Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

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			$1,461,724

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

(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.

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			$130,973
Unamortized discount (a)
4.50% Senior Exchangeable Notes	(1,267		)	(3,224		)
Net carrying amount of debt		$129,706			$127,749
Equity:
Common stock		$8,850			$8,850

(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		$7,271		$7,763
Amortization of debt discount
4.50% Senior Exchangeable Notes	1,957		2,281		2,296
Total interest expense recognized		$7,887		$9,552		$10,059