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Fair Values of Financial Instruments
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Fair Values of Financial Instruments
Fair values of financial instruments
The Company measures the fair value of certain assets, liabilities and noncontrolling interests subject to put provisions (temporary equity) based upon certain valuation techniques that include observable or unobservable inputs and assumptions that market participants would use in pricing these assets, liabilities, temporary equity and commitments. The Company has also classified certain assets, liabilities and temporary equity that are measured at fair value into the appropriate fair value hierarchy levels as defined by the FASB.
The following tables summarize the Company’s assets, liabilities and temporary equity measured at fair value on a recurring basis as of December 31, 2017 and 2016: 
December 31, 2017
Total
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Assets
 

 
 

 
 

 
 

Available for sale securities
$
38,895

 
$
38,895

 
$
—

 
$
—

Interest rate cap agreements
$
1,032

 
$
—

 
$
1,032

 
$
—

Liabilities
 

 
 

 
 

 
 

Contingent earn-out obligations
$
6,388

 
$
—

 
$
—

 
$
6,388

Temporary equity
 

 
 

 
 

 
 

Noncontrolling interests subject to put provisions
$
1,011,360

 
$
—

 
$
—

 
$
1,011,360

December 31, 2016
 

 
 

 
 

 
 

Assets
 

 
 

 
 

 
 

Available for sale securities
$
31,197

 
$
31,197

 
$
—

 
$
—

Interest rate cap agreements
$
9,929

 
$
—

 
$
9,929

 
$
—

Liabilities
 

 
 

 
 

 
 

Contingent earn-out obligations
$
2,950

 
$
—

 
$
—

 
$
2,950

Temporary equity
 

 
 

 
 

 
 

Noncontrolling interests subject to put provisions
$
973,258

 
$
—

 
$
—

 
$
973,258


Available for sale securities represent investments in various open-ended registered investment companies, or mutual funds, and are recorded at fair value estimated based upon redemption prices reported by each mutual fund. See Note 3 to these consolidated financial statements for further discussion.
The interest rate cap agreements are recorded at fair value estimated from valuation models utilizing the income approach and commonly accepted valuation techniques that use inputs from closing prices for similar assets and liabilities in active markets as well as other relevant observable market inputs at quoted intervals such as current interest rates, forward yield curves, implied volatility and credit default swap pricing. The Company does not believe the ultimate amount that could be realized upon settlement of these interest rate cap agreements would be materially different from the fair value estimates currently reported. See Note 13 to these consolidated financial statements for further discussion.
The estimated fair value measurements of contingent earn-out obligations are primarily based on unobservable inputs, including projected EBITDA. The estimated fair value of these contingent earn-out obligations is remeasured as of each reporting date and could fluctuate based upon any significant changes in key assumptions, such as changes in the Company credit risk adjusted rate that is used to discount obligations to present value.
See Note 17 to these consolidated financial statements for a discussion of the Company’s methodology for estimating the fair values of noncontrolling interests subject to put obligations.
Other financial instruments consist primarily of cash, accounts receivable, accounts payable, other accrued liabilities and debt. The balances of non-debt financial instruments are presented in the consolidated financial statements at December 31, 2017 and 2016 at their approximate fair values due to the short-term nature of their settlements. The carrying amount of the Company’s senior secured credit facilities totaled $4,428,376 as of December 31, 2017, and their fair value was approximately $4,495,649 based upon quoted market prices. The carrying amount of the Company’s Senior Notes was approximately $4,460,176 at December 31, 2017 and their fair value was approximately $4,566,175 at December 31, 2017 based upon quoted market prices.