Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.10.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Financial Instruments at Carrying and Fair Value
The carrying amount of the Company’s floating-rate debt approximated fair value because the interest rates were variable and reflective of market rates.

 
2018
 
2017
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Credit Facility (a)
$
200,000

 
$
200,000

 
$
25,000

 
$
25,000

6.125% Senior Notes (b)
595,788

 
558,000

 
595,196

 
618,000

6.375% Senior Notes (b)
393,685

 
372,000

 

 

Total
$
1,189,473

 
$
1,130,000

 
$
620,196

 
$
643,000

(a)
Floating-rate debt.
(b)
The fair value was based upon Level 2 inputs. See Note 6 for additional information about the Company’s 6.125% and 6.375% Senior Notes.
Fair Value of Assets Measured on Recurring Basis
The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:
December 31, 2018
Classification
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
 
Derivative financial instruments
Fair value of derivatives
 
$

 
$
65,114

 
$

 
$
65,114

Liabilities
 
 
 
 
 
 
 
 
 
Derivative financial instruments
Fair value of derivatives
 

 
(17,920
)
 

 
(17,920
)
Total net assets
 
 
$

 
$
47,194

 
$

 
$
47,194


 
 
 
 
 
 
 
 
 
December 31, 2017
Classification
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
 
Derivative financial instruments
Fair value of derivatives
 
$

 
$
406

 
$

 
$
406

Liabilities
 
 
 
 
 
 
 
 
 
Derivative financial instruments
Fair value of derivatives
 

 
(29,028
)
 

 
(29,028
)
Total net liabilities
 
 
$

 
$
(28,622
)
 
$

 
$
(28,622
)
Fair Value of Liabilities Measured on Recurring Basis
The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:
December 31, 2018
Classification
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
 
Derivative financial instruments
Fair value of derivatives
 
$

 
$
65,114

 
$

 
$
65,114

Liabilities
 
 
 
 
 
 
 
 
 
Derivative financial instruments
Fair value of derivatives
 

 
(17,920
)
 

 
(17,920
)
Total net assets
 
 
$

 
$
47,194

 
$

 
$
47,194


 
 
 
 
 
 
 
 
 
December 31, 2017
Classification
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
 
Derivative financial instruments
Fair value of derivatives
 
$

 
$
406

 
$

 
$
406

Liabilities
 
 
 
 
 
 
 
 
 
Derivative financial instruments
Fair value of derivatives
 

 
(29,028
)
 

 
(29,028
)
Total net liabilities
 
 
$

 
$
(28,622
)
 
$

 
$
(28,622
)