Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments

Financial Instruments
6 Months Ended
Jun. 30, 2020
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]  
Financial Instruments Financial Instruments

Off Balance Sheet Risk

As of June 30, 2020, the Company had letters of credit outstanding totaling $15,367.

Fair Value of Financial Instruments

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Accounts receivable and accounts payable: The carrying amounts reported in the balance sheet for accounts receivable and accounts payable approximate their fair value based on their short-term nature.
Revolving credit facility: The Company’s revolving credit facility bears variable interest rates plus additional basis points based upon covenants related to total indebtedness to earnings.  As the revolving credit facility bears a variable interest rate, the carrying value approximates fair value.

The fair value estimates of earn-outs are discussed in Note 5, Acquisitions and Long-Lived Assets.

Using interest rate quotes and discounted cash flows, the Company estimated the fair value of its outstanding finance lease obligations as follows:

June 30, 2020

Carrying Value
Fair Value
Finance leases


The carrying value of the finance lease obligations are included within the Equipment section of Property and equipment on the Company’s Consolidated Balance Sheet. The Company's fair value estimates for the above financial instruments are classified within level 3 of the fair value hierarchy as defined in the FASB Codification.