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FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 16.FAIR VALUE OF FINANCIAL INSTRUMENTS ​ The Company values its financial instruments based on the fair value hierarchy of valuation techniques for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. If the technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. ​ The Company uses Level 1 inputs for the fair values of its cash, cash equivalents, restricted cash and Capital Construction Fund, and Level 2 inputs for its variable and fixed rate debt. The fair values of cash, cash equivalents and restricted cash, Capital Construction Fund and variable rate debt approximate their carrying values due to the nature of the instruments. The fair value of fixed rate debt is calculated based upon interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements. ​ The carrying value and fair value of the Company’s financial instruments consists of the following as of December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | Significant | ​ | Significant | ​
​ | ​ | Total | ​ | ​ | ​ | Active Markets | ​ | Observable | ​ | Unobservable | ​
​ |  | Carrying Value |  | Total |  | (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) | ​
(In millions) | ​ | December 31, 2022 | ​ | Fair Value Measurements at December 31, 2022 | ​
Cash and cash equivalents | ​ | $ | 249.8 | ​ | $ | 249.8 | ​ | $ | 249.8 | ​ | $ | — | ​ | $ | — | ​
Restricted cash | ​ | $ | 3.9 | ​ | $ | 3.9 | ​ | $ | 3.9 | ​ | $ | — | ​ | $ | — | ​
Capital Construction Fund | ​ | $ | 518.2 | ​ | $ | 518.2 | ​ | $ | 518.2 | ​ | $ | — | ​ | $ | — | ​
Fixed rate debt | ​ | $ | 517.5 | ​ | $ | 427.3 | ​ | $ | — | ​ | $ | 427.3 | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In millions) |  | December 31, 2021 | ​ | Fair Value Measurements at December 31, 2021 | ​
Cash and cash equivalents | ​ | $ | 282.4 | ​ | $ | 282.4 |  | $ | 282.4 | ​ | $ | — | ​ | $ | — | ​
Restricted cash | ​ | $ | 5.3 | ​ | $ | 5.3 | ​ | $ | 5.3 | ​ | $ | — | ​ | $ | — | ​
Fixed rate debt | ​ | $ | 629.0 | ​ | $ | 615.1 | ​ | $ | — | ​ | $ | 615.1 | ​ | $ | — | ​
​

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- References No definition available. + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI https://asc.fasb.org/topic&trid=2155941 + Details
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