Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Summary of assets measured at fair value on a recurring basis

The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented:


	March 31, 2023											December 31, 2022
	Fair Value Measurements Using											Fair Value Measurements Using
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)
Interest rate derivative assets	$	21,399		$	—		$	21,399		$	—	$	30,860		$	—		$	30,860		$	—
Interest rate derivative liabilities	$	1,344		$	—		$	1,344		$	—	$	—		$	—		$	—		$	—

Summary of assets and liabilities not measured at fair value on a 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:


		March 31, 2023				December 31, 2022
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	889,172	$	889,172	$	1,098,937	$	1,098,937
Accounts receivable, net (a)	Level 3	105,683		105,683		103,437		103,437
Notes receivable, net (b)	Level 3	1,434		1,434		3,339		3,339

Liabilities:
Fixed-rate debt (c)	Level 2	3,607,734		3,306,222		3,610,618		3,298,859
Variable-rate debt (c)	Level 2	1,223,310		1,223,310		1,191,570		1,191,570

(a)Accounts receivable, net is shown net of an allowance of $9.2 million at March 31, 2023, and $8.9 million at December 31, 2022. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance.

(b)Notes receivable, net is shown net of an immaterial allowance at March 31, 2023, and December 31, 2022.

(c)Excludes related unamortized financing costs.