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Fair Value (Notes)
9 Months Ended
Sep. 30, 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 September 30, 2019, our financial instruments include cash and cash equivalents, receivables, payables, and outstanding borrowings against our ABL and Term Loan Credit Facilities. The carrying amount of cash and cash equivalents, receivables and payables approximates fair value at September 30, 2019 and December 31, 2018, because of the short maturities of these instruments. In addition, the interest rates on our Term Loan and ABL Credit Facilities are variable and, therefore, the carrying value of outstanding borrowings approximates their fair value.