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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2023
Fair Value Measurements |
Fair Value Measurements | Note 7 Fair Value Measurements ​ Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market-corroborated, or generally unobservable. We primarily apply the market approach for recurring fair value measurements and endeavor to utilize the best information available. Accordingly, we employ valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. ​ The use of unobservable inputs is intended to allow for fair value determinations in situations where there is little, if any, market activity for the asset or liability at the measurement date. We are able to classify fair value balances utilizing a fair value hierarchy based on the observability of those inputs. ​ Under the fair value hierarchy: ​
| ● | Level 1 measurements include unadjusted quoted market prices for identical assets or liabilities in an active market;
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| ● | Level 2 measurements include quoted market prices for identical assets or liabilities in an active market that have been adjusted for items such as effects of restrictions for transferability and those that are not quoted but are observable through corroboration with observable market data, including quoted market prices for similar assets; and
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| ● | Level 3 measurements include those that are unobservable and of a subjective nature.
​ Recurring Fair Value Measurements ​ Our financial assets that are accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 consisted of short-term investments and restricted cash held in trust. During the nine months ended September 30, 2023, there were no transfers of our financial assets between Level 1 and Level 2 measures. Our financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2023 and December 31, 2022, our restricted cash held in trust was carried at fair market value and totaled $418.1 million and $284.8 million, respectively, and consisted of Level 1 measurements. No material Level 2 or Level 3 measurements existed for our financial assets for any of the periods presented. ​ Our financial liabilities that are accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 consisted of the Warrants and are included in other long-term liabilities in the accompanying consolidated financial statements. As of September 30, 2023 and December 31, 2022, the Warrants were carried at fair market value using their trading price and totaled $36.3 million and $80.9 million, respectively. ​ Nonrecurring Fair Value Measurements ​ We applied fair value measurements to our nonfinancial assets and liabilities measured on a nonrecurring basis, which consist of measurements primarily related to other long-lived assets and assets acquired and liabilities assumed in a business combination. Based upon our review of the fair value hierarchy, the inputs used in these fair value measurements were considered Level 3 inputs. ​ Fair Value of Debt Instruments ​ We estimate the fair value of our financial instruments in accordance with U.S. GAAP. The fair value of our long-term debt and revolving credit facilities is estimated based on quoted market prices or prices quoted from third-party financial institutions. The fair value of our debt instruments is determined using Level 2 measurements. The carrying and fair values of these liabilities were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | December 31, 2022
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
​ | ​ | Value | ​ | Value | ​ | Value | ​ | Value
​ | (In thousands)
5.10% senior notes due September 2023 |  | $ | — | ​ | $ | — |  | $ | 52,004 | ​ | $ | 51,354
0.75% senior exchangeable notes due January 2024 |  |  | 155,529 | ​ |  | 152,616 |  |  | 177,005 | ​ |  | 164,898
5.75% senior notes due February 2025 | ​ |  | 474,092 | ​ |  | 464,748 |  |  | 474,092 | ​ |  | 454,773
9.00% senior priority guaranteed notes due February 2025 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 209,384 | ​ |  | 213,507
7.25% senior guaranteed notes due January 2026 | ​ |  | 557,902 | ​ |  | 540,373 |  |  | 557,902 | ​ |  | 529,432
7.375% senior priority guaranteed notes due May 2027 | ​ |  | 700,000 | ​ |  | 679,504 |  |  | 700,000 | ​ |  | 686,686
7.50% senior guaranteed notes due January 2028 | ​ |  | 389,609 | ​ |  | 359,843 |  |  | 389,609 | ​ |  | 354,400
1.75% senior exchangeable notes due June 2029 |  |  | 250,000 | ​ |  | 221,113 |  |  | — | ​ |  | —
​ | ​ | $ | 2,527,132 | ​ | $ | 2,418,196 | ​ | $ | 2,559,996 | ​ | $ | 2,455,050
Less: deferred financing costs | ​ | ​ | 25,793 | ​ | ​ | ​ | ​ | ​ | 22,456 | ​ | ​ | ​
​ | ​ | $ | 2,501,339 | ​ | ​ | ​ | ​ | $ | 2,537,540 | ​ | ​ | ​
​ The fair values of our cash equivalents, trade receivables and trade payables approximate their carrying values due to the short-term nature of these instruments.

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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 -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
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