Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Estimated Fair Values and Carrying Amounts of Financial Instruments Not Measured at Fair Value on a Recurring Basis

Estimated fair values and carrying amounts of the Company’s financial instruments that are not measured at fair value on a recurring basis were as follows (in thousands):

	September 30, 2020				December 31, 2019
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Term loans(1)	$	4,875,671	$	4,834,838	$	5,810,422	$	5,915,451
Revolving loans(1)		225,000		225,892		-		-
5.625% Senior unsecured notes due 2024(2)		-		-		890,045		938,250
5.625% Senior unsecured notes due 2027(2)		1,791,185		1,865,325		1,792,121		1,883,175
4.75% Senior unsecured notes due 2028(2)		990,684		1,017,500		-		-

⁽¹⁾ The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.

⁽²⁾ The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.