Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Company's Liabilities Measured at Fair Value

The carrying value and estimated fair value of long-term debt as of March 31, 2020 and December 31, 2019 were as follows:

	March 31, 2020				December 31, 2019
	Carrying value		Estimated fair value(1)		Carrying value		Estimated fair value(1)
Long-term debt	$	1,730,625	$	1,498,371	$	1,735,000	$	1,765,805
Variable Funding Notes	$	75,000	$	75,000	$	—	$	—

(1) The Company’s Variable Funding Notes are a variable rate loan and the fair value of this loan approximates book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. The estimated fair value of our fixed rate long-term debt is estimated primarily based on current bid prices for our long-term debt. Judgment is required to develop these estimates. As such, the fair value of our long-term debt is classified within Level 2, as defined under U.S. GAAP.