Annual report pursuant to Section 13 and 15(d)

FAIR VALUE DISCLOSURES

v3.24.0.1
FAIR VALUE DISCLOSURES
 12 Months Ended
Dec. 31, 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 Values of Debt
The fair value of the Company’s debt has been estimated in accordance with the accounting standards 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 for the periods in the table below were as follows (in thousands):
Carrying
Amount		 Level 1 Level 2 Level 3
December 31, 2023
LIABILITIES
6.875% Senior Notes(1)
$ 394,184  $ —  $ 383,068  $ — 
NatWest Debt(2)
153,886  —  162,467  — 
$ 548,070  $ —  $ 545,535  $ — 
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 December 31, 2023 and 2022, the carrying values of unamortized deferred financing fees related to the Senior Notes were $5.8 million and $7.2 million, respectively.
(2)As of December 31, 2023, the carrying values of unamortized deferred financing fees related to the NatWest Debt were $8.4 million.
(3)As of December 31, 2022, the carrying values of unamortized discounts related to the Lombard Debt were $7.0 million.