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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Measurements [Abstract]  
Financial Assets and Liabilities Measured on a Recurring Basis at Fair Value

The Company also recorded impairments during Q4 of 2019 which incorporate Level 3 non-recurring fair value measures as further discussed in Note 2.

The following table summarizes our financial assets and liabilities measured on a recurring basis at fair value at December 31, 2019 and 2018 by respective level of the fair value hierarchy (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Level 1

    

Level 2

    

Level 3

    

Total

December 31, 2019

 

 

  

 

 

  

 

 

  

 

 

  

Assets:

 

 

  

 

 

  

 

 

  

 

 

  

Marketable securities - restricted (Note 4)

 

$

2,296

 

$

 —

 

$

 —

 

$

2,296

Liabilities:

 

 

  

 

 

  

 

 

  

 

 

  

Interest rate swaps

 

$

 —

 

$

 —

 

$

3,825

 

$

3,825

December 31, 2018

 

 

  

 

 

  

 

 

  

 

 

  

Assets:

 

 

  

 

 

  

 

 

  

 

 

  

Marketable securities

 

$

1,842

 

$

 —

 

$

 —

 

$

1,842

Marketable securities - restricted (Note 4)

 

 

1,909

 

 

 —

 

 

 —

 

 

1,909

 

 

$

3,751

 

$

 —

 

$

 —

 

$

3,751

Liabilities:

 

 

  

 

 

  

 

 

  

 

 

  

Interest rate swaps

 

$

 —

 

$

 —

 

$

1,639

 

$

1,639

 

Changes in Fair Value of Interest Rate Swaps

The table below highlights the change in fair value of the interest rate swaps which are based on a discounted future cash flow model (in thousands):

 

 

 

 

 

Ending balance, December 31, 2017

    

$

543

Change in estimated fair value

 

 

(2,182)

Ending balance, December 31, 2018

 

 

(1,639)

Change in estimated fair value

 

 

(2,186)

Ending balance, December 31, 2019*

 

$

(3,825)