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Fair Value Measures (Tables) | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Carrying Amounts and Fair Values of Financial Assets and Liabilities | The following table shows the carrying amounts and fair values of financial liabilities which are disclosed, but not measured, at fair value, including their levels in the fair value hierarchy:
| June 30, 2021 | December 31, 2020
| Carrying Amount | Fair Value | Carrying Amount | Fair Value
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
ABL Facilities | $ | 1,432,252 |  | $ | — |  | $ | 1,468,500 |  | $ | — |  | $ | 1,263,833 |  | $ | — |  | $ | 1,304,612 |  | $ | — |
2025 Secured Notes | 517,054 |  | — |  | 558,501 |  | — |  | 637,068 |  | — |  | 694,876 |  | — |
2028 Secured Notes | 492,017 |  | — |  | 515,895 |  | — |  | 491,555 |  | — |  | 518,820 |  | — |
Total | $ | 2,441,323 |  | $ | — |  | $ | 2,542,896 |  | $ | — |  | $ | 2,392,456 |  | $ | — |  | $ | 2,518,308 |  | $ | — |
The following table shows the carrying amounts and fair values of financial liabilities which are measured at fair value:
| June 30, 2021 | December 31, 2020
| Carrying Amount | Fair Value | Carrying Amount | Fair Value
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
2015 Private warrants | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 77,404 |  | $ | — |  | $ | — |  | $ | 77,404 |
Total | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 77,404 |  | $ | — |  | $ | — |  | $ | 77,404 |
Quantitative Information Regarding Level 3 Fair Value Measurements | he following table provides quantitative information regarding Level 3 fair value measurements:
|  | December 31, 2020
(in thousands) |  | 2015 Private Warrants
Stock Price |  | $ | 23.17 |
Strike Price |  | $ | 11.50 |
Expected Life |  | 1.91
Volatility |  | 41.2 | %
Risk Free rate |  | 0.13 | %
Dividend yield |  | — |
Fair value of warrants |  | $ | 12.17 |
Changes in Level 3 Liabilities Measured at Fair Value | The following table presents changes in Level 3 liabilities measured at fair value for the three months ended June 30, 2021 and June 30, 2020:
(in thousands) | 2015 Private Warrants
Balance - March 31, 2021 | $ | 99,781 |
Exercise or conversion | (78,495) |
Measurement adjustment | (1,571) |
Repurchases | (19,715) |
Balance - June 30, 2021 | $ | — |
(in thousands) | 2015 Private Warrants |  | 2018 Warrants
Balance - March 31, 2020 | $ | 20,196 |  |  | $ | 13,853 |
Exercise or conversion | — |  |  | (374) |
Measurement adjustment | 14,225 |  |  | 12,737 |
Reclassification to equity at June 30, 2020 | — |  |  | (26,216) |
Balance - June 30, 2020 | $ | 34,421 |  |  | $ | — |
The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2021 and June 30, 2020.
(in thousands) | 2015 Private Warrants
Balance - December 31, 2020 | $ | 77,404 |
Exercise or conversion | (78,495) |
Measurement adjustment | 25,486 |
Repurchases | (24,395) |
Balance - June 30, 2021 | $ | — |
(in thousands) | 2015 Private Warrants |  | 2018 Warrants
Balance - December 31, 2019 | $ | 72,705 |  |  | $ | 58,369 |
Exercise or conversion | — |  |  | (416) |
Measurement adjustment | (38,284) |  |  | (31,737) |
Reclassification to equity at June 30, 2020 | — |  |  | (26,216) |
Balance - June 30, 2020 | $ | 34,421 |  |  | $ | — |

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- 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. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- 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=123594938&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=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + 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 (c) -URI http://asc.fasb.org/extlink&oid=123874694&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 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
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