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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2020
Valuation of our interest rate swaps and impaired assets  
Summary of assets and liabilities measured at fair value on recurring basis The following table presents our derivative asset and liability measured at fair value on a recurring basis, with pricing levels as of the date of valuation (in thousands):

    

September 30, 2020

    

December 31, 2019

Derivative asset

$

$

12

Derivative liability

 

7,561

 

1,768

Schedule of carrying value and estimated fair value of debt instruments

The fair value of our fixed rate debt is estimated using yields observable in active markets, which are Level 2 inputs, and was as follows (in thousands):

    

September 30, 2020

    

December 31, 2019

Carrying amount of fixed rate debt (1)

$

985,459

$

1,329,549

Fair value of fixed rate debt

 

953,000

 

1,400,000

(1)Carrying amounts are shown net of unamortized debt discounts and unamortized deferred financing costs. See Note 9 (“Long-Term Debt”).
Land and buildings  
Valuation of our interest rate swaps and impaired assets  
Schedule of non-recurring fair value assets The fair value of our impaired properties was as follows (in thousands):

    

September 30, 2020

Impaired properties

$

430

Schedule of additional quantitative information related to our significant unobservable inputs In reviewing sales trends for the past three years, the probable price range based on market comparisons was as follows (in thousands):

    

Range

    

Weighted Average

Estimated sale proceeds

$100 - $600

$427

Compressors  
Valuation of our interest rate swaps and impaired assets  
Schedule of non-recurring fair value assets These fair value measurements are classified as Level 3. The fair value of our impaired compressors was as follows (in thousands):

    

September 30, 2020

    

December 31, 2019

Impaired compressors

$

2,561

$

5,859

 

Schedule of additional quantitative information related to our significant unobservable inputs

    

Range

    

Weighted Average (1)

Estimated net sale proceeds

$0 - $372 per horsepower

$21 per horsepower

(1)Calculated based on an estimated discount for market liquidity of 78%.