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Debt (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Debt Disclosure [Abstract] |
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| Schedule of Long-term Debt Instruments |
Rayonier’s debt consisted of the following at December 31, 2014 and 2013: | | | | | | | | | | 2014 | | 2013 | 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) | 129,706 |
| | 127,749 |
| Installment note due 2014 at a fixed interest rate of 8.64% | — |
| | 112,500 |
| Mortgage notes due 2017 at fixed interest rates of 4.35% (b) | 53,801 |
| | 65,165 |
| Solid waste bond due 2020 at a variable interest rate of 1.3% at December 31, 2014 | 15,000 |
| | 15,000 |
| Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.34% at December 31, 2014 | 16,000 |
| | 205,000 |
| Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.63% at December 31, 2014 | — |
| | 500,000 |
| New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.47% at December 31, 2014 | 184,099 |
| | 193,311 |
| New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate | 27,949 |
| | 30,499 |
| Total debt | 751,555 |
| | 1,574,224 |
| Less: Current maturities of long-term debt | (129,706 | ) | | (112,500 | ) | Long-term debt |
| $621,849 |
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| $1,461,724 |
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| Schedule of Maturities of Long-term Debt |
Principal payments due during the next five years and thereafter are as follows: | | | | | 2015 (a) |
| $130,973 |
| 2016 | 200,099 |
| 2017 (b) | 52,500 |
| 2018 | — |
| 2019 | — |
| Thereafter | 367,949 |
| Total Debt |
| $751,521 |
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| | (a) | Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million. |
| | (b) | The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million. |
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| Schedule of Convertible Debt |
The amounts related to convertible debt in the Consolidated Balance Sheets as of December 31, 2014 and 2013 are as follows: | | | | | | | | | | 2014 | | 2013 | Liabilities: | | | | Principal amount of debt | | | | 4.50% Senior Exchangeable Notes |
| $130,973 |
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| $130,973 |
| Unamortized discount (a) | | | | 4.50% Senior Exchangeable Notes | (1,267 | ) | | (3,224 | ) | Net carrying amount of debt |
| $129,706 |
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| $127,749 |
| Equity: | | | | Common stock |
| $8,850 |
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| $8,850 |
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(a) The discount for the 4.50% notes will be amortized through August 2015. |
| 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: | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Contractual interest coupon | | | | | | 4.50% Senior Exchangeable Notes |
| $5,930 |
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| $7,271 |
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| $7,763 |
| Amortization of debt discount | | | | | | 4.50% Senior Exchangeable Notes | 1,957 |
| | 2,281 |
| | 2,296 |
| Total interest expense recognized |
| $7,887 |
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| $9,552 |
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| $10,059 |
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