XML 44 R31.htm IDEA: XBRL DOCUMENT
v3.20.2

Fair Value (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019:
| June 30, 2020 |  |  |  |  |  |
(In thousands) |  |  | Fair Value |  |  |  |
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Short-term investments (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments - interest rate swaps (2) | $ | 117,265 |  |  | $ | — |  |  | $ | 117,265 |  |  | $ | — |
| December 31, 2019 |  |  |  |  |  |
(In thousands) |  |  | Fair Value |  |  |  |
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Short-term investments (1) | $ | 59,474 |  |  | $ | — |  |  | $ | 59,474 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments - interest rate swaps (2) | $ | 65,078 |  |  | $ | — |  |  | $ | 65,078 |  |  | $ | — |
___________________ (1) The carrying value of these investment is equal to their fair value due to the short-term nature of the investments as well as their credit quality. (2) The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.
Schedule Of Estimated Fair Value | The estimated fair values of our financial instruments as of June 30, 2020 and December 31, 2019 for which fair value is only disclosed are as follows:
| June 30, 2020 |  |  |  | December 31, 2019 |  |
(In thousands) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial assets: |  |  |  |  |  |  |
Investments in leases - financing receivables (1) | $ | 812,636 |  |  | $ | 843,300 |  |  | $ | — |  |  | $ | — |
Investments in loans (1) | 49,876 |  |  | 50,000 |  |  | — |  |  | — |
Cash and cash equivalents | 1,680,536 |  |  | 1,680,536 |  |  | 1,101,893 |  |  | 1,101,893 |
Restricted cash | 2,000,000 |  |  | 2,000,000 |  |  | — |  |  | — |
Financial liabilities: |  |  |  |  |  |  |
Debt (2) |  |  |  |  |  |  |
Revolving Credit Facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Term Loan B Facility | 2,078,545 |  |  | 1,974,000 |  |  | 2,076,962 |  |  | 2,110,500 |
Second Lien Notes | — |  |  | — |  |  | 498,480 |  |  | 538,358 |
2025 Notes | 739,165 |  |  | 705,000 |  |  | — |  |  | — |
2026 Notes | 1,231,692 |  |  | 1,193,750 |  |  | 1,231,227 |  |  | 1,287,500 |
2027 Notes | 738,899 |  |  | 708,750 |  |  | — |  |  | — |
2029 Notes | 984,930 |  |  | 975,000 |  |  | 984,894 |  |  | 1,045,000 |
2030 Notes | 984,901 |  |  | 950,000 |  |  | — |  |  | — |
____________________ (1)These investments represent the JACK Cleveland/Thistledown Lease Agreement and the ROV Loan, respectively, which were acquired on January 24, 2020. Given the proximity of the date of our investment to the date of the financial statements, we determined that the fair value materially approximates the purchase price of the acquisition of these financial assets. (2)The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration