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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2023
Fair Value Measurements |
Fair Value Measurements | 17. FAIR VALUE MEASUREMENTS: The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The investments held by the Company in connection with its deferred compensation plan consist of mutual funds traded in an active market. The Company determined the fair value of these mutual funds based on the net asset value per unit of the funds or the portfolio, which is based upon quoted market prices in an active market. Therefore, the Company has categorized these investments as Level 1. The Company’s interest rate swaps consist of over-the-counter swap contracts, which are not traded on a public exchange. The Company determines the fair value of these swap contracts based on a widely accepted valuation methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows, using interest rates derived from observable market interest rate curves and volatilities, with appropriate adjustments for any significant impact of non-performance risk of the parties to the swap contracts. Therefore, these swap contracts have been classified as Level 2. The Company has consistently applied the above valuation techniques in all periods presented and believes it has obtained the most accurate information available for each type of instrument. The Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022, were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Markets for |  | Observable |  | Unobservable
​ | ​ | September 30, | ​ | Identical Assets | ​ | Inputs | ​ | Inputs
​ | ​ | 2023 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Deferred compensation plan investments | ​ | $ | 31,334 | ​ | $ | 31,334 | ​ | $ | — | ​ | $ | —
Variable to fixed interest rate swaps | ​ | ​ | 1,480 | ​ | ​ | — | ​ | ​ | 1,480 | ​ | ​ | —
Total assets measured at fair value | ​ | $ | 32,814 | ​ | $ | 31,334 | ​ | $ | 1,480 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Markets for |  | Observable |  | Unobservable
​ | ​ | December 31, | ​ | Identical Assets | ​ | Inputs | ​ | Inputs
​ | ​ | 2022 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Deferred compensation plan investments | ​ | $ | 29,245 | ​ | $ | 29,245 | ​ | $ | — | ​ | $ | —
Variable to fixed interest rate swaps | ​ | ​ | 11,350 | ​ | ​ | — | ​ | ​ | 11,350 | ​ | ​ | —
Total assets measured at fair value | ​ | $ | 40,595 | ​ | $ | 29,245 | ​ | $ | 11,350 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Variable to fixed interest rate swaps | ​ | $ | 1,164 | ​ | $ | — | ​ | $ | 1,164 | ​ | $ | —
Total liabilities measured at fair value | ​ | $ | 1,164 | ​ | $ | — | ​ | $ | 1,164 | ​ | $ | —
​ The remainder of the assets and liabilities held by the Company at September 30, 2023 are not required to be recorded at fair value, and financial assets and liabilities approximate fair value, except as described below. The Company has outstanding $600.0 million in aggregate principal amount of $600 million 4.50% senior notes. The carrying value of these notes at September 30, 2023 was $592.7 million, net of unamortized deferred financing costs (“DFCs”). The fair value of these notes, based upon quoted market prices (Level 1), was $516.5 million at September 30, 2023. The Company has outstanding $700.0 million in aggregate principal amount of $700 million 4.75% senior notes. The carrying value of these notes at September 30, 2023 was $694.6 million, net of unamortized DFCs and premiums. The fair value of these notes, based upon quoted market prices (Level 1), was $640.2 million at September 30, 2023. See Note 2, “JW Marriott Hill Country Transaction,” for additional disclosures related to the fair value measurements used in accounting for the purchase of JW Marriott Hill Country.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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