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RAYONIER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income $ 6,729 $ 410,522
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization from continuing operations 126,656 46,930
Depreciation, depletion and amortization from discontinued operations 0 9,081
Non-cash cost of land and improved development 18,033 9,302
Stock-based incentive compensation expense 21,266 5,909
Deferred income taxes (37,112) (2,571)
Timber write-offs resulting from casualty events 2,284 0
Interest received under swaps with other-than-insignificant financing element (10,361) 0
Gain on sale of discontinued operations 0 (404,463)
Other 36,284 9,020
Changes in operating assets and liabilities:    
Receivables (12,204) 4,890
Inventories (1,234) 233
Accounts payable 9,827 (1,903)
All other operating activities (14,999) 1,737
CASH PROVIDED BY OPERATING ACTIVITIES 145,169 88,687
INVESTING ACTIVITIES    
Real estate development investments (9,572) (8,176)
Net cash consideration for merger with PotlatchDeltic (24,769) 0
Interest received under swaps with other-than-insignificant financing element 10,361 0
Net proceeds on sale of discontinued operations [1] 0 687,579
Net proceeds on sale of property, plant and equipment 37 4,146
Other (2,526) 4,241
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES (69,258) 658,265
FINANCING ACTIVITIES    
Repayment of debt (227,500) 0
Dividends paid on common shares [2] (159,086) (153,267)
Distributions to noncontrolling interests in the Operating Partnership [3] (873) (2,031)
Equity issuance costs (866) 0
Repurchase of common shares to pay withholding taxes on vested incentive stock awards (3,234) (2,678)
Repurchase of common shares made under repurchase program (103,460) (37,551)
Payments made under finance leases (2,066) 0
Distributions to noncontrolling interests in consolidated affiliates 0 (3,082)
CASH USED FOR FINANCING ACTIVITIES (497,085) (198,609)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 0 1,390
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Change in cash, cash equivalents and restricted cash (421,174) 549,733
Balance from continuing operations, beginning of year 843,439 323,107
Balance from discontinued operations, beginning of year 0 20,093
Total Balance, beginning of year 843,439 343,200
Balance from continuing operations, end of period 422,265 892,933
Balance from discontinued operations, end of period 0 0
Total Balance, end of period 422,265 892,933
Cash paid during the period:    
Interest [4] 9,394 9,296
Income taxes [5] 530 4,038
Non-cash investing and financing activity:    
Capital assets purchased on account 5,864 7,430
Equity consideration for the merger with PotlatchDeltic 3,228,420 0
Issuance of common shares from special dividend 0 200,454
Issuance of Redeemable Operating Partnership Units from special distribution 0 2,681
Continuing Operations    
INVESTING ACTIVITIES    
Capital expenditures (42,789) (22,427)
Discontinued Operations    
INVESTING ACTIVITIES    
Capital expenditures $ 0 $ (7,098)
[1] The six months ended June 30, 2025 includes proceeds from the disposition of our New Zealand joint venture, net of closing adjustments, transaction costs, and $11.1 million of deconsolidated cash.
[2] The six months ended June 30, 2025 includes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares. The cash portion of $67.8 million was paid on January 30, 2025 to shareholders of record on December 12, 2024.
[3] The six months ended June 30, 2025 includes an additional distribution of $1.80 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company’s Redeemable Operating Partnership Units. The cash portion of $0.9 million was paid on January 30, 2025, to holders of record on December 12, 2024.
[4] Interest paid includes patronage refunds received of $15.4 million and $7.9 million for the six months ended June 30, 2026 and June 30, 2025, respectively. For additional information on patronage refunds, see Note 8 — Debt in the 2025 Form 10-K. Interest paid for the six months ended June 30, 2025 includes $1.5 million from discontinued operations.
[5] Income taxes paid for the six months ended June 30, 2025 includes $3.8 million from discontinued operations.