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FAIR VALUE MEASUREMENTS
9 Months Ended
Sep. 30, 2019
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

9.          FAIR VALUE MEASUREMENTS

The Company values its financial instruments based on the fair value hierarchy of valuation techniques for fair value measurements. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. If the technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

The Company uses Level 1 inputs for the fair values of its cash, cash equivalents and restricted cash, and Level 2 inputs for its variable and fixed rate debt. The fair values of cash, cash equivalents and restricted cash, and variable rate debt approximate their carrying values due to the nature of the instruments. The fair value of the Company’s fixed rate debt is calculated based upon interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements.

The carrying value and fair value of the Company’s financial instruments as of September 30, 2019 and December 31, 2018 are as follows:

Quoted Prices in

Significant

Significant

Total

Active Markets

Observable 

Unobservable 

    

    Carrying Value    

    

  Total  

    

(Level 1)

    

Inputs (Level 2)

    

Inputs (Level 3)

(In millions)

September 30, 2019

Fair Value Measurements at September 30, 2019

Cash and cash equivalents

$

23.6

$

23.6

$

23.6

$

$

Restricted cash

8.7

8.7

8.7

Variable rate debt

290.0

290.0

290.0

Fixed rate debt

593.0

602.4

602.4

(In millions)

December 31, 2018

               Fair Value Measurements at December 31, 2018               

Cash and cash equivalents

    

$

19.6

    

$

19.6

   

$

19.6

    

$

    

$

Restricted cash

4.9

4.9

4.9

Variable rate debt

235.0

235.0

235.0

Fixed rate debt

621.4

584.5

584.5