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Fair Value Measures (Tables)

6 Months Ended

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					$	—

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.

+ 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

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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

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X

- 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

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