Fair Value Notes Receivable (Policies)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure

The Company's other long-term assets balance also included notes receivable of $9.3 million and $7.6 million as of December 31, 2022 and 2021, respectively, recorded at their estimated collectible amount. The Company estimates that the carrying value of the notes receivable approximates the fair value. The estimated fair value represents a Level 3 measurement within the fair value hierarchy, and is based on market interest rates and the assessed creditworthiness of the third party.

The Company estimates the fair value of long-term debt based upon rates currently available to the Company for debt with similar terms and remaining maturities. This is a Level 3 measurement. Based upon the terms of the debt, the carrying amount of long-term debt approximated fair value at December 31, 2022.

The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers between levels for the years ended December 31, 2022 and 2021.