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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Valuation of our interest rate swaps and impaired assets

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):

​

​	​	​	​	​	​	​
​	​	December 31,
​	​	2020		​	2019
Derivative asset	​	$	—	​	$	12
Derivative liability	​		6,337	​		1,768

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):

​	​	​	​	​	​	​
​	​	December 31,
​	​	2020		​	2019
Carrying amount of fixed rate debt (1)	​	$	1,295,867	​	$	1,329,549
Fair value of fixed rate debt	​		1,371,000	​		1,400,000

⁽¹⁾ Carrying amounts are shown net of unamortized debt discounts and unamortized deferred financing costs. See Note 14 (“Long-Term Debt”).

Land and buildings

Valuation of our interest rate swaps and impaired assets

Schedule of non-recurring fair value assets

The fair value of our impaired properties was as follows (in thousands):

​

​	​	​	​
​		December 31, 2020
Impaired properties	​	$	430

Schedule of additional quantitative information related to our significant unobservable inputs

The significant unobservable inputs used to develop the Level 3 fair value measurements for the properties were the estimated sale values in an inactive market. In reviewing sales trends for the past three years, the probable pricing information based on market comparisons was as follows (in thousands):

​	​	​	​	​
​		Range		Weighted Average
Estimated sale proceeds	​	$100 - $600	​	$427

Compressors

Valuation of our interest rate swaps and impaired assets

Schedule of non-recurring fair value assets

​

​	​	​	​	​	​	​
​	​	December 31,
​		2020			2019
Impaired compressors	​	$	19,046	​	$	5,859

Schedule of additional quantitative information related to our significant unobservable inputs

​

​	​	​	​	​
​		Range		Weighted Average (1)
Estimated net sale proceeds	​	$0 - $289 per horsepower	​	$20 per horsepower

(1) Calculated based on an estimated discount for market liquidity of 81%.

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