Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.19.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Summary 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.
 
 
September 30, 2019
 
December 31, 2018
 
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Credit Facility (a)
 
$
200,000

 
$
200,000

 
$
200,000

 
$
200,000

6.125% Senior Notes (b)
 
596,337

 
595,194

 
595,788

 
558,000

6.375% Senior Notes (b)
 
394,317

 
393,540

 
393,685

 
372,000

Total
 
$
1,190,654

 
$
1,188,734

 
$
1,189,473

 
$
1,130,000


(a)
Floating-rate debt.
(b)
The fair value was based upon Level 2 inputs. See Note 5 for additional information about the Company’s 6.125% and 6.375% Senior Notes.
Fair Value of Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:
September 30, 2019
 
Classification
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
 
 
Derivative financial instruments
 
Fair value of derivatives
 
$

 
$
36,241

 
$

 
$
36,241

Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative financial instruments
 
Fair value of derivatives
 

 
(11,514
)
 

 
(11,514
)
Total net assets (liabilities)
 
 
 
$

 
$
24,727

 
$

 
$
24,727

 
 
 
 
 
 
 
 
 
 
 
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