12.FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments consist primarily of cash and equivalents, trade receivables, restricted assets, trade payables, debt instruments, contingent consideration obligations, interest rate swaps and fuel hedges. As of September 30, 2017 and December 31, 2016, the carrying values of cash and equivalents, trade receivables, restricted assets, trade payables and contingent consideration are considered to be representative of their respective fair values. The carrying values of the Company’s debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of September 30, 2017 and December 31, 2016, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2 within the fair value hierarchy. The carrying values and fair values of the Company’s debt instruments where the carrying values do not approximate their fair values as of September 30, 2017 and December 31, 2016, are as follows:


	Carrying Value at				Fair Value* at
	September 30, 2017		December 31, 2016		September 30, 2017		December 31, 2016
4.00% Senior Notes due 2018	$	50,000	$	50,000	$	50,488	$	51,226
5.25% Senior Notes due 2019	$	175,000	$	175,000	$	185,104	$	187,671
4.64% Senior Notes due 2021	$	100,000	$	100,000	$	106,588	$	106,618
2.39% Senior Notes due 2021	$	150,000	$	150,000	$	148,477	$	146,168
3.09% Senior Notes due 2022	$	125,000	$	125,000	$	126,260	$	123,974
2.75% Senior Notes due 2023	$	200,000	$	200,000	$	197,272	$	192,238
3.24% Senior Notes due 2024	$	150,000	$	-	$	151,070	$	-
3.41% Senior Notes due 2025	$	375,000	$	375,000	$	379,859	$	368,968
3.03% Senior Notes due 2026	$	400,000	$	400,000	$	392,815	$	379,438
3.49% Senior Notes due 2027	$	250,000	$	-	$	252,396	$	-

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*Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value is based on quotes of bonds with similar ratings in similar industries.

For details on the fair value of the Company’s interest rate swaps, fuel hedges, restricted assets and contingent consideration, refer to Note 14.