Commitments (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Leases

Total rental expense for operating leases for the three years ended December 31:

	2018		2017		2016
Operating Leases		$1,320		$1,992		$2,049

Schedule of Long-term Leases and Deeds on Timberlands

Rayonier’s debt consisted of the following at December 31, 2018 and 2017:

	2018			2017
Term Credit Agreement due 2024 at a variable interest rate of 4.0% at December 31, 2018		$350,000			$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000			325,000
Incremental Term Loan Agreement due 2026 at a variable interest rate of 4.2% at December 31, 2018	300,000			300,000
Revolving Credit Facility due 2020 at a variable interest rate of 2.8% at December 31, 2017	—			50,000
New Zealand subsidiary noncontrolling interest shareholder loan at 0% interest rate	—			3,375
Total debt	975,000			1,028,375
Less: Current maturities of long-term debt	—			(3,375		)
Less: Deferred financing costs	(2,433		)	(2,996		)
Long-term debt, net of deferred financing costs		$972,567			$1,022,004

Total expenditures for long-term leases and deeds on timberlands (including Crown Forest Licenses) for the three years ended December 31:

	2018		2017		2016
Long-Term Leases and Deeds on Timberlands		$9,521		$10,731		$10,710

Schedule of Future Minimum Rental Payments for Operating Leases

At December 31, 2018, the future minimum payments under non-cancellable operating leases, timberland leases and other commitments were as follows:

	Operating Leases		Timberland Leases (a)		Commitments (b)		Total
2019		$1,234		$8,775		$4,184		$14,193
2020	1,071		8,384		229		9,684
2021	898		8,365		25		9,288
2022	710		8,128		—		8,838
2023	649		7,618		—		8,267
Thereafter (c)	40		137,586		—		137,626
		$4,602		$178,856		$4,438		$187,896

(a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates.

(b) Commitments include $1.4 million of pension contribution requirements in 2019 based on actuarially determined estimates and IRS minimum funding requirements, payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), construction of the Wildlight development project and other purchase obligations. For additional information on the pension contribution see Note 15 — Employee Benefit Plans.

(c)

Includes 20 years of future minimum payments for perpetual Crown Forest Licenses (“CFL”). A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35-year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one-year term. As of December 31, 2018, the New Zealand subsidiary has two CFL’s under termination notice that are currently being relinquished as harvest activities are concluding, as well as two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market rental value, with triennial rent reviews.