Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.20.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020:
Asset:
Short-term government securities (cash and cash equivalents) $ 87,081  $ 87,081  $ —  $ — 
Total assets $ 87,081  $ 87,081  $ —  $ — 
Liabilities:
Interest rate swaps (other liabilities) $ 3,358  $ —  $ 3,358  $ — 
Total liabilities $ 3,358  $ —  $ 3,358  $ — 


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, 2019:
Assets:
Interest rate swaps (prepaids and other assets) $ 1,018  $ —  $ 1,018  $ — 
Total assets $ 1,018  $ —  $ 1,018  $ — 
Liabilities:
Interest rate swaps (other liabilities) $ 1,442  $ —  $ 1,442  $ — 
Total liabilities $ 1,442  $ —  $ 1,442  $ — 
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, 2020:
Asset:
Long-lived assets $ 46,950  $ —  $ —  $ 46,950 
Fair value as of March 31, 2020:
Asset:
Long-lived assets $ 60,000  $ —  $ —  $ 60,000 
Fair value as of December 31, 2019:
Asset:
Long-lived assets $ 10,000  $ —  $ —  $ 10,000 
Fair value as of September 30, 2018:
Asset:
Long-lived assets $ 50,000  $ —  $ —  $ 50,000 
Fair Value Measurement Inputs and Valuation Techniques
The table below summarizes the terminal capitalization rate and discount rate used:
December 31, 2020 March 31, 2020
Terminal capitalization rate 7.8  % 7.8  %
Discount rate 8.5  % 8.5  %
The table below summarizes the terminal capitalization rate and discount rate used:
December 31, 2019 September 30, 2018
Terminal capitalization rate 12.0  % 10.0  %
Discount rate 13.0  % 10.0  %
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, 2020 and 2019 were as follows (in thousands):
2020 2019
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ —  $ — 
Level 2 Significant Observable Inputs 1,207,531  1,169,481 
Level 3 Significant Unobservable Inputs 432,272  434,333 
Total fair value of debt $ 1,639,803  $ 1,603,814 
Recorded value of debt $ 1,567,886  $ 1,569,773