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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2019

Fair Value [Abstract]

Fair Value of Financial Instruments

13.FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments consist primarily of cash and equivalents, trade receivables, restricted cash and investments, trade payables, debt instruments, contingent consideration obligations, interest rate swaps and fuel hedges. As of June 30, 2019 and December 31, 2018, the carrying values of cash and equivalents, trade receivables, restricted cash and investments, 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 June 30, 2019 and December 31, 2018, 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 June 30, 2019 and December 31, 2018, are as follows:

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​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Carrying Value at					​	Fair Value* at					​
​	​	June 30,		​	December 31,		​	June 30,		​	December 31,		​
​		2019			2018			2019			2018
5.25% Senior Notes due 2019	​	$	175,000	​	$	175,000	​	$	176,250	​	$	177,870	​
4.64% Senior Notes due 2021	​	$	100,000	​	$	100,000	​	$	102,936	​	$	101,292	​
2.39% Senior Notes due 2021	​	$	150,000	​	$	150,000	​	$	148,603	​	$	144,305	​
3.09% Senior Notes due 2022	​	$	125,000	​	$	125,000	​	$	125,924	​	$	120,682	​
2.75% Senior Notes due 2023	​	$	200,000	​	$	200,000	​	$	198,899	​	$	188,363	​
3.24% Senior Notes due 2024	​	$	150,000	​	$	150,000	​	$	152,209	​	$	142,877	​
3.41% Senior Notes due 2025	​	$	375,000	​	$	375,000	​	$	384,334	​	$	355,541	​
3.03% Senior Notes due 2026	​	$	400,000	​	$	400,000	​	$	400,776	​	$	367,143	​
3.49% Senior Notes due 2027	​	$	250,000	​	$	250,000	​	$	257,054	​	$	234,243	​
4.25% Senior Notes due 2028	​	$	500,000	​	$	500,000	​	$	548,650	​	$	506,100	​
3.50% Senior Notes due 2029	​	$	500,000	​	$	—	​	$	519,150	​	$	—	​

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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 cash and investments and contingent consideration, refer to Note 15.

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- Definition

The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.

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