Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS

v3.22.2.2
FAIR VALUE MEASUREMENTS
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Recurring

The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the consolidated balance sheets as cash and cash equivalents.

Estimated Fair Value
September 30, 2022
December 31, 2021
Level 1 Level 2 Total Level 1 Level 2 Total
(in thousands)
Assets:
Cash equivalents $ 725,975  $ —  $ 725,975  $ 620,980  $ —  $ 620,980 
Interest rate swap —  44,254  44,254  —  —  — 
Liabilities:
Interest rate swap $ —  $ —  $ —  $ —  $ 8,558  $ 8,558 

Cash equivalents consist of money market funds. Fair values for cash equivalents are based on quoted prices in an active market. The fair value for our interest rate swap is based upon inputs corroborated by observable market data with similar tenors.
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 secured notes, senior notes and convertible senior notes:
Estimated Fair Value at
September 30, 2022 December 31, 2021
Level 2
(in thousands)
6.5% Senior Secured Notes due 2027 $ 1,155,336  $ 1,315,284 
3.75% Senior Secured Notes due 2028 $ 422,735  $ 498,380 
4.75% Senior Notes due 2027 $ 829,768  $ 978,358 
4.875% Senior Notes due 2024 $ 554,553  $ 582,952 
5.625% Senior Notes due 2026 $ 285,126  $ 310,284 
2.5% Convertible Senior Notes due 2023 $ 651,360  $ 996,369 
2.0% Convertible Senior Notes due 2025 $ 400,040  $ 531,040 
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.