FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Fair Value, by Balance Sheet Grouping

The following table presents the carrying amount and estimated fair values of our financial instruments as of September 30, 2020 and December 31, 2019, using market information and what we believe to be appropriate valuation methodologies under GAAP:


	September 30, 2020			December 31, 2019
Asset (Liability) (a)	Carrying Amount	Fair Value		Carrying Amount	Fair Value
		Level 1	Level 2		Level 1	Level 2
Cash and cash equivalents, excluding Timber Funds	$75,178	$75,178	—	$68,735	$68,735	—
Cash and cash equivalents, Timber Funds	2,973	2,973	—	—	—	—
Restricted cash (b)	475	475	—	1,233	1,233	—
Current maturities of long-term debt, excluding Timber Funds	—	—	—	(82,000)	—	(82,000)

Long-term debt, excluding Timber Funds (c)	(1,318,205)	—	(1,325,204)	(973,129)	—	(981,500)
Long-term debt, Timber Funds (c)	(60,391)	—	(60,628)	—	—	—
Interest rate swaps (d)	(61,308)	—	(61,308)	(8,454)	—	(8,454)

Forward-starting interest rate swaps (d)	(20,980)	—	(20,980)	—	—	—
Foreign currency exchange contracts (d)	2,449	—	2,449	642	—	642
Foreign currency option contracts (d)	389	—	389	303	—	303
Carbon option contracts (d)	—	—	—	(607)	—	(607)
Marketable equity securities (e)	—	—	—	10,582	10,582	—
Noncontrolling Interests in the Operating Partnership (f)	117,530	117,530	—	—	—	—

(a)We did not have Level 3 assets or liabilities at September 30, 2020 and December 31, 2019.

(b)Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. See Note 22 — Restricted Cash for additional information.

(c)The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 7 — Debt for additional information.

(d)See Note 15 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.

(e)Investments in marketable securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations.

(f)Noncontrolling Interests in the Operating Partnership is neither an asset or liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. Common Units by various individuals and entities other than the Company.

Schedule of Marketable Securities Unrealized Gain Position

The following table presents marketable equity securities that have been in a continuous unrealized gain position for less than 12 months and for more than 12 months or greater at September 30, 2020 and December 31, 2019:


	September 30, 2020				December 31, 2019
	Carrying Amount	Less than 12 Months	12 Months or Greater	Total	Carrying Amount	Less than 12 Months	12 Months or Greater	Total
Fair value of marketable equity securities	—	—	—	—	$10,582	10,582	—	10,582
Unrealized (losses) gains	—	—	—	—	—	3,043	—	3,043