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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

Balances Measured at Fair Value

The following tables show the fair values of certain of our financial instruments:

	June 30, 2016
(In thousands)	Balance				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents	$	628,278			$	628,278			$	—			$	—
Restricted cash	20,719				20,719				—				—
Investment available for sale	17,832				—				—				17,832
Liabilities
Contingent payments	$	3,488			$	—			$	—			$	3,488

	December 31, 2015
(In thousands)	Balance				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents	$	158,821			$	158,821			$	—			$	—
Restricted cash	19,030				19,030				—				—
Investment available for sale	17,839				—				—				17,839
Liabilities
Contingent payments	$	3,632			$	—			$	—			$	3,632

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value of the Company's Level 3 assets and liabilities:

	Three Months Ended
	June 30, 2016								June 30, 2015
	Assets				Liability				Assets				Liability
(In thousands)	Investment Available for Sale				Contingent Payments				Investment Available for Sale				Contingent Payments
Balance at beginning of reporting period	$	18,394			$	(3,560	)		$	18,658			$	(3,721	)
Total gains (losses) (realized or unrealized):
Included in earnings	33				(150		)		31				(161		)
Included in other comprehensive income (loss)	(185		)		—				(1,033		)		—
Transfers in or out of Level 3	—				—				—				—
Purchases, sales, issuances and settlements:
Settlements	(410		)		222				(380		)		240
Balance at end of reporting period	$	17,832			$	(3,488	)		$	17,276			$	(3,642	)
Gains (losses) included in earnings attributable to the change in unrealized gains relating to assets and liabilities still held at the reporting date:
Included in interest income	$	33			$	—			$	31			$	—
Included in interest expense	—				(150		)		—				(161		)

	Six Months Ended
	June 30, 2016								June 30, 2015
	Assets				Liability				Assets				Liability
(In thousands)	Investment Available for Sale				Contingent Payments				Investment Available for Sale				Merger Earnout				Contingent Payments
Balance at beginning of reporting period	$	17,839			$	(3,632	)		$	18,357			$	(75	)		$	(3,792	)
Total gains (losses) (realized or unrealized):
Included in earnings	66				(305		)		62				75				(320		)
Included in other comprehensive income (loss)	337				—				(763		)		—				—
Transfers in or out of Level 3	—				—				—				—				—
Purchases, sales, issuances and settlements:
Settlements	(410		)		449				(380		)		—				470
Balance at end of reporting period	$	17,832			$	(3,488	)		$	17,276			$	—			$	(3,642	)
Gains (losses) included in earnings attributable to the change in unrealized gains relating to assets and liabilities still held at the reporting date:
Included in interest income	$	66			$	—			$	62			$	—			$	—
Included in interest expense	—				(305		)		—				—				(320		)

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The table below summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities:

	Valuation Technique		Unobservable Input		Rate
Investment available for sale	Discounted cash flow		Discount rate		9.7	%
Contingent payments	Discounted cash flow		Discount rate		18.5	%

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

Balances Disclosed at Fair Value

The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments:

	June 30, 2016
(In thousands)	Outstanding Face Amount				Carrying Value				Estimated Fair Value				Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	34,301			$	27,168			$	28,371			Level 3
Other financial instruments	100				93				93				Level 3

	December 31, 2015
(In thousands)	Outstanding Face Amount				Carrying Value				Estimated Fair Value				Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	35,126			$	27,660			$	28,381			Level 3
Other financial instruments	200				186				186				Level 3

The following tables provide the fair value measurement information about our long-term debt:

	June 30, 2016
(In thousands)	Outstanding Face Amount				Carrying Value				Estimated Fair Value				Fair Value Hierarchy
Boyd Gaming Corporation Debt
Bank credit facility	$	903,275			$	892,989			$	902,907			Level 2
9.00% senior notes due 2020	350,000				343,750				367,500				Level 1
6.875% senior notes due 2023	750,000				737,913				798,750				Level 1
6.375% senior notes due 2026	750,000				737,446				785,625				Level 1
	2,753,275				2,712,098				2,854,782
Peninsula Segment Debt
Bank credit facility	610,525				600,737				611,301				Level 2
8.375% Senior Notes due 2018	350,000				345,027				352,188				Level 2
	960,525				945,764				963,489
Total debt	$	3,713,800			$	3,657,862			$	3,818,271

	December 31, 2015
(In thousands)	Outstanding Face Amount				Carrying Value				Estimated Fair Value				Fair Value Hierarchy
Boyd Gaming Corporation Debt
Bank credit facility	$	1,209,725			$	1,197,277			$	1,202,870			Level 2
9.00% senior notes due 2020	350,000				342,956				372,750				Level 1
6.875% senior notes due 2023	750,000				737,066				772,500				Level 1
	2,309,725				2,277,299				2,348,120
Peninsula Segment Debt
Bank credit facility	662,750				648,607				661,131				Level 2
8.375% senior notes due 2018	350,000				343,643				357,000				Level 2
	1,012,750				992,250				1,018,131
Total debt	$	3,322,475			$	3,269,549			$	3,366,251

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- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

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