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Fair Value of Assets and Liabilities
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities

10.

Fair Value of Assets and Liabilities

The Company’s Consolidated Balance Sheets reflect certain financial instruments at carrying value. The following table presents the carrying values of those instruments and the corresponding estimated fair values (in thousands):

 

 

 

Estimated Fair Value Measurements at December 31, 2020

 

 

 

Carrying Value

as of December

31, 2020

 

 

Total Fair

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

283,524

 

 

$

283,524

 

 

$

283,524

 

 

$

 

 

$

 

Restricted cash and investments

 

 

28,329

 

 

 

28,329

 

 

 

28,329

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings under Senior Credit Facility

 

$

1,474,437

 

 

$

1,342,066

 

 

$

 

 

$

1,342,066

 

 

$

 

5.875% Senior Notes due 2022

 

 

193,958

 

 

 

192,736

 

 

 

 

 

 

192,736

 

 

 

 

5.125% Senior Notes

 

 

281,783

 

 

 

256,096

 

 

 

 

 

 

256,096

 

 

 

 

5.875% Senior Notes due 2024

 

 

242,500

 

 

 

202,458

 

 

 

 

 

 

202,458

 

 

 

 

6.00% Senior Notes

 

 

350,000

 

 

 

279,493

 

 

 

 

 

 

279,493

 

 

 

 

Non-recourse debt

 

 

344,614

 

 

 

344,632

 

 

 

 

 

 

344,632

 

 

 

 

 

 

 

Estimated Fair Value Measurements at December 31, 2019

 

 

 

Carrying Value

as of December

31, 2019

 

 

Total Fair

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

32,463

 

 

$

32,463

 

 

$

32,463

 

 

$

 

 

$

 

Restricted cash and investments

 

 

35,010

 

 

 

35,010

 

 

 

35,010

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings under Senior Credit Facility

 

$

1,298,671

 

 

$

1,218,861

 

 

$

 

 

$

1,218,861

 

 

$

 

5.875% Senior Notes due 2022

 

 

193,958

 

 

 

194,239

 

 

 

 

 

 

194,239

 

 

 

 

5.125% Senior Notes

 

 

300,000

 

 

 

287,982

 

 

 

 

 

 

287,982

 

 

 

 

5.875% Senior Notes due 2024

 

 

250,000

 

 

 

228,493

 

 

 

 

 

 

228,493

 

 

 

 

6.00% Senior Notes

 

 

350,000

 

 

 

314,052

 

 

 

 

 

 

314,052

 

 

 

 

Non-recourse debt

 

 

328,178

 

 

 

327,792

 

 

 

 

 

 

327,792

 

 

 

 

 

The fair values of the Company’s cash and cash equivalents, and restricted cash approximates the carrying values of these assets at December 31, 2020 and 2019. Restricted cash consists of money market funds, commercial paper and time deposits used for payments on the Company’s non-recourse debt and asset replacement funds contractually required to be maintained at the Company's Australian subsidiary. The fair value of the money market funds is based on quoted market prices (level 1) and the fair value of commercial paper and time deposits is based on market prices for similar instruments (level 2). The fair values of the Company’s 6.00% senior unsecured notes due 2026 (the “6.00% Senior Notes”), 5.125% Senior Notes due 2023 (the “5.125% Senior Notes”), 5.875% Senior Notes due 2022 (the "5.875% Senior Notes due 2022”) and the 5.875% Senior Notes due 2024 (the "5.875% Senior Notes due 2024"), although not actively traded, are based on published financial data for these instruments. The fair value of the Company’s non-recourse debt is based on estimate of trading value considering the Company's borrowing rate, the undrawn spread and similar instruments. The fair value of borrowings under the Senior Credit Facility is also based on an estimate of trading value considering the Company’s borrowing rate, the undrawn spread and similar instruments.