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COMMITMENTS | 9 Months Ended
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Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS | COMMITMENTS The Company leases certain buildings, machinery, and equipment under various operating leases. The Company also has long-term lease agreements on certain timberlands in the Southern U.S. and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments. At September 30, 2014, the future minimum payments under non-cancellable operating and timberland leases were as follows:
| Operating Leases |  | Timberland Leases (a) |  | Purchase Obligations (b) |  | Total
Remaining 2014 | $ | 620 |  |  | $ | 3,003 |  |  | $ | 489 |  |  | $ | 4,112 |
2015 | 1,941 |  |  | 9,798 |  |  | 592 |  |  | 12,331 |
2016 | 1,464 |  |  | 9,443 |  |  | 204 |  |  | 11,111 |
2017 | 884 |  |  | 9,255 |  |  | 170 |  |  | 10,309 |
2018 | 575 |  |  | 7,644 |  |  | 1,950 |  |  | 10,169 |
Thereafter | 1,689 |  |  | 133,626 |  |  | 4,063 |  |  | 139,378 |
| $ | 7,173 |  |  | $ | 172,769 |  |  | $ | 7,468 |  |  | $ | 187,410 |
(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) | Purchase obligations include payments expected to be made on derivative financial instruments held in New Zealand.
The New Zealand JV has a number of Crown Forest Licenses (“CFL”) with the New Zealand government, which are excluded from the table above. 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 September 30, 2014, the New Zealand JV has three CFL’s under termination notice, terminating in 2034, 2046 and 2049 and two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market value, with triennial rent reviews. The total annual license fee on the CFL’s is $1.9 million per year with CFL’s terminating or expiring of $0.2 million. The following table details the Company’s acres under lease as of September 30, 2014 by type of lease and lease expiration:
(acres in 000s) |  |  |  |  |  |  |  |  |  |  |  |
Location |  | Type of Lease |  | Total |  | 2014 - 2024 |  | 2025 - 2034 |  | 2035 - 2044 |  | Thereafter
Southern U.S. |  | Fixed Term |  | 260 |  |  | 176 |  |  | 44 |  |  | 40 |  |  | — |
|  | Fixed Term with Renewal Option |  | 18 |  |  | 18 |  |  | — |  |  | — |  |  | — |
New Zealand (a) |  | CFL - Perpetual |  | 60 |  |  | 37 |  |  | — |  |  | — |  |  | 23 |
|  | CFL - Fixed Term |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
|  | CFL - Terminating |  | 21 |  |  | — |  |  | 3 |  |  | — |  |  | 18 |
|  | Forestry Right |  | 60 |  |  | 17 |  |  | 4 |  |  | 24 |  |  | 15 |
|  | Lease |  | 32 |  |  | 23 |  |  | — |  |  | — |  |  | 9 |
Total Acres under Long-term Leases |  | 453 |  |  | 271 |  |  | 51 |  |  | 64 |  |  | 67 |
(a) | Represents acres leased by the New Zealand JV, in which Rayonier has a 65 percent interest.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 25 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.(a)(19)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
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