Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

As of June 30, 2023 and December 31, 2022, the carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and revolving line of credit approximate their fair values due to the short-term maturities of the instruments.

The Company’s assets and liabilities measured or disclosed at fair value are as follows (in thousands):

		Fair Value
	Fair Value Hierarchy	June 30, 2023		December 31, 2022
Measured at fair value during the current reporting period:
Interest rate swap assets	Level 2	$	24,124	$	15,572
Cross currency swap assets	Level 2	$	10,882	$	7,948
Disclosed at fair value:
Senior unsecured notes, term loans, and revolving credit facility	Level 3	$	3,069,105	$	2,829,574

As further described in Note 2, the Company acquired the remaining interest in Comfrio during the three months ended June 30, 2023. The Company utilized multiple Level 3 inputs and assumptions to estimate the value of assets and liabilities associated with the Comfrio acquisition, valuation of the previously owned equity interest required for an acquisition achieved in stages, as well as the associated put option liability. Such inputs included the terms of put option agreement, estimated future cash flows of Comfrio, information from prior valuations of similar entities and the books and records of Comfrio.