FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2019

Summary of assets and liabilities measured on a recurring basis

The following table presents the fair value measurement hierarchy levels required under ASC 820 for each of the Company's assets and liabilities that are measured at fair value on a recurring basis:



	September 30, 2019								December 31, 2018
	Fair Value Measurements Using								Fair Value Measurements Using
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Interest rate derivative assets	$	—	$	—	$	—	$	—	$	346	$	—	$	346	$	—
Liabilities:
Interest rate derivative liabilities	48,788		—		48,788		—		16,517		—		16,517		—

Summary of assets and liabilities that were measured at fair value on a non-recurring basis

The estimated fair values of the Company's financial instruments that are not measured at fair value on a recurring basis are as follows:



		September 30, 2019				December 31, 2018
(In thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and restricted cash	Level 1	$	842,629	$	842,629	$	724,215	$	724,215
Accounts receivable, net (a)	Level 3	17,248		17,248		12,589		12,589
Notes receivable, net (b)	Level 3	36,425		36,425		4,694		4,694

Liabilities:
Fixed-rate debt (c)	Level 2	2,011,626		2,052,785		1,663,875		1,608,635
Variable-rate debt (c)	Level 2	1,653,637		1,653,637		1,551,336		1,551,336

(a)Accounts receivable, net is shown net of an allowance of $9.7 million and $10.7 million at September 30, 2019 and December 31, 2018, respectively.

(b)Notes receivable, net is shown net of an allowance of $0.2 million and $0.1 million at September 30, 2019 and December 31, 2018, respectively.

(c)Excludes related unamortized financing costs.