RAYONIER INC
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
Contents
NOTE
- RESTRICTED CASH
Restricted cash includes cash deposited with a like-kind exchange (“LKE”) intermediary. In order to qualify for LKE treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. Additionally, restricted cash includes cash balances held in escrow as collateral for certain contractual obligations related to our Heartwood development project as well as cash held in escrow for real estate sales.
The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023:
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Restricted cash: | ||
| Restricted cash deposited with LKE intermediary | $2,345 | $2 |
| Restricted cash held in escrow | 676 | 1,802 |
| Total restricted cash | 3,021 | 1,804 |
| Cash and cash equivalents | 74,225 | 107,784 |
| Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $77,246 | $109,588 |
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