FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2020

The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at March 31, 2020 and December 31, 2019, using market information and what the Company believes to be appropriate valuation methodologies under GAAP:


	March 31, 2020							December 31, 2019
Asset (Liability) (a)	Carrying Amount	Fair Value					Carrying Amount	Fair Value
				Level 1		Level 2			Level 1	Level 2
Cash and cash equivalents	$132,362	$132,362	—		$68,735		$68,735	—
Restricted cash (b)	475	475	—		1,233		1,233	—
Current maturities of long-term debt	—	—	—		(82,000)		—	(82,000)
Long-term debt (c)	(1,055,270)	—	(1,048,030)		(973,129)		—	(981,500)
Interest rate swaps (d)	(47,452)	—	(47,452)		(8,454)		—	(8,454)
Interest rate swap locks (d)	(19,992)	—	(19,992)		—		—	—
Forward-starting interest rate swaps (d)	(19,710)	—	(19,710)		—		—	—
Foreign currency exchange contracts (d)	(4,839)	—	(4,839)		642		—	642
Foreign currency option contracts (d)	(846)	—	(846)		303		—	303
Carbon option contracts (d)	(14)	—	(14)		(607)		—	(607)
Marketable equity securities (e)	9,610	9,610	—		10,582		10,582	—

(a)The Company did not have Level 3 assets or liabilities at March 31, 2020 and December 31, 2019.

(b)Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. See Note 18 — Restricted Cash for additional information.

(c)The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 6 — Debt for additional information.

(d)See Note 13 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of the Company’s derivative financial instruments.

(e)The Company’s investments in marketable securities are classified in “Other Assets” based on the nature of the securities and their availability for use in current operations.

Schedule of Marketable Securities Unrealized Gain Position

The following table presents marketable securities that have been in a continuous unrealized gain position for less than 12 months and for 12 months or greater at March 31, 2020 and December 31, 2019:


	March 31, 2020								December 31, 2019
	Carrying Amount		Less than 12 Months	12 Months or Greater	Total	Carrying Amount	Less than 12 Months	12 Months or Greater	Total
Fair value of marketable equity securities	$	9,610	9,610	—	9,610	$10,582	10,582	—	10,582
Unrealized (losses) gains	—		(972)	—	(972)	—	3,043	—	3,043