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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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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, 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 | $80,454 |  |  | $80,454 |  |  | — |  |  | $68,735 |  |  | $68,735 |  |  | — |
Cash and cash equivalents, Timber Funds | 4,053 |  |  | 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, 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 gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,043 |  |  | — |  |  | 3,043 |
As of December 31, 2020 and 2019, Rayonier’s investments in marketable equity securities follows:
| 2020 |  | 2019
Investments in marketable equity securities | — |  |  | $10,582 |

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