Rayonier inc. (RYN)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
OPERATING ACTIVITIES
Net income

26,421

17,437

1,528

20,920

27,793

4,648

30,639

39,337

42,706

66,920

28,803

30,773

35,083

50,509

40,624

111,579

15,058

9,440

19,181

-2,860

18,180

8,336

32,059

16,108

41,343

79,805

58,367

87,891

147,735

75,609

80,561

69,078

53,437

56,231

104,909

56,453

58,412

59,171

62,904

38,558

56,953

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

34,329

36,296

27,846

27,602

36,491

28,395

34,806

46,383

34,537

30,964

28,707

37,122

30,773

31,457

31,978

22,365

29,342

27,924

31,958

23,851

29,975

29,664

34,000

30,335

25,981

35,186

30,811

14,865

35,992

-15,499

35,538

34,179

30,413

30,790

38,895

30,993

31,870

27,719

39,165

33,193

43,329

Non-cash cost of land and improved development

412

2,580

4,338

1,617

4,030

6,502

2,115

13,312

1,624

5,053

1,272

2,880

4,479

1,579

4,336

1,667

4,108

2,977

4,594

1,191

3,747

4,620

3,246

2,322

3,076

5,863

1,756

1,960

633

1,741

5,406

-3,783

1,382

1,221

1,359

1,453

296

161

3,097

1,240

2,194

Stock-based incentive compensation expense

1,510

1,521

1,562

2,344

1,477

1,471

1,483

2,212

1,262

1,312

1,192

2,012

880

1,242

1,055

2,000

839

962

934

1,783

805

1,089

800

2,877

3,103

2,690

2,767

2,946

3,280

2,904

2,752

2,994

6,466

4,388

3,772

3,746

4,275

3,613

3,650

3,616

4,344

Gain on sale of a portion of interest in the New Zealand joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,545

Amortization of debt discount/premium

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

956

1,504

1,973

1,890

2,183

2,168

2,151

2,152

2,057

2,045

2,029

2,029

Deferred income taxes

3,361

3,181

876

3,552

3,705

1,813

7,366

6,671

6,982

5,266

1,500

9,225

5,989

698

1,632

3,385

-545

3,270

-3,423

-1,133

-189

-2,607

-5,668

4,507

5,596

-36,975

4,725

36,275

1,832

-

-

-

-

8,465

-5,022

-8,290

7,345

65

14,486

340

45

Tax benefit of AFMC for CBPC exchange

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

18,761

536

11,660

0

0

-

-

-

-

-

-

-

-

Non-cash adjustments to unrecognized tax benefit liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,896

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization from discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

17,336

20,649

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of losses from pension and postretirement plans

217

112

113

112

112

168

169

179

159

116

116

117

116

632

632

632

617

585

957

922

939

773

607

2,868

3,028

5,194

5,218

5,338

6,279

5,218

4,884

4,883

4,508

3,049

3,278

3,021

3,021

-

-

-

-

Gain on sale of large disposition of timberlands

28,655

-

-

-

0

-

-

-

-

38,811

0

-5

28,188

42,608

0

101,325

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

568

-4,239

-1,747

-504

1,491

-6,083

8,936

-11,737

6,271

-687

1,690

587

-2,306

85

-732

-98

1,081

1,986

-744

-1,552

-40

-361

-2,989

2,411

-2,368

-2,123

-448

3,997

4,656

2,548

-254

-1,288

1,874

-3,201

-2,577

2,615

-5,215

-4,808

2,824

-506

2,253

Gain on sale of discontinued operations, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-549

0

0

42,670

0

0

0

0

-

-

-

-

-

-

-

-

Gain on foreign currency forward contracts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,881

-

-

-

0

-

-

-

-

-

-

-

-

Excess tax benefits on stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,120

798

3,153

Changes in operating assets and liabilities:
Receivables

5,316

-990

-19,192

12,836

8,195

-16,026

-10,942

15,730

10,473

-12,277

8,218

-1,021

11,442

-6,414

-5,470

2,463

6,904

-139

519

1,130

-3,544

-4,037

9,725

-25,938

15,950

-29,810

6,928

3,004

8,778

-9,921

396

11,862

1,911

-12,060

-1,151

10,456

14,766

-31,530

18,708

3,250

-11,202

Inventories

3,618

-2,331

113

-349

1,343

-688

-71

-2,282

1,268

767

-1,155

-1,709

3,481

-3,416

2,459

-2,487

4,619

346

1,296

4,974

3,133

-1,319

2,158

-5,715

950

10,946

36,365

-16,128

-11,197

10,003

7,742

9,939

-17,035

-4,567

9,502

8,094

-9,161

24,212

-3,878

6,913

446

Accounts payable

3,353

-3,575

-3,537

-831

6,389

-3,801

-5,273

527

3,921

-1,583

-123

-745

5,886

-1,142

-1,732

946

1,369

9

-2,020

1,017

2,857

-3,368

5,998

13,370

13,929

-15,367

-5,823

4,149

15,386

5,359

-3,808

-13,496

3,978

1

-3,768

-4,530

14,644

4,387

-9,834

-2,176

3,017

Income tax receivable/payable

-

-

-

-

-

-

-

-206

290

308

0

0

126

159

488

-539

98

-53

626

171

150

-82

4,461

-3,898

-1,319

-49,714

-3,144

21,541

-15,915

-13,023

-20,431

-20,289

-11,469

-

-

-

-

20,152

1,461

-191,408

-1,050

All other operating activities

3,403

6,574

2,819

-3,712

1,033

782

11,870

-19,706

7,196

10,283

-5,844

-10,840

8,332

12,270

-5,149

-4,034

7,051

9,870

-6,901

-12,437

3,217

13,001

-7,785

-4,883

-3,002

12,337

-13,517

7,753

-99

13,666

-14,892

15,952

-17,476

8,957

7,942

-10,117

6,957

-

-

-

-

Payment to exchange AFMC for CBPC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

70,311

50,768

0

0

0

-

-

-

-

-

-

-

-

Other current assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,764

10,292

1,504

Accrued liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,017

20,171

-15,712

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-720

-12

103

Other non-current liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

145

47

-513

Expenditures for dispositions and discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

2,598

2,498

2,159

2,396

2,384

1,631

3,059

2,064

3,092

1,711

2,294

1,999

2,469

2,447

2,148

2,165

2,290

2,029

CASH PROVIDED BY OPERATING ACTIVITIES

29,179

50,060

47,239

46,037

70,917

49,045

79,468

103,348

78,235

69,411

58,558

94,372

33,943

39,893

86,929

45,944

31,035

33,761

57,520

32,485

53,398

36,347

54,925

129,044

100,100

212,557

98,564

146,012

89,660

92,272

144,766

97,522

111,354

106,000

131,403

79,162

115,705

22,183

117,407

264,389

91,411

INVESTING ACTIVITIES
Capital expenditures

17,176

18,725

15,766

15,383

14,122

18,188

18,217

12,728

13,192

19,614

15,891

15,478

14,362

18,477

14,066

12,882

13,298

20,082

11,893

12,154

13,164

18,471

11,645

-1,043

34,640

-58,896

47,512

41,923

32,664

43,505

35,769

34,167

42,079

57,366

21,945

30,450

34,761

42,835

24,266

35,183

36,165

Real estate development investments

1,727

3,454

2,350

-678

1,677

2,612

2,388

2,161

2,340

4,004

6,181

3,414

2,185

3,931

1,797

1,333

1,685

647

1,103

650

276

360

719

783

1,812

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of timberlands

24,122

60,374

55,517

14,047

12,349

18,630

7,744

31,222

12

3,858

1,817

225,942

11,293

12,653

77,214

262,291

14,323

9,943

52

65,344

23,070

37,707

18,372

64,180

10,637

8,751

1,203

8,887

1,560

94,904

2,945

-2

8,689

226,737

81,186

10,034

2,942

5,360

0

0

0

Net proceeds from large disposition of timberlands

115,666

-

-

-

0

-

-

-

-

53,214

0

-5

42,034

76,897

0

126,965

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Rayonier office building under construction

-

-

-

-

-

-

-

-

-

105

406

2,969

2,604

2,374

2,778

969

186

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Jesup mill cellulose specialties expansion

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,870

37,207

63,451

36,734

93,559

40,784

37,972

26,026

34,835

4,483

3,576

0

-

-

-

-

Proceeds from disposition of Wood Products business

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,343

-4,890

-10,788

83,741

0

0

0

0

-

-

-

-

-

-

-

-

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-4,445

-7,372

-10,613

-999

21,995

-11,231

7,071

-14,938

15,810

-17,816

-45,312

62,374

3,614

2,305

-9,908

-2,237

-1,631

8,818

5,609

0

0

-8,323

0

-4,978

3,166

234

9,809

Other

-2,070

4,085

-1,669

6,225

-2,337

5,553

-2,019

-2,218

2,105

756

650

-6,650

5,617

-1,867

-2,510

662

1,404

-3,970

447

-3,644

158

-784

0

-300

778

223

761

1,253

-1,790

6,226

-4,985

9,440

-8,736

-10,865

2,113

4,256

-6,882

-3,173

-1,336

3,484

-8,359

CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES

74,711

-86,638

-71,964

-34,977

-25,811

-44,983

-26,330

-43,893

-17,649

24,877

-24,945

-241,158

5,973

19,125

-88,900

-144,913

-20,283

-23,438

-35,598

-63,534

-43,739

-41,329

-59,938

-92,854

-2,555

-131,348

-95,187

-268,486

24,481

-235,957

-72,882

-90,395

-73,667

-308,073

-109,727

-39,993

-30,821

-40,044

-26,096

-38,901

-37,615

FINANCING ACTIVITIES
Issuance of debt

20,000

82,000

0

0

0

-

-

-

-

0

0

33,670

29,719

1,820

40,321

368,223

285,552

93,531

319,927

47,100

12,000

131,301

56,774

1,206,570

31,819

15,000

152,885

355,000

100,000

875,000

0

15,000

340,000

280,000

110,000

70,000

0

0

30,000

0

127,000

Repayment of debt

20,000

0

0

0

0

0

27

25,014

29,375

4,941

34,794

39,892

20,530

3,996

28,246

185,421

240,752

63,531

269,399

20,101

11,371

116,588

65,987

997,062

110,000

96,022

180,376

103,087

170,000

614,957

10,543

23,110

165,000

319,057

35,000

70,000

75,000

0

30,000

0

66,650

Dividends paid

34,907

34,946

35,018

36,230

34,877

34,933

34,786

34,930

32,123

32,061

32,183

32,207

30,618

30,750

30,686

30,734

30,675

30,656

30,859

31,754

31,667

31,640

101,249

62,083

62,545

61,937

61,857

55,478

57,744

54,225

54,157

48,952

49,249

48,709

48,692

43,977

43,894

43,517

40,166

40,080

39,910

Proceeds from the issuance of common shares under incentive stock plan

66

429

57

177

597

375

392

2,369

5,455

1,086

459

955

2,251

687

245

626

18

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Issuance of Common Stock

-

-

-

-

-

-

-

-

-

0

0

45

152,345

0

0

0

0

-1,322

604

172

546

934

1,298

1,320

2,027

896

2,562

2,552

4,091

4,763

16,752

1,919

2,061

5,203

354

2,495

5,399

4,782

9,300

5,021

7,211

Excess tax benefits on stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

224

790

1,208

6,191

578

2,823

288

3,946

730

51

930

3,970

340

1,120

798

3,153

Repurchase of common shares

0

1

8

4,208

33

4

14

2,948

18

176

0

0

0

0

0

0

690

26,379

64,659

8,962

0

24

0

80

1,754

23

62

0

11,241

0

0

0

7,783

0

81

2

7,826

0

31

0

5,997

Repurchase of common shares made under repurchase program

3,152

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distribution to minority shareholder

725

1,846

3,721

0

3,594

8,050

3,122

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of Debt Issuance Costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,437

45

88

3,565

0

364

1,663

0

24

2

138

397

Other

0

-

-

149

-16

-

-

0

0

-

-

-

-

-162

0

-123

-16

-122

95

-1

-94

0

0

-2

-678

-713

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

CASH USED FOR FINANCING ACTIVITIES

-38,718

45,504

-47,118

-40,112

-37,923

-41,197

-36,947

-59,509

-56,061

-36,092

-66,518

-37,429

133,167

-32,401

-18,366

151,753

13,437

-26,362

-45,969

-13,546

-30,586

-16,017

-34,164

29,863

-141,131

-142,575

-86,058

200,195

-128,703

208,722

-45,170

-54,943

120,410

-81,833

26,268

-42,217

-117,351

-38,419

-29,779

-34,399

24,410

EFFECT OF EXCHANGE RATE CHANGES ON CASH

-2,303

1,108

-2,933

-718

843

1,912

-763

-1,385

807

-533

-742

1,922

-67

-2,564

722

666

238

2,061

-1,830

-2,822

-1,582

-274

-53

-63

13

272

-162

-157

-17

84

-342

344

-125

224

161

116

116

78

-51

125

-200

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

62,869

10,034

-74,776

-29,770

8,026

-35,223

15,428

-1,439

5,332

57,663

-33,647

-182,293

173,016

24,053

-19,615

53,450

24,427

-13,978

-25,877

-47,417

-22,509

-21,273

-39,230

65,990

-43,573

-61,094

-82,843

77,564

-14,579

65,121

26,372

-47,472

157,972

-283,682

48,105

-2,932

-32,351

-56,202

61,481

191,214

78,006

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

2,595

12,204

6,201

12,257

2,120

12,210

6,052

12,273

2,585

12,501

6,994

12,851

3,695

12,749

6,606

11,126

5,808

11,067

6,641

10,287

5,016

9,392

11,268

20,052

6,928

17,226

10,176

13,192

3,562

16,717

7,303

5,723

5,213

14,517

4,227

14,808

4,671

15,492

4,799

15,259

4,441

Income taxes

185

339

647

74

631

1,326

522

21

281

19

119

162

214

6

158

218

119

-144

151

132

138

-1,664

36

3,283

7,134

11,096

3,516

14,105

70,403

59,833

3,923

10,664

325

12,517

5,440

5,444

-5,892

7,238

4,394

-2,555

2,699

Non-cash investing activity:
Non-cash investing activity:
Capital assets purchased on account

4,215

1,297

-1,136

53

3,354

-847

-3,798

5,121

1,525

-567

-908

-146

5,430

307

2,314

-663

2,725

1,484

-451

-45

2,441

134

-9,237

-6,344

17,891

-14,216

-29,991

10,635

49,094

-26,801

22,552

-14,401

44,576

4,362

5,375

-5,296

16,425

2,588

-3,795

-3,487

17,082

Patronage refunds received, netted with interest paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,300

-

0

0

2,100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-