Note 14: Fair Value Measurements FASB accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: •Level 1 – Unadjusted quoted prices for identical assets and liabilities in active markets; •Level 2 – Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and •Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The following table sets forth the carrying values (exclusive of deferred financing fees) and fair values of our financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Fair Value | | (in $000s) | | | Level 1 | | Level 2 | | Level 3 | | September 30, 2021 | | | | | | | | | ABL Facility | $ | 405,000 | | | $ | — | | | $ | 405,000 | | | $ | — | | | 2029 Secured Notes | 920,000 | | | — | | | 949,900 | | | — | | | Other notes payable | 37,934 | | | — | | | 37,934 | | | — | | | Derivative and warrant liabilities | 25,874 | | | — | | | 4,352 | | | 18,902 | | | | | | | | | | | December 31, 2020 | | | | | | | | | 2019 Credit Facility | $ | 250,971 | | | $ | — | | | $ | 250,971 | | | $ | — | | | Senior Secured Notes due 2024 | 475,000 | | | — | | | 519,379 | | | — | | | Other notes payable | 2,379 | | | — | | | 2,379 | | | — | | | Derivative and warrant liabilities | 7,012 | | | — | | | 7,012 | | | — | |
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