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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, by Balance Sheet Grouping The following table presents the carrying amount and estimated fair values of our financial instruments at December 31, 2020 and 2019, using market information and what we believe to be appropriate valuation methodologies under generally accepted accounting principles:
 December 31, 2020December 31, 2019
Asset (liability) (a)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Level 1Level 2Level 1Level 2
Cash and cash equivalents, excluding Timber Funds$80,454 $80,454 — $68,735 $68,735 — 
Cash and cash equivalents, Timber Funds4,053 4,053 — — — — 
Restricted cash (b)2,975 2,975 — 1,233 1,233 — 
Current maturities of long-term debt, excluding Timber Funds— — — (82,000)— (82,000)
Long-term debt, excluding Timber Funds (c)(1,300,336)— (1,313,631)(973,129)— (981,500)
Long-term debt, Timber Funds (c)(60,179)— (60,474)— — — 
Interest rate swaps (d)(51,580)— (51,580)(8,454)— (8,454)
Forward-starting interest rate swaps (d)(12,529)— (12,529)— — — 
Foreign currency exchange contracts (d)6,018 — 6,018 642 — 642 
Foreign currency option contracts (d)1,515 — 1,515 303 — 303 
Carbon options contracts (d)— — — (607)— (607)
Marketable equity securities (e)— — — 10,582 10,582 — 
Noncontrolling Interests in the Operating Partnership (f)130,121 130,121 — — — — 

(a)We did not have Level 3 assets or liabilities at December 31, 2020 and 2019.
(b)Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for real estate development obligations. See Note 23 - 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 8 — Debt for additional information.
(d)See Note 16 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet 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. See Note 24 - Other Assets for additional information.
(f)Noncontrolling interests in the Operating Partnership is neither an asset nor liability and is classified as temporary equity in the Company’s Consolidated Balance Sheets. This relates to the ownership of Rayonier, L.P. 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 12 months or greater at December 31, 2020 and December 31, 2019:
 December 31, 2020December 31, 2019
Carrying AmountLess than 12 Months12 Months or GreaterTotalCarrying AmountLess than 12 Months12 Months or GreaterTotal
Fair value of marketable equity securities— — — — $10,582 $10,582 — $10,582 
Unrealized gains— — — — — 3,043 — 3,043 
As of December 31, 2020 and 2019, Rayonier’s investments in marketable equity securities follows:
20202019
Investments in marketable equity securities— $10,582