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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2019
Fair Value [Abstract] |
Fair Value Measurements | 15.FAIR VALUE MEASUREMENTS The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. The Company’s financial assets and liabilities recorded at fair value on a recurring basis include derivative instruments and restricted cash and investments. At September 30, 2018, the Company’s derivative instruments included pay-fixed, receive-variable interest rate swaps and pay-fixed, receive-variable diesel fuel hedges. At September 30, 2019 and December 31, 2018, the Company’s derivative instruments included pay-fixed, receive-variable interest rate swaps. The Company’s interest rate swaps are recorded at their estimated fair values based on quotes received from financial institutions that trade these contracts. The Company verifies the reasonableness of these quotes using similar quotes from another financial institution as of each date for which financial statements are prepared. The Company uses a discounted cash flow (“DCF”) model to determine the estimated fair value of the diesel fuel hedges. The assumptions used in preparing the DCF model include: (i) estimates for the forward DOE index curve; and (ii) the discount rate based on risk-free interest rates over the term of the hedge contracts. The DOE index curve used in the DCF model was obtained from financial institutions that trade these contracts. Significant increases (decreases) in the forward DOE index curve would result in a significantly higher (lower) fair value measurement. For the Company’s interest rate swaps and fuel hedges, the Company also considers the Company’s creditworthiness in its determination of the fair value measurement of these instruments in a net liability position and the counterparties’ creditworthiness in its determination of the fair value measurement of these instruments in a net asset position. The Company’s restricted cash and investments are valued at quoted market prices in active markets for similar assets, which the Company receives from the financial institutions that hold such investments on its behalf. The Company’s restricted cash and investments measured at fair value are invested primarily in money market accounts, bank time deposits, U.S. government and agency securities and Canadian bankers’ acceptance notes. The Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement at September 30, 2019 Using
​ |  | ​ | ​ |  | Quoted Prices in |  | Significant |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Significant
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | ​ | ​ | ​ | Assets | ​ | Inputs | ​ | Inputs
​ | ​ | Total | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Interest rate swap derivative instruments – net liability position | ​ | $ | (51,640) | ​ | $ | — | ​ | $ | (51,640) | ​ | $ | —
Restricted cash and investments | ​ | $ | 142,291 | ​ | $ | — | ​ | $ | 142,291 | ​ | $ | —
Contingent consideration | ​ | $ | (56,954) | ​ | $ | — | ​ | $ | — | ​ | $ | (56,954)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement at December 31, 2018 Using
​ |  | ​ | ​ |  | Quoted Prices in |  | Significant |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Significant
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | ​ | ​ | ​ | Assets | ​ | Inputs | ​ | Inputs
​ | ​ | Total | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Interest rate swap derivative instruments – net asset position | ​ | $ | 12,098 | ​ | $ | — | ​ | $ | 12,098 | ​ | $ | —
Restricted cash and investments | ​ | $ | 131,422 | ​ | $ | — | ​ | $ | 131,422 | ​ | $ | —
Contingent consideration | ​ | $ | (54,615) | ​ | $ | — | ​ | $ | — | ​ | $ | (54,615)
​ The following table summarizes the changes in the fair value for Level 3 derivatives for the nine months ended September 30, 2019 and 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ |  | 2019 |  | 2018 |
Beginning balance | ​ | $ | — | ​ | $ | 3,880 | ​
Realized gains included in earnings | ​ |  | — | ​ |  | (2,837) | ​
Unrealized gains included in AOCIL | ​ |  | — | ​ |  | 2,661 | ​
Ending balance | ​ | $ | — | ​ | $ | 3,704 | ​
​ The following table summarizes the changes in the fair value for Level 3 liabilities related to contingent consideration for the nine months ended September 30, 2019 and 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ |  | 2019 |  | 2018 |
Beginning balance | ​ | $ | 54,615 | ​ | $ | 47,285 | ​
Contingent consideration recorded at acquisition date | ​ |  | 1,003 | ​ |  | 11,669 | ​
Payment of contingent consideration recorded at acquisition date | ​ |  | (1,621) | ​ |  | (5,459) | ​
Payment of contingent consideration recorded in earnings | ​ |  | — | ​ |  | (11) | ​
Adjustments to contingent consideration | ​ |  | 1,466 | ​ |  | 349 | ​
Interest accretion expense | ​ |  | 1,383 | ​ |  | 1,308 | ​
Foreign currency translation adjustment | ​ |  | 108 | ​ |  | (117) | ​
Ending balance | ​ | $ | 56,954 | ​ | $ | 55,024 | ​
​

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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