Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivatives on the Consolidated Statements of Income and Comprehensive Income

The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2014 and 2013. Information is not presented for 2012 as derivative balances and activity were not consolidated prior to Rayonier’s acquisition of a controlling interest in the New Zealand JV during 2013.

	Location on Statement of Income and Comprehensive Income	2014	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$(1,069)	$950
	Other operating (income) expense	—	652
Foreign currency option contracts	Other comprehensive income (loss)	(1,647)	460
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive income (loss)	(145)	—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	25	(1,607)
Foreign currency option contracts	Other operating (income) expense	7	1,147
Interest rate swaps	Interest and miscellaneous (expense) income	(5,882)	6,085
Fuel hedge contracts	Cost of sales (benefit)	160	(255)

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2014 and 2013:

	Notional Amount
	2014	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$28,540	$32,300
Foreign currency option contracts	79,400	38,000
Derivative designated as a net investment hedge:
Foreign currency exchange contract	$27,419	—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	—	$1,950
Foreign currency option contracts	—	4,000
Interest rate swaps	161,968	183,851
Fuel hedge contracts (in thousands of barrels)	—	38

Schedule of Derivative Instruments in Statement of Financial Position

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2014 and 2013. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows.

		Fair Value Assets (Liabilities) (a)
	Location on Balance Sheet	2014	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$132	$915
	Other assets	59	—
	Other current liabilities	(272)	—
Foreign currency option contracts	Prepaid and other current assets	299	673
	Other assets	198	—
	Other current liabilities	(1,439)	(214)
	Other non-current liabilities	(196)	—
Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other current liabilities	(223)	—
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Prepaid and other current assets	—	$25
Foreign currency option contracts	Prepaid and other current assets	—	8
Interest rate swaps	Other non-current liabilities	(7,247)	(4,659)
Fuel hedge contracts	Prepaid and other current assets	—	160
Total derivative contracts:
Prepaid and other current assets		$431	$1,781
Other assets		257	—
Total derivative assets		$688	$1,781
Other current liabilities		$(1,934)	$(214)
Other non-current liabilities		(7,443)	(4,659)
Total derivative liabilities		$(9,377)	$(4,873)

(a) See Note 7 —Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.