Rayonier inc. (RYN)
CashFlow / TTM
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

66,306

67,678

54,889

84,000

102,417

117,330

179,602

177,766

169,202

161,579

145,168

156,989

237,795

217,770

176,701

155,258

40,819

43,941

42,837

55,715

74,683

97,846

169,315

195,623

267,406

373,798

369,602

391,796

372,983

278,685

259,307

283,655

271,030

276,005

278,945

236,940

219,045

217,586

0

0

0

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

126,073

128,235

120,334

127,294

146,075

144,121

146,690

140,591

131,330

127,566

128,059

131,330

116,573

115,142

111,609

111,589

113,075

113,708

115,448

117,490

123,974

119,980

125,502

122,313

106,843

116,854

66,169

70,896

90,210

84,631

130,920

134,277

131,091

132,548

129,477

129,747

131,947

143,406

0

0

0

Non-cash cost of land and improved development

8,947

12,565

16,487

14,264

25,959

23,553

22,104

21,261

10,829

13,684

10,210

13,274

12,061

11,690

13,088

13,346

12,870

12,509

14,152

12,804

13,935

13,264

14,507

13,017

12,655

10,212

6,090

9,740

3,997

4,746

4,226

179

5,415

4,329

3,269

5,007

4,794

6,692

0

0

0

Stock-based incentive compensation expense

6,937

6,904

6,854

6,775

6,643

6,428

6,269

5,978

5,778

5,396

5,326

5,189

5,177

5,136

4,856

4,735

4,518

4,484

4,611

4,477

5,571

7,869

9,470

11,437

11,506

11,683

11,897

11,882

11,930

15,116

16,600

17,620

18,372

16,181

15,406

15,284

15,154

15,223

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Amortization of debt discount/premium

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,323

7,550

8,214

8,392

8,654

8,528

8,405

8,283

8,160

0

0

0

Deferred income taxes

10,970

11,314

9,946

16,436

19,555

22,832

26,285

20,419

22,973

21,980

17,412

17,544

11,704

5,170

7,742

2,687

-1,831

-1,475

-7,352

-9,597

-3,957

1,828

-32,540

-22,147

9,621

5,857

0

0

0

-

-

-

-

2,498

-5,902

13,606

22,236

14,936

0

0

0

Tax benefit of AFMC for CBPC exchange

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

18,761

19,297

30,957

30,957

12,196

0

0

0

-

-

-

-

-

-

-

-

Non-cash adjustments to unrecognized tax benefit liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization from discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

37,985

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of losses from pension and postretirement plans

554

449

505

561

628

675

623

570

508

465

981

1,497

2,012

2,513

2,466

2,791

3,081

3,403

3,591

3,241

5,187

7,276

11,697

16,308

18,778

22,029

22,053

21,719

21,264

19,493

17,324

15,718

13,856

12,369

0

0

0

-

-

-

-

Gain on sale of large disposition of timberlands

0

-

-

-

0

-

-

-

-

66,994

70,791

70,791

172,121

143,933

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-5,922

-4,999

-6,843

3,840

-7,393

-2,613

2,783

-4,463

7,861

-716

56

-2,366

-3,051

336

2,237

2,225

771

-350

-2,697

-4,942

-979

-3,307

-5,069

-2,528

-942

6,082

10,753

10,947

5,662

2,880

-2,869

-5,192

-1,289

-8,378

-9,985

-4,584

-7,705

-237

0

0

0

Gain on sale of discontinued operations, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

42,121

42,670

42,670

42,670

0

0

0

0

-

-

-

-

-

-

-

-

Gain on foreign currency forward contracts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

Excess tax benefits on stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Changes in operating assets and liabilities:
Receivables

-2,030

849

-14,187

-5,937

-3,043

-765

2,984

22,144

5,393

6,362

12,225

-1,463

2,021

-2,517

3,758

9,747

8,414

-2,034

-5,932

3,274

-23,794

-4,300

-30,073

-32,870

-3,928

-11,100

8,789

2,257

11,115

4,248

2,109

562

-844

12,011

-7,459

12,400

5,194

-20,774

0

0

0

Inventories

1,051

-1,224

419

235

-1,698

-1,773

-318

-1,402

-829

1,384

-2,799

815

37

1,175

4,937

3,774

11,235

9,749

8,084

8,946

-1,743

-3,926

8,339

42,546

32,133

19,986

19,043

-9,580

16,487

10,649

-3,921

-2,161

-4,006

3,868

32,647

19,267

18,086

27,693

0

0

0

Accounts payable

-4,590

-1,554

-1,780

-3,516

-2,158

-4,626

-2,408

2,742

1,470

3,435

3,876

2,267

3,958

-559

592

304

375

1,863

-1,514

6,504

18,857

29,929

17,930

6,109

-3,112

-1,655

19,071

21,086

3,441

-7,967

-13,325

-13,285

-4,319

6,347

10,733

4,667

7,021

-4,606

0

0

0

Income tax receivable/payable

-

-

-

-

-

-

-

392

598

434

285

773

234

206

-6

132

842

894

865

4,700

631

-838

-50,470

-58,075

-32,636

-47,232

-10,541

-27,828

-69,658

-65,212

0

0

0

-

-

-

-

-170,845

0

0

0

All other operating activities

9,084

6,714

922

9,973

-6,021

142

9,643

-8,071

795

1,931

3,918

4,613

11,419

10,138

7,738

5,986

-2,417

-6,251

-3,120

-4,004

3,550

-2,669

-3,333

-9,065

3,571

6,474

7,803

6,428

14,627

-2,750

-7,459

15,375

-10,694

13,739

0

0

0

-

-

-

-

Payment to exchange AFMC for CBPC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

70,311

121,079

121,079

121,079

50,768

0

0

0

-

-

-

-

-

-

-

-

Other current assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Accrued liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Other non-current liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Expenditures for dispositions and discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,096

7,255

9,651

9,437

8,570

9,470

9,138

9,846

9,926

9,161

9,096

8,473

9,209

9,063

9,229

9,050

8,632

0

0

0

CASH PROVIDED BY OPERATING ACTIVITIES

172,515

214,253

213,238

245,467

302,778

310,096

330,462

309,552

300,576

256,284

226,766

255,137

206,709

203,801

197,669

168,260

154,801

177,164

179,750

177,155

273,714

320,416

496,626

540,265

557,233

546,793

426,508

472,710

424,220

445,914

459,642

446,279

427,919

432,270

348,453

334,457

519,684

495,390

0

0

0

INVESTING ACTIVITIES
Capital expenditures

67,050

63,996

63,459

65,910

63,255

62,325

63,751

61,425

64,175

65,345

64,208

62,383

59,787

58,723

60,328

58,155

57,427

57,293

55,682

55,434

42,237

63,713

-13,654

22,213

65,179

63,203

165,604

153,861

146,105

155,520

169,381

155,557

151,840

144,522

129,991

132,312

137,045

138,449

0

0

0

Real estate development investments

6,853

6,803

5,961

5,999

8,838

9,501

10,893

14,686

15,939

15,784

15,711

11,327

9,246

8,746

5,462

4,768

4,085

2,676

2,389

2,005

2,138

3,674

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of timberlands

154,060

142,287

100,543

52,770

69,945

57,608

42,836

36,909

231,629

242,910

251,705

327,102

363,451

366,481

363,771

286,609

89,662

98,409

126,173

144,493

143,329

130,896

101,940

84,771

29,478

20,401

106,554

108,296

99,407

106,536

238,369

316,610

326,646

320,899

99,522

18,336

8,302

5,360

0

0

0

Net proceeds from large disposition of timberlands

0

-

-

-

0

-

-

-

-

95,243

118,926

118,926

245,896

203,862

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Rayonier office building under construction

-

-

-

-

-

-

-

-

-

6,084

8,353

10,725

8,725

6,307

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Jesup mill cellulose specialties expansion

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

148,262

230,951

234,528

209,049

198,341

139,617

103,316

68,920

42,894

0

0

0

-

-

-

-

Proceeds from disposition of Wood Products business

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

62,720

68,063

72,953

83,741

0

0

0

0

-

-

-

-

-

-

-

-

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-23,429

3,011

-848

16,836

2,897

-3,288

-9,873

-62,256

15,056

2,860

22,981

58,385

-6,226

-11,471

-4,958

10,559

12,796

14,427

-2,714

-8,323

-13,301

-10,135

-1,578

8,231

0

0

0

Other

6,571

6,304

7,772

7,422

-1,021

3,421

-1,376

1,293

-3,139

373

-2,250

-5,410

1,902

-2,311

-4,414

-1,457

-5,763

-7,009

-3,823

-4,270

-926

-306

701

1,462

3,015

447

6,450

704

8,891

1,945

-15,146

-8,048

-13,232

-11,378

-3,686

-7,135

-7,907

-9,384

0

0

0

CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES

-118,868

-219,390

-177,735

-132,101

-141,017

-132,855

-62,995

-61,610

-258,875

-235,253

-241,005

-304,960

-208,715

-234,971

-277,534

-224,232

-142,853

-166,309

-184,200

-208,540

-237,860

-196,676

-286,695

-321,944

-497,576

-470,540

-575,149

-552,844

-374,753

-472,901

-545,017

-581,862

-531,460

-488,614

-220,585

-136,954

-135,862

-142,656

0

0

0

FINANCING ACTIVITIES
Issuance of debt

102,000

82,000

0

0

0

-

-

-

-

63,389

65,209

105,530

440,083

695,916

787,627

1,067,233

746,110

472,558

510,328

247,175

1,406,645

1,426,464

1,310,163

1,406,274

554,704

622,885

1,482,885

1,330,000

990,000

1,230,000

635,000

745,000

800,000

460,000

180,000

100,000

30,000

157,000

0

0

0

Repayment of debt

20,000

0

0

27

25,041

54,416

59,357

94,124

109,002

100,157

99,212

92,664

238,193

458,415

517,950

759,103

593,783

364,402

417,459

214,047

1,191,008

1,289,637

1,269,071

1,383,460

489,485

549,485

1,068,420

898,587

818,610

813,610

517,710

542,167

589,057

499,057

180,000

175,000

105,000

96,650

0

0

0

Dividends paid

141,101

141,071

141,058

140,826

139,526

136,772

133,900

131,297

128,574

127,069

125,758

124,261

122,788

122,845

122,751

122,924

123,944

124,936

125,920

196,310

226,639

257,517

287,814

248,422

241,817

237,016

229,304

221,604

215,078

206,583

201,067

195,602

190,627

185,272

180,080

171,554

167,657

163,673

0

0

0

Proceeds from the issuance of common shares under incentive stock plan

729

1,260

1,206

1,541

3,733

8,591

9,302

9,369

7,955

4,751

4,352

4,138

3,809

1,576

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Issuance of Common Stock

-

-

-

-

-

-

-

-

-

152,390

152,390

152,390

152,345

0

-1,322

-718

-546

0

2,256

2,950

4,098

5,579

5,541

6,805

8,037

10,101

13,968

28,158

27,525

25,495

25,935

9,537

10,113

13,451

13,030

21,976

24,502

26,314

0

0

0

Excess tax benefits on stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,413

8,767

10,800

9,880

7,635

7,787

5,015

5,657

5,681

5,291

6,360

6,228

5,411

0

0

0

Repurchase of common shares

4,217

4,250

4,253

4,259

2,999

2,984

3,156

3,142

194

176

0

0

0

690

27,069

91,728

100,690

100,000

73,645

8,986

104

1,858

1,857

1,919

1,839

11,326

11,303

11,241

11,241

7,783

7,783

7,864

7,866

7,909

7,909

7,859

7,857

6,028

0

0

0

Repurchase of common shares made under repurchase program

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distribution to minority shareholder

6,292

9,161

15,365

14,766

14,766

11,172

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of Debt Issuance Costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,135

3,698

4,017

5,592

2,027

2,051

1,689

164

561

0

0

0

Other

0

-

-

0

0

-

-

0

0

-

-

-

-

-301

-261

-166

-44

-122

0

-95

-96

-680

-1,393

-1,393

-1,391

-713

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

CASH USED FOR FINANCING ACTIVITIES

-80,444

-79,649

-166,350

-156,179

-175,576

-193,714

-188,609

-218,180

-196,100

-6,872

-3,181

44,971

234,153

114,423

120,462

92,859

-72,440

-116,463

-106,118

-94,313

-50,904

-161,449

-288,007

-339,901

-169,569

-157,141

194,156

235,044

-20,094

229,019

-61,536

9,902

22,628

-215,133

-171,719

-227,766

-219,948

-78,187

0

0

0

EFFECT OF EXCHANGE RATE CHANGES ON CASH

-4,846

-1,700

-896

1,274

607

571

-1,874

-1,853

1,454

580

-1,451

13

-1,243

-938

3,687

1,135

-2,353

-4,173

-6,508

-4,731

-1,972

-377

169

60

-34

-64

-252

-432

69

-39

101

604

376

617

471

259

268

-48

0

0

0

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

-31,643

-86,486

-131,743

-41,539

-13,208

-15,902

76,984

27,909

-152,945

14,739

-18,871

-4,839

230,904

82,315

44,284

38,022

-62,845

-109,781

-117,076

-130,429

-17,022

-38,086

-77,907

-121,520

-109,946

-80,952

45,263

154,478

29,442

201,993

-146,810

-125,077

-80,537

-270,860

-43,380

-30,004

164,142

274,499

0

0

0

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

33,257

32,782

32,788

32,639

32,655

33,120

33,411

34,353

34,931

36,041

36,289

35,901

34,176

36,289

34,607

34,642

33,803

33,011

31,336

35,963

45,728

47,640

55,474

54,382

47,522

44,156

43,647

40,774

33,305

34,956

32,756

29,680

38,765

38,223

39,198

39,770

40,221

39,991

0

0

0

Income taxes

1,245

1,691

2,678

2,553

2,500

2,150

843

440

581

514

501

540

596

501

351

344

258

277

-1,243

-1,358

1,793

8,789

21,549

25,029

35,851

99,120

147,857

148,264

144,823

74,745

27,429

28,946

23,726

17,509

12,230

11,184

3,185

11,776

0

0

0

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

4,429

3,568

1,424

-1,238

3,830

2,001

2,281

5,171

-96

3,809

4,683

7,905

7,388

4,683

5,860

3,095

3,713

3,429

2,079

-6,707

-13,006

2,444

-11,906

-32,660

-15,681

15,522

2,937

55,480

30,444

25,926

57,089

39,912

49,017

20,866

19,092

9,922

11,731

12,388

0

0

0

Patronage refunds received, netted with interest paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-