Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Our outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or debt issuance costs. Our debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs as defined in the FASB guidance.
The following table presents the estimated fair values of our senior notes and convertible senior notes:
Estimated Fair Value at
September 30, 2019 December 31, 2018
Level 2
(in thousands)
4.875% Senior Notes due 2024 $ 596,517    $ 552,368   
5.625% Senior Notes due 2026 $ 320,310    $ 302,097   
5.375% Senior Notes due 2022 $ 253,693    $ 251,390   
2.5% Convertible Senior Notes due 2023 $ 645,100    $ 561,699   
2.5% Convertible Senior Notes due 2019 $ —    $ 40,710   

See Note 9—Subsequent Event for discussion of the October 2019 refinancing of the 5.375% senior notes.
The estimated fair value of our third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs.
The following table shows the fair value of our financial assets that have been adjusted to fair value on a non-recurring basis, which had a significant impact on our results of operations for the nine months ended September 30, 2019.
Fair Value Measurements Using
Description Fair Value Measurement Level 1 Level 2 Level 3 Loss (Gain)
2019 (in thousands)
Definite-lived intangible assets, net $ —    $ —    $ —    $ —    $ 19,372   

During the nine months ended September 30, 2019, we recorded impairment charges related to definite-lived intangible assets of $19.4 million as a component of depreciation and amortization. The impairment charges are primarily related to intangible assets for revenue-generating contracts in the Concerts segment. It was determined that these assets were impaired since the most recent estimated undiscounted future cash flows associated with these assets were less than their carrying value. These impairments were calculated using operating cash flows, which were discounted to approximate fair value. The key inputs in these calculations include future cash flow projections, including revenue profit margins, and, for the fair value computation, a discount rate. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs.