FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Carrying Amount and Estimated Fair Values of Financial Instruments

The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at December 31, 2019 and 2018, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:



	December 31, 2019							December 31, 2018
Asset (liability) (a)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
				Level 1		Level 2					Level 1		Level 2
Cash and cash equivalents		$68,735			$68,735	—			$148,374			$148,374	—
Restricted cash (b)	1,233			1,233		—		8,080			8,080		—
Current maturities of long-term debt	(82,000		)	—		(82,000	)	—			—		—
Long-term debt (c)	(973,129		)	—		(981,500	)	(972,567		)	—		(975,845	)
Interest rate swaps (d)	(8,454		)	—		(8,454	)	23,735			—		23,735
Foreign currency exchange contracts (d)	642			—		642		(1,442		)	—		(1,442	)
Foreign currency option contracts (d)	303			—		303		145			—		145
Carbon options contracts (d)	(607		)	—		(607	)	(322		)	—		(322	)
Marketable equity securities (e)	10,582			10,582		—		—			—		—


(a)	The Company did not have Level 3 assets or liabilities at December 31, 2019 and 2018.


(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 20 - 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 6 — Debt for additional information.


(d)	See Note 14 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

(e)

The Company’s investments in marketable equity securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations. See Note 21 - Other Assets for additional information.

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, 2019 and December 31, 2018:



	December 31, 2019							December 31, 2018
	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, 2019 and 2018, Rayonier’s investments in marketable equity securities follows:



	2019	2018
Investments in marketable equity securities	$10,582	—