XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.23.2

FAIR VALUE DISCLOSURES | 6 Months Ended
--- | ---
Jun. 30, 2023
Fair Value Disclosures [Abstract] |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items. Assets and liabilities subject to fair value measurement are categorized into one of three different levels depending on the observability of the inputs employed in the measurement, as follows: •Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2 – inputs that reflect quoted prices for identical assets or liabilities in markets which are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. •Level 3 – unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. Fair Value of Debt The fair value of the Company’s debt has been estimated in accordance with the accounting standard regarding fair value. The fair value of the Company’s long-term debt was estimated using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The carrying and fair values of the Company’s debt are as follows (in thousands):
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2023 |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
6.875% Senior Notes(1) | $ | 393,468 |  |  | $ | — |  |  | $ | 378,931 |  |  | $ | — |
NatWest(2) | 159,379 |  |  | — |  |  | 158,900 |  |  | — |
| $ | 552,847 |  |  | $ | — |  |  | $ | 537,831 |  |  | $ | — |
December 31, 2022 |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |
6.875% Senior Notes(1) | $ | 392,763 |  |  | $ | — |  |  | $ | 366,629 |  |  | $ | — |
Lombard Debt(3) | 118,658 |  |  | — |  |  | 120,358 |  |  | — |
| $ | 511,421 |  |  | $ | — |  |  | $ | 486,987 |  |  | $ | — |
____________________ (1)As of June 30, 2023 and December 31, 2022, the carrying values were net of unamortized deferred financing fees of $6.5 million and $7.2 million respectively. (2)As of June 30, 2023, the carrying values of unamortized deferred financing fees related to the NatWest Debt were $9.1 million. (3)As of December 31, 2022, the carrying values of unamortized discounts related to the Lombard Debt were $7.0 million.

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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration