Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands):
Level 1 Level 2 Level 3
Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs
Total
Fair value as of December 31, 2022:
Asset:
Short-term government securities (cash and cash equivalents) $ 174,495  $ 174,495  $ —  $ — 
Bank certificate of deposit (short-term investments) 52,450  52,450  —  — 
Interest rate swaps (prepaids and other assets) 14,118  —  14,118  — 
Total assets $ 241,063  $ 226,945  $ 14,118  $ — 
Liabilities:
Interest rate swaps (other liabilities) $ —  $ —  $ —  $ — 
Total liabilities $ —  $ —  $ —  $ — 
Level 1 Level 2 Level 3
Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs
Total
Fair value as of December 31, 2021:
Assets:
Short-term government securities (cash and cash equivalents) $ 158,197  $ 158,197  $ —  $ — 
Interest rate swaps (prepaids and other assets) 2,485  —  2,485  — 
Total assets $ 160,682  $ 158,197  $ 2,485  $ — 
Liabilities:
Interest rate swaps (other liabilities) $ 459  $ —  $ 459  $ — 
Total liabilities $ 459  $ —  $ 459  $ — 
Fair Value Measurements, Nonrecurring
The following table sets forth our assets that are measured at fair value on a nonrecurring basis within the fair value hierarchy (in thousands):
Level 1 Level 2 Level 3
Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs
Total
Fair value as of December 31, 2022:
Asset:
Long-lived assets $ —  $ —  $ —  $ — 
Fair value as of December 31, 2021:
Asset:
Long-lived assets $ 29,460  $ —  $ —  $ 29,460 
Fair value as of December 31, 2020:
Asset:
Long-lived assets $ 46,950  $ —  $ —  $ 46,950 
Fair Value Measurement Inputs and Valuation Techniques
The table below summarizes the terminal capitalization rate and discount rate used:
December 31, 2021 December 31, 2020
Terminal capitalization rate 8.3  % 7.8  %
Discount rate 9.3  % 8.5  %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The estimated fair value and recorded value of our debt as of December 31, 2022 and 2021 were as follows (in thousands):
2022 2021
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ —  $ — 
Level 2 Significant Observable Inputs 876,542  1,079,234 
Level 3 Significant Unobservable Inputs 391,820  366,103 
Total fair value of debt $ 1,268,362  $ 1,445,337 
Recorded value of debt $ 1,428,494  $ 1,397,076