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Fair Value of Long-Term Debt
3 Months Ended
Mar. 31, 2015
Fair Value of Long-Term Debt

4. Fair Value of Long-Term Debt

The Company estimates the fair value of its long-term debt primarily using quoted market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB Accounting Standards Codification (“ASC”) Topic 820-10-35, Fair Value Measurement. The carrying value of the Company’s long-term debt was $1,821,238 and $1,822,997 as of March 31, 2015 and December 31, 2014, respectively. The fair value of the Company’s long-term debt was $1,835,398 and $1,790,987 as of March 31, 2015 and December 31, 2014, respectively.