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Fair Value of Financial Instruments
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The FASB’s Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures, defines fair value and provides a hierarchal framework associated with the level of subjectivity used in measuring assets and liabilities at fair value. Our financial instruments consist primarily of cash and cash equivalents, trade and other receivables, trade payables, phantom stock unit awards, borrowings under the DIP Facility and long-term debt.
The carrying value of cash and cash equivalents, trade and other receivables, trade payables and borrowings under the DIP Facility are considered to be representative of their respective fair values due to the short-term nature of these instruments. The phantom stock unit awards are classified as liability awards and are carried at fair value in accordance with ASC Topic 718, Compensation—Stock Compensation.
Our Senior Notes are publicly registered and traded securities with observable market prices, which are defined by ASC Topic 820 as Level 2 inputs. However, as a result of the Chapter 11 Cases, there was minimal trading of our Senior Notes subsequent to the Petition Date. On the Effective Date, the Term Loan was repaid in full and all outstanding obligations under the Senior Notes were canceled in exchange for 94.25% of the proforma common equity.