

-

-

-

887

0

0

139,879

0

0

-

-

-

Net proceeds from large disposition of timberlands

0

0

95,243

203,862

0

-

-

-

-

-

-

-

Proceeds from settlement of foreign currency hedge

-

-

-

-

2,804

0

1,701

-

-

-

-

-

Rayonier office building under construction

0

0

6,084

6,307

908

0

-

-

-

-

-

-

Jesup mill cellulose specialties expansion

-

-

-

-

-

-

148,262

198,341

42,894

0

0

-

Proceeds from disposition of Wood Products business

-

-

-

-

-

-

62,720

0

0

-

-

-

Purchase of real estate

-

-

-

-

-

-

-

-

-

-

-

4,336

Change in restricted cash

-

-

-

-

16,836

-62,256

58,385

10,559

-8,323

8,231

-1,399

-8,523

Other

6,304

3,421

373

-2,311

-7,009

-306

447

1,945

-11,378

-9,384

2,476

71

CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES

-219,390

-132,855

-235,253

-234,971

-166,309

-196,676

-470,540

-472,901

-488,614

-142,656

-92,744

-330,391

FINANCING ACTIVITIES
Issuance of debt

82,000

1,014

63,389

695,916

472,558

1,426,464

622,885

1,230,000

460,000

157,000

267,500

173,800

Repayment of debt

0

54,416

100,157

458,415

364,402

1,289,637

549,485

813,610

499,057

96,650

307,643

152,685

Dividends paid

141,071

136,772

127,069

122,845

124,936

257,517

237,016

206,583

185,272

163,673

158,218

156,978

Proceeds from the issuance of common shares under incentive stock plan

1,260

8,591

4,751

1,576

2,117

-

-

-

-

-

-

-

Proceeds from Issuance of Common Stock

0

0

152,390

0

0

5,579

10,101

25,495

13,451

26,314

11,115

8,265

Excess tax benefits on stock-based compensation

-

-

-

-

-

-

8,413

7,635

5,681

5,411

2,720

3,248

Repurchase of common shares

4,250

2,984

176

690

100,000

1,858

11,326

7,783

7,909

6,028

1,388

3,979

Repurchase of common shares made under repurchase program

8,430

0

0

-

-

-

-

-

-

-

-

-

Proceeds from shareholder distribution hedge

135

2,025

0

0

-

-

-

-

-

-

-

-

Distribution to minority shareholder

9,161

11,172

0

0

-

-

-

-

-

-

-

-

Purchase of exchangeable note hedge (Note 11)

-

-

-

-

-

-

-

-

-

-

23,460

-

Proceeds from issuance of warrant (Note 11)

-

-

-

-

-

-

-

-

-

-

12,506

-

Payments of Debt Issuance Costs

132

0

0

818

1,678

12,380

0

6,135

2,027

561

4,678

-

Net cash disbursed upon spin-off of Performance Fibers business

-

-

-

-

-

31,420

0

0

-

-

-

-

Debt issuance funds distributed to Rayonier Advanced Materials

-

-

-

-

-

-

-

0

-

-

-

-

Proceeds from spin-off of Rayonier Advanced Materials

-

-

-

-

-

-

-

0

-

-

-

-

Other

-

-

-

-301

-122

-680

-713

0

0

-

-

-

CASH USED FOR FINANCING ACTIVITIES

-79,649

-193,714

-6,872

114,423

-116,463

-161,449

-157,141

229,019

-215,133

-78,187

-201,546

-128,329

EFFECT OF EXCHANGE RATE CHANGES ON CASH

-1,700

571

580

-938

-4,173

-377

-64

-39

617

-48

270

-864

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (a)
Change in cash, cash equivalents and restricted cash

-86,486

-15,902

14,739

82,315

-109,781

-38,086

-80,952

201,993

-270,860

274,499

13,279

-119,396

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest

32,782

33,120

36,041

36,289

33,011

47,640

44,156

34,956

38,223

39,991

41,433

42,691

Income taxes

1,691

2,150

514

501

277

8,789

99,120

74,745

17,509

11,776

8,824

12,752

Non-cash investing activity:
Non-cash investing activity:
Acquisition of timberlands (Note 8)

-

-

-

-

-

-

-

-

105,000

0

0

-

Assumption of loan (Note 13)

-

-

-

-

-

-

-

-

105,000

0

0

-

Capital assets purchased on account

3,568

2,001

3,809

4,683

3,429

2,444

15,522

25,926

20,866

12,388

8,722

8,675

Purchase of timberlands

-

-

-

-

700

0

0

-

-

-

-

-

Patronage refunds received, netted with interest paid

4,000

4,100

3,000

-

-

-

-

-

-

-

-

-

Shareholder debt assumed in acquisition of New Zealand joint venture

-

-

-

-

-

-

125,532

-

-

-

-

-

Conversion of shareholder debt to equity noncontrolling interest

-

-

-

-

-

-

-95,961

0

0

-

-

-

Partial conversion of Senior Exchangeable Notes to equity

-

-

-

-

-

-

2,453

0

0

-

-

-