FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

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:

	December 31, 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	40,135		—		40,135		—		16,517		—		16,517		—

Rollforward of sponsor and management warrants

As discussed further in Note 13 - Warrants, as of December 31, 2019, all Sponsor Warrants and Management Warrants had been exercised. The following table presents a rollforward of the valuation of the Company’s warrant liabilities:

(In thousands)	2019		2018		2017
Balance as of January 1,	$	—	$	—	$	332,170
Warrant liability loss (a)	—		—		43,443
Exercises of Sponsor and Management Warrants	—		—		(375,613		)
Balance as of December 31,	$	—	$	—	$	—

(a)

Amount represents losses recognized relating to each warrant prior to the respective exercise date.

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:

		December 31, 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	$	620,135	$	620,135	$	724,215	$	724,215
Accounts receivable, net (a)	Level 3	12,279		12,279		12,589		12,589
Notes receivable, net (b)	Level 3	36,379		36,379		4,694		4,694
Liabilities:
Fixed-rate debt (c)	Level 2	1,908,660		1,949,773		1,663,875		1,608,635
Variable-rate debt (c)	Level 2	2,229,958		2,229,958		1,551,336		1,551,336

(a) Accounts receivable, net is shown net of an allowance of $15.6 million and $10.7 million at December 31, 2019 and 2018, respectively.

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

(c) Excludes related unamortized financing costs.