XML 35 R20.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Fair Value of Assets and Liabilities | 12 Months Ended
--- | ---
Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value of Assets and Liabilities |
1 0. | Fair Value of Assets and Liabilities
The Company’s Consolidated Balance Sheets reflect certain financial instruments at carrying value. The following table presents the carrying values of those instruments and the corresponding estimated fair values (in thousands):
|  | Estimated Fair Value Measurements at December 31, 2021 |
|  | Carrying Value as of December 31, 2021 |  |  | Total Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 506,491 |  |  | $ | 506,491 |  |  | $ | 506,491 |  |  | $ | — |  |  | $ | — |
Restricted cash and investments |  |  | 41,831 |  |  |  | 41,831 |  |  |  | 41,831 |  |  |  | — |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings under Senior Credit Facility |  | $ | 1,546,895 |  |  | $ | 1,448,280 |  |  | $ | — |  |  | $ | 1,448,280 |  |  | $ | — |
5.125% Senior Notes due 2023 |  |  | 259,275 |  |  |  | 248,479 |  |  |  | — |  |  |  | 248,479 |  |  |  | — |
5.875% Senior Notes due 2024 |  |  | 225,293 |  |  |  | 199,522 |  |  |  | — |  |  |  | 199,522 |  |  |  | — |
6.00% Senior Notes due 2026 |  |  | 350,000 |  |  |  | 283,691 |  |  |  | — |  |  |  | 283,691 |  |  |  | — |
6.50% Exchangeable Senior Notes due 2026 |  |  | 230,000 |  |  |  | 248,211 |  |  |  | — |  |  |  | 248,211 |  |  |  | — |
Non-recourse debt |  |  | 310,108 |  |  |  | 310,108 |  |  |  | — |  |  |  | 310,108 |  |  |  | — |
|  | Estimated Fair Value Measurements at December 31, 2020 |
|  | Carrying Value as of December 31, 2020 |  |  | Total Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 283,524 |  |  | $ | 283,524 |  |  | $ | 283,524 |  |  | $ | — |  |  | $ | — |
Restricted cash and investments |  |  | 28,329 |  |  |  | 28,329 |  |  |  | 28,329 |  |  |  | — |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings under Senior Credit Facility |  | $ | 1,474,437 |  |  | $ | 1,342,066 |  |  | $ | — |  |  | $ | 1,342,066 |  |  | $ | — |
5.875% Senior Notes due 2022 |  |  | 193,958 |  |  |  | 192,736 |  |  |  | — |  |  |  | 192,736 |  |  |  | — |
5.125% Senior Notes due 2023 |  |  | 281,783 |  |  |  | 256,096 |  |  |  | — |  |  |  | 256,096 |  |  |  | — |
5.875% Senior Notes due 2024 |  |  | 242,500 |  |  |  | 202,458 |  |  |  | — |  |  |  | 202,458 |  |  |  | — |
6.00% Senior Notes due 2026 |  |  | 350,000 |  |  |  | 279,493 |  |  |  | — |  |  |  | 279,493 |  |  |  | — |
Non-recourse debt |  |  | 344,614 |  |  |  | 344,632 |  |  |  | — |  |  |  | 344,632 |  |  |  | — |
The fair values of the Company’s cash and cash equivalents, and restricted cash approximates the carrying values of these assets at December 31, 2021 and 2020. Restricted cash and investments consist of money market funds, commercial paper and time deposits used for payments on the Company’s non-recourse debt and asset replacement funds contractually required to be maintained at the Company's Australian subsidiary. The fair value of the money market funds is based on quoted market prices (level 1) and the fair value of commercial paper and time deposits is based on market prices for similar instruments (level 2). The fair values of the Company’s 6.00% senior unsecured notes due 2026 (the “6.00% Senior Notes”), 6.50% exchangeable senior unsecured notes due 2026 (the 6.50% Exchangeable Senior Notes), the 5.125% Senior Notes due 2023 (the “5.125% Senior Notes”), and the 5.875% Senior Notes due 2024 (the "5.875% Senior Notes"), although not actively traded, are based on published financial data for these instruments. On February 24, 2021, the Company completed a private offering of $230 million aggregate principal amount of 6.50% exchangeable senior unsecured notes due 2026. The Company used the net proceeds from this offering to fund the redemption of the then outstanding amount of the Company’s 5.875% Senior Notes due 2022. Refer to Note 12 – Debt for further information. The fair value of the Company’s non-recourse debt is based on estimate of trading value considering the Company's borrowing rate, the undrawn spread and similar instruments. The fair value of borrowings under the Senior Credit Facility is also based on an estimate of trading value considering the Company’s borrowing rate, the undrawn spread and similar instruments.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration