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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2019
Derivative Instrument Detail [Abstract] |
Fair Value Measurements | NOTE 16. FAIR VALUE MEASUREMENTS A framework has been established for measuring fair value, which provides a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows:
| • | Level 1 inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets.
| • | Level 2 inputs to the valuation methodology include:
| • | quoted prices for similar assets or liabilities in active markets;
| • | quoted prices for identical or similar assets or liabilities in inactive markets;
| • | inputs other than quoted prices that are observable for the asset or liability; and
| • | inputs that are derived principally from or corroborated by observable market data by correlation or other means.
| • | Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.
If the asset or liability has a specified (contractual) term, the Level 2 input must correspond to substantially the full term of the asset or liability. The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
| • | For cash, cash-equivalents and restricted cash, the carrying amount approximates fair value due to the short-term nature of these financial instruments.
| • | The fair value of the interest rate swaps was determined using discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate forward curves.
| • | The fair value of our long-term debt is estimated based upon the quoted market prices for the same or similar debt issues or estimated based on average market prices for comparable debt when there is no quoted market price.
| • | The cash surrender value of our company owned life insurance, the amount at which it could be redeemed, is used to estimate fair value because market prices are not readily available.
Carrying amounts and estimated fair values of our financial instruments as of December 31 are as follows:
|  | 2019 |  |  | 2018 |
(in thousands) |  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
Cash, cash equivalents and restricted cash (Level 1) |  | $ | 84,254 |  |  | $ | 84,254 |  |  | $ | 79,441 |  |  | $ | 79,441 |
Derivative assets related to interest rate swaps (Level 2) |  | $ | 1,601 |  |  | $ | 1,601 |  |  | $ | 1,510 |  |  | $ | 1,510 |
Derivative liabilities related to interest rate swaps (Level 2) |  | $ | (22,398 | ) |  | $ | (22,398 | ) |  | $ | (2,888 | ) |  | $ | (2,888 | )
Long-term debt, including current portion (Level 2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term loans |  | $ | (689,820 | ) |  | $ | (703,437 | ) |  | $ | (539,169 | ) |  | $ | (539,037 | )
Senior notes |  |  | — |  |  |  | — |  |  |  | (149,786 | ) |  |  | (154,328 | )
Revenue bonds |  |  | (65,735 | ) |  |  | (68,200 | ) |  |  | (94,735 | ) |  |  | (93,144 | )
Medium-term notes |  |  | (3,000 | ) |  |  | (3,480 | ) |  |  | (3,000 | ) |  |  | (3,419 | )
Total long-term debt1 |  | $ | (758,555 | ) |  | $ | (775,117 | ) |  | $ | (786,690 | ) |  | $ | (789,928 | )
Company owned life insurance (Level 3) |  | $ | 4,157 |  |  | $ | 4,157 |  |  | $ | 3,104 |  |  | $ | 3,104 |
1 | The carrying amount of long-term debt includes principal and unamortized discounts. At December 31, 2018, long-term debt in the above table included the $29.0 million of revenue bonds for the MDF facility which was classified as held for sale. See Note 3: Sale of Deltic MDF Facility for further information.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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