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Fair Value
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value
Fair Value
We follow a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values, in determining the fair value of our non-financial assets and non-financial liabilities, which consist primarily of goodwill. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. There were no changes in the methods and assumptions used in measuring fair value during the period.
At March 31, 2019, our financial instruments include cash and cash equivalents, receivables, payables and senior notes. The carrying amount of cash and cash equivalents, receivables and payables approximates fair value at March 31, 2019 and December 31, 2018, because of the short maturities of these instruments.
The fair value of our senior notes is based on Level 1 inputs and was as follows at March 31, 2019 and December 31, 2018:
 
March 31, 2019
 
December 31, 2018
(in thousands)
Carrying Value
 
Fair Value
 
Difference
 
Carrying Value
 
Fair Value
 
Difference
6.625% senior notes
$
292,740

 
$
292,740

 
$

 
$
292,740

 
$
285,509

 
$
(7,231
)
4.75% senior notes
250,000

 
244,000

 
(6,000
)
 
250,000

 
239,050

 
(10,950
)
Total senior notes
$
542,740

 
$
536,740

 
$
(6,000
)
 
$
542,740

 
$
524,559

 
$
(18,181
)