FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021, using market information and what we believe to be appropriate valuation methodologies under GAAP:


	June 30, 2022			December 31, 2021
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	$279,331	$279,331	—	$358,680	$358,680	—
Cash and cash equivalents, Timber Funds	949	949	—	3,493	3,493	—
Restricted cash, Timber Funds (b)	1,464	1,464	—	6,341	6,341	—
Restricted cash, excluding Timber Funds (c)	14,329	14,329	—	625	625	—
Current maturities of long-term debt (d)	(622)	—	(622)	(124,965)	—	(125,288)

Long-term debt (d)	(1,263,394)	—	(1,196,582)	(1,242,819)	—	(1,245,148)

Interest rate swaps (e)	40,909	—	40,909	(15,582)	—	(15,582)

Forward-starting interest rate swaps (e)	9,106	—	9,106	11,482	—	11,482
Foreign currency exchange contracts (e)	(12,788)	—	(12,788)	(1,948)	—	(1,948)
Foreign currency option contracts (e)	(592)	—	(592)	(42)	—	(42)


Noncontrolling interests in the operating partnership (f)	123,811	123,811	—	133,823	133,823	—

(a)We did not have Level 3 assets or liabilities at June 30, 2022 and December 31, 2021.

(b)Restricted cash, Timber Funds represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. See Note 19 — Restricted Cash for additional information.

(c)Restricted cash, excluding Timber Funds represents proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow. See Note 19 — Restricted Cash for additional information.

(d)The carrying amount of long-term debt is presented net of deferred financing costs and unamortized discounts on non-revolving debt. See Note 6 — Debt for additional information.

(e)See Note 7 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of our derivative financial instruments.

(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. See Note 4 — Noncontrolling Interests for additional information.