pre_text: Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, trade accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of these financial instruments. The carrying amounts of borrowings under credit facilities and under loans approximates fair value as interest rates on these instruments approximates current market rates. Notes payable and long-term debt is carried at amortized cost; however, the Company estimates the fair value of notes payable and long-term debt for disclosure purposes. The following table presents the carrying amounts and fair values of the Company’s notes payable and long-term debt, by hierarchy level as of the periods indicated: (1) The fair value estimates are based upon observable market data. (2) This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows. Refer to Note 9 – “Postretirement and Other Employee Benefits” for disclosure surrounding the fair value of the Company’s pension plan assets.
table: August 31, 2019 August 31, 2018
table: (in thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value
table: Notes payable and long-term debt: (Note 8)
table: 5.625% Senior Notes Level 2(1) $398,886 $416,000 $397,995 $415,704
table: 4.700% Senior Notes Level 2(1) 498,004 525,890 497,350 503,545
table: 4.900% Senior Notes Level 3(2) 299,057 318,704 298,814 306,535
table: 3.950% Senior Notes Level 2(1) 494,825 509,845 494,208 476,010
question: Analyse this data from a financial earnings document. What was the change in the fair value for the 4.700% Senior Notes between 2018 and 2019?