XML 34 R17.htm IDEA: XBRL DOCUMENT v3.20.4
Fair Value Measurements
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value of the Company's cash and cash equivalents, accounts receivable, net and short-term borrowings approximate their carrying values due to the short-term nature of the instruments.
The fair value of the Company's notes receivable approximates the carrying amount of $11.5 million at December 31, 2020. The fair value and carrying amount of these notes was $15.7 million at December 31, 2019. The fair value of these notes is estimated using a discounted cash flow analysis in which the Company uses unobservable inputs such as market interest rates determined by the loan-to-value and market capitalization rates related to the underlying collateral at which management believes similar loans would be made and classified as a Level 3 measurement in the fair value hierarchy.
At December 31, 2020, the carrying amount of the Company's notes payable and other debt was $687.1 million and the corresponding fair value was $704.1 million. At December 31, 2019, the carrying amount of the Company's notes payable and other debt was $704.6 million and the corresponding fair value was $727.3 million. The fair value of debt is calculated by discounting the future cash flows of the debt at rates based on instruments with similar risk, terms and maturities as compared to the Company's existing debt arrangements (Level 3).
The Company records its interest rate swaps at fair value. The fair values of the Company's interest rate swaps (Level 2 measurements) are based on the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs (refer to Note 11 for fair value information regarding the Company's derivative instruments).
During the years ended December 31, 2020, 2019 and 2018, the Company recorded aggregate impairment charges of $5.6 million, $49.7 million and $79.4 million related to goodwill and/or other long-lived assets. During the year ended December 31, 2018, the Company recorded an other-than-temporary-impairment charge of $188.6 million related to equity method investments (refer to Note 5). The Company has classified the fair value measurements as a Level 3 measurement in the fair value hierarchy because they involve significant unobservable inputs such as cash flow projections, discount rates and management assumptions.