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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Summary of assets and liabilities measured at fair value on recurring basis

The following table presents our derivative asset and liability measured at fair value on a recurring basis, with pricing levels as of the date of valuation (in thousands):

​

​	​	​	​	​	​	​
​		June 30, 2020			December 31, 2019
Derivative asset	​	$	—	​	$	12
Derivative liability	​		8,746	​		1,768

Schedule of non-recurring fair value assets

The fair value of our impaired compressors as of June 30, 2020 and December 31, 2019 was as follows:

​	​	​	​	​	​	​
​		June 30, 2020			December 31, 2019
Impaired compressors	​	$	2,324	​	$	5,859
​	​		​	​	​	​

Schedule of additional quantitative information related to our significant unobservable inputs

​

​	​	​	​	​
​		Range		Weighted Average
Estimated net sale proceeds (1)	​	$0 - $372 per horsepower	​	$21 per horsepower

(1) Weighted average is calculated based on an estimated discount for market liquidity of 77%.

Schedule of carrying value and estimated fair value of debt instruments

The fair value of our fixed rate debt is estimated using yields observable in active markets, which are Level 2 inputs, and was as follows (in thousands):

​	​	​	​	​	​	​
​		June 30, 2020			December 31, 2019
Carrying amount of fixed rate debt (1)	​	$	984,937	​	$	1,329,549
Fair value of fixed rate debt	​		932,000	​		1,400,000

(1) Carrying amounts are shown net of unamortized debt discounts and unamortized deferred financing costs. See Note 9 (“Long-Term Debt”).

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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