XML 41 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2

Fair Value Measurements (Tables)

9 Months Ended

Sep. 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:

	September 30, 2016
(In thousands)	Balance				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents	$	159,688			$	159,688			$	—			$	—
Restricted cash	23,292				23,292				—				—
Investment available for sale	18,279				—				—				18,279
Liabilities
Contingent payments	$	3,435			$	—			$	—			$	3,435

	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
	September 30, 2016								September 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	$	17,832			$	(3,488	)		$	17,276			$	(3,642	)
Total gains (losses) (realized or unrealized):
Included in interest income (expense)	30				(147		)		31				(156		)
Included in other comprehensive income (loss)	417				—				642				—
Transfers in or out of Level 3	—				—				—				—
Purchases, sales, issuances and settlements:
Settlements	—				200				—				211
Balance at end of reporting period	$	18,279			$	(3,435	)		$	17,949			$	(3,587	)

	Nine Months Ended
	September 30, 2016								September 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 interest income (expense)	96				(452		)		93				75				(476		)
Included in other comprehensive income (loss)	754				—				(121		)		—				—
Transfers in or out of Level 3	—				—				—				—				—
Purchases, sales, issuances and settlements:
Settlements	(410		)		649				(380		)		—				681
Balance at end of reporting period	$	18,279			$	(3,435	)		$	17,949			$	—			$	(3,587	)

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

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

	September 30, 2016
(In thousands)	Outstanding Face Amount				Carrying Value				Estimated Fair Value				Fair Value Hierarchy
Bank credit facility	$	1,541,000			$	1,510,531			$	1,548,060			Level 2
6.875% senior notes due 2023	750,000				738,352				811,875				Level 1
6.375% senior notes due 2026	750,000				737,730				802,500				Level 1
Other	635				635				635				Level 3
Total debt	$	3,041,635			$	2,987,248			$	3,163,070

	December 31, 2015
(In thousands)	Outstanding Face Amount				Carrying Value				Estimated Fair Value				Fair Value Hierarchy
Boyd Gaming 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 Gaming 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

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:

	September 30, 2016
(In thousands)	Outstanding Face Amount				Carrying Value				Estimated Fair Value				Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	33,823			$	26,858			$	28,118			Level 3
Other financial instruments	100				95				95				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

X

- 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

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration