THE HERSHEY COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) (amounts in thousands, except share data or if otherwise indicated) 2019 Activity Other Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximated fair values as of December 31, 2020 and December 31, 2019 because of the relatively short maturity of these instruments. The estimated fair value of our long-term debt is based on quoted market prices for similar debt issues and is, therefore, classified as Level 2 within the valuation hierarchy. The fair values and carrying values of long-term debt, including the current portion, were as follows: In addition to assets and liabilities that are recorded at fair value on a recurring basis, GAAP requires that, under certain circumstances, we also record assets and liabilities at fair value on a nonrecurring basis. During 2020, we recorded the following impairment charges, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy: During 2019, we recorded the following impairment charges, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy: (1) In connection with our disposal group classified as held for sale, as discussed in  Note 8 , during 2020, we recorded impairment charges to adjust long-lived asset values. The fair value of the disposal group was supported by potential sales prices with third-party buyers. The sale of the Lotte Shanghai Foods Co., Ltd. ("LSFC") joint venture (disposal group) was completed in January 2021. (2) In connection with a previous sale, the Company wrote-down certain receivables deemed uncollectible. (1) During the fourth quarter of 2019, as discussed in  Note 3 , we recorded impairment charges to write down customer relationship and trademark intangible assets associated with Krave. These charges were determined by comparing the fair value of the asset group to its carrying value. We used various valuation techniques to determine fair value, with the primary techniques being discounted cash flow analysis and relief-from- royalty valuation approaches, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. 2020 Activity Other Fair Value Measurements Fair Value Carrying Value At December 31, 2020 2019 2020 2019 Current portion of long-term debt $ 443,215  $ 712,863  $ 438,829  $ 703,390  Long-term debt 4,479,499  3,656,540  4,089,755  3,530,813  Total $ 4,922,714  $ 4,369,403  $ 4,528,584  $ 4,234,203  2020 Adjustment to disposal group (1) $ 6,200  Other asset write-down (2) 2,943  Long-lived asset impairment charges $ 9,143  2019 Customer relationship and trademark intangible assets (1) $ 100,131  Other long-lived assets not held for sale (2) 9,629  Adjustment to disposal group (3) 2,725  Long-lived and intangible asset impairment charges $ 112,485  The Hershey Company | 2020 Form 10-K | Page 71 Table of Contents