XML 78 R64.htm IDEA: XBRL DOCUMENT v3.3.0.814
GUARANTEES (Details)
$ in Thousands
9 Months Ended
Sep. 30, 2015
USD ($)
Guarantor Obligations [Line Items]  
Maximum Potential Payment $ 19,720
Carrying Amount of Associated Liability 15,043
Standby letters of credit [Member]  
Guarantor Obligations [Line Items]  
Maximum Potential Payment 16,685 [1]
Carrying Amount of Associated Liability 15,000 [1]
Guarantor obligations collateral for industrial revenue bonds $ 15,000
Guarantor obligations, term various dates during 2016
Guarantees [Member]  
Guarantor Obligations [Line Items]  
Maximum Potential Payment $ 2,254 [2]
Carrying Amount of Associated Liability $ 43 [2]
Variable interest entity recorded liability for performance obligation de minimis liability
Surety bonds [Member]  
Guarantor Obligations [Line Items]  
Maximum Potential Payment $ 781 [3]
Carrying Amount of Associated Liability $ 0 [3]
Surety Bond [Member]  
Guarantor Obligations [Line Items]  
Guarantor obligations, term various dates during 2015 and 2016
[1] Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2016 and will be renewed as required.
[2] In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At September 30, 2015, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement.
[3] Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates during 2015 and 2016 and are expected to be renewed as required.