Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

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, 2018
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	632,808	$	632,808	$	—	$	—
Restricted cash	26,112		26,112		—		—
Investment available for sale	15,591		—		—		15,591

Liabilities
Contingent payments	$	2,577	$	—	$	—	$	2,577



	December 31, 2017
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	203,104	$	203,104	$	—	$	—
Restricted cash	24,175		24,175		—		—
Investment available for sale	17,752		—		—		17,752

Liabilities
Contingent payments	$	2,887	$	—	$	—	$	2,887

Fair Value, Assets and Liabilities Measured on Recurring Basis

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



	Three Months Ended
	June 30, 2018						June 30, 2017
	Assets			Liability			Assets			Liability
(In thousands)	Investment Available for Sale			Contingent Payments			Investment Available for Sale			Contingent Payments
Balance at beginning of reporting period	$	16,454		$	(2,813	)	$	17,865		$	(3,348	)
Total gains (losses) (realized or unrealized):
Included in interest income (expense)	36			(58		)	34			(73		)
Included in other comprehensive income (loss)	(424		)	—			(3		)	—
Included in other items, net	—			64			—			(7		)
Purchases, sales, issuances and settlements:
Settlements	(475		)	230			(440		)	224
Balance at end of reporting period	$	15,591		$	(2,577	)	$	17,456		$	(3,204	)



	Six Months Ended
	June 30, 2018						June 30, 2017
	Assets			Liability			Assets			Liability
(In thousands)	Investment Available for Sale			Contingent Payments			Investment Available for Sale			Contingent Payments
Balance at beginning of reporting period	$	17,752		$	(2,887	)	$	17,259		$	(3,038	)
Total gains (losses) (realized or unrealized):
Included in interest income (expense)	72			(120		)	69			(202		)
Included in other comprehensive income (loss)	(1,758		)	—			568			—
Included in other items, net	—			(18		)	—			(398		)
Purchases, sales, issuances and settlements:
Settlements	(475		)	448			(440		)	434
Balance at end of reporting period	$	15,591		$	(2,577	)	$	17,456		$	(3,204	)

We are exposed to valuation risk on our Level 3 financial instruments. We estimate our risk exposure using a sensitivity analysis of potential changes in the significant unobservable inputs of our fair value measurements. Our Level 3 financial instruments are most susceptible to valuation risk caused by changes in the discount rate. If the discount in our fair value measurements increased or decreased by 100 basis points, the change would not cause the value of our fair value measurements to change significantly.

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, 2018
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	30,847	$	25,049	$	30,572	Level 3



	December 31, 2017
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	31,729	$	25,602	$	26,999	Level 3

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



	June 30, 2018
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Bank credit facility	$	1,363,477	$	1,340,958	$	1,366,375	Level 2
6.875% senior notes due 2023	750,000		741,422		786,563		Level 1
6.375% senior notes due 2026	750,000		739,787		756,563		Level 1
6.000% senior notes due 2026	700,000		688,973		691,250		Level 1
Other	454		454		454		Level 3
Total debt	$	3,563,931	$	3,511,594	$	3,601,205



	December 31, 2017
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Bank credit facility	$	1,621,054	$	1,595,703	$	1,625,178	Level 2
6.875% senior notes due 2023	750,000		740,545		798,750		Level 1
6.375% senior notes due 2026	750,000		739,128		810,000		Level 1
Other	504		504		504		Level 3
Total debt	$	3,121,558	$	3,075,880	$	3,234,432