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Timberland Acquisitions | 12 Months Ended
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Dec. 31, 2017
Property, Plant and Equipment [Abstract] |
Timberland Acquisitions | TIMBERLAND ACQUISITIONS In 2017, the Company acquired approximately 95,100 acres of timberlands (including approximately 11,000 acres of leased lands) in Florida, Georgia and South Carolina for $214.3 million using proceeds from the offering and sale of 5.75 million shares under the universal shelf registration along with like-kind exchange proceeds. In five additional transactions throughout 2017, Rayonier purchased approximately 7,000 acres of timberland located in Georgia and Washington for approximately $7.2 million, which were funded with like-kind exchange proceeds. All acquisitions were accounted for as asset purchases. Additionally, in two transactions during 2017, the Company acquired forestry rights covering approximately 8,000 acres of timberland with mature timber in New Zealand for approximately $21.4 million. These acquisitions were funded through the short-term working capital facility, which was fully repaid during the year. In 2016, the Company completed a business combination that resulted in the acquisition of 61,000 acres of timberland in Oregon and Washington for a final purchase price of approximately $263 million. The acquisition was funded with proceeds received from a Large Disposition completed in May 2016 and by entering into a $300 million incremental term loan. In five additional transactions throughout 2016, Rayonier purchased approximately 50,000 acres of timberland located in Florida, Georgia and Texas for approximately $103.9 million. These acquisitions were funded with cash on hand, like-kind exchange proceeds, and borrowings under the revolving credit facility, and were accounted for as asset purchases. The following table summarizes the timberland acquisitions at December 31, 2017 and 2016:
| 2017 |  | 2016
| Cost |  | Acres |  | Cost |  | Acres
Florida |  | $32,334 |  |  | 15,382 |  |  |  | $14,323 |  |  | 6,937 |
Georgia | 147,833 |  |  | 68,473 |  |  | 12,485 |  |  | 5,427 |
Oregon | — |  |  | — |  |  | 239,896 |  |  | 55,603 |
South Carolina | 39,884 |  |  | 17,651 |  |  | — |  |  | — |
Texas | — |  |  | — |  |  | 77,139 |  |  | 37,513 |
Washington | 1,483 |  |  | 481 |  |  | 22,638 |  |  | 5,247 |
New Zealand | 21,376 |  |  | 7,546 |  |  | — |  |  | — |
Total Acquisitions |  | $242,910 |  |  | 109,533 |  |  |  | $366,481 |  |  | 110,727 |

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