Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Rayonier’s debt consisted of the following at December 31, 2013 and 2012:

	2013			2012
Senior Notes due 2022 at a fixed interest rate of 3.75%	$	325,000		$	325,000
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a)	127,749			165,821
Installment note due 2014 at a fixed interest rate of 8.64%	112,500			112,500
Mortgage notes due 2017 at fixed interest rates of 4.35% (b)	65,165			76,731
Solid waste bond due 2020 at a variable interest rate of 1.5% at December 31, 2013	15,000			15,000
Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.14% at December 31, 2013	205,000			275,000
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.67% at December 31, 2013	500,000			300,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.39% at December 31, 2013	193,311			—
New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate	30,499			—
Total debt	1,574,224			1,270,052
Less: Current maturities of long-term debt	(112,500		)	(150,000		)
Long-term debt	$	1,461,724		$	1,120,052

Schedule of Maturities of Long-term Debt

Principal payments due during the next five years and thereafter are as follows:

2014	$	112,500
2015 (a)	130,973
2016	398,311
2017 (b)	63,000
2018	—
Thereafter	870,499
Total Debt	$	1,575,283

(a) Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million.

(b) The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million.

Schedule of Convertible Debt

The amounts related to convertible debt in the Consolidated Balance Sheets as of December 31, 2013 and 2012 are as follows:

	2013			2012
Liabilities:
Principal amount of debt
4.50% Senior Exchangeable Notes	$	130,973		$	172,500
Unamortized discount
4.50% Senior Exchangeable Notes	(3,224		)	(6,679		)
Net carrying amount of debt	$	127,749		$	165,821
Equity:
Common stock	$	8,850		$	8,850

Schedule of Interest Related to Convertible Debt

The amount of interest related to the convertible debt recognized in the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31 is as follows:

	2013		2012		2011
Contractual interest coupon
4.50% Senior Exchangeable Notes	$	7,271	$	7,763	$	7,763
3.75% Senior Exchangeable Notes	—		8,682		11,250
Amortization of debt discount
4.50% Senior Exchangeable Notes	2,281		2,296		2,167
3.75% Senior Exchangeable Notes	—		5,378		6,487
Total interest expense recognized	$	9,552	$	24,119	$	27,667

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of December 31, 2013, are calculated on a trailing 12-month basis:

	Covenant Requirement	Actual ratio	Favorable
Covenant EBITDA to consolidated interest expense should not be less than	2.50 to 1	13.31 to 1	10.81
Consolidated funded debt should not exceed 65 percent of consolidated net worth plus the amount of consolidated funded debt	65%	47.5%	17.5%
Subsidiary debt should not exceed 15 percent of Consolidated Net Tangible Assets	15%	6%	9%
RFR cash flow available for fixed charges to RFR fixed charges should not be less than	2.50 to 1	27.44 to 1	24.94
New Zealand JV's minimum interest coverage ratio should not be less than	1.25 to 1	2.08 to 1	0.83
New Zealand JV's leverage ratio of bank debt versus the forest and land valuation should not exceed	40%	31.7%	8.3%