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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018
(In thousands)	Balance				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents	$	440,963			$	440,963			$	—			$	—
Restricted cash	33,596				33,596				—				—
Investment available for sale	15,817				—				—				15,817
Liabilities
Contingent payments	$	2,557			$	—			$	—			$	2,557

	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
	September 30, 2018								September 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	$	15,591			$	(2,577	)		$	17,456			$	(3,204	)
Total gains (losses) (realized or unrealized):
Included in interest income (expense)	35				(67		)		34				(69		)
Included in other comprehensive income (loss)	191				—				333				—
Included in other items, net	—				(114		)		—				64
Purchases, sales, issuances and settlements:
Settlements	—				201				—				190
Balance at end of reporting period	$	15,817			$	(2,557	)		$	17,823			$	(3,019	)

	Nine Months Ended
	September 30, 2018								September 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)	107				(186		)		103				(270		)
Included in other comprehensive income (loss)	(1,567		)		—				901				—
Included in other items, net	—				(132		)		—				(334		)
Purchases, sales, issuances and settlements:
Settlements	(475		)		648				(440		)		623
Balance at end of reporting period	$	15,817			$	(2,557	)		$	17,823			$	(3,019	)

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

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

	September 30, 2018
(In thousands)	Outstanding Face Amount				Carrying Value				Estimated Fair Value				Fair Value Hierarchy
Bank credit facility	$	1,401,030			$	1,377,107			$	1,406,793			Level 2
6.875% senior notes due 2023	750,000				741,861				785,625				Level 1
6.375% senior notes due 2026	750,000				740,117				768,750				Level 1
6.000% senior notes due 2026	700,000				689,028				703,500				Level 1
Other	970				970				970				Level 3
Total debt	$	3,602,000			$	3,549,083			$	3,665,638

	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

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, 2018
(In thousands)	Outstanding Face Amount				Carrying Value				Estimated Fair Value				Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	30,341			$	24,708			$	30,140			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

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 (b)
-URI http://asc.fasb.org/extlink&oid=66048111&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=66048111&loc=d3e19190-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ 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 (b)
-URI http://asc.fasb.org/extlink&oid=66048111&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 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 3: 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=66048111&loc=d3e19190-110258

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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