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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Measurements

Schedule of carrying amount and estimated fair values of financial instruments

The carrying amounts and estimated fair values by input level of the Company’s financial instruments at March 31, 2016 and December 31, 2015 are as follows (in thousands):

		March 31, 2016
		Carrying Amount			Fair Value			Level 1			Level 2		Level 3
Financial assets:
Cash and cash equivalents		$	214,238		$	214,238		$	214,238
Financial liabilities:
Long-term debt
Senior secured credit facility		1,230,032			1,241,129			817,129			424,000
Senior unsecured notes		296,413			294,750			294,750
Other long-term obligations		139,759			140,899						140,899
Other liabilities		12,614			12,614								12,614

		December 31, 2015
		Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Financial assets:
Cash and cash equivalents		$	237,009		$	237,009		$	237,009		$	—		$	—
Financial liabilities:
Long-term debt
Senior secured credit facility		1,239,049			1,251,975			829,975			422,000			—
Senior unsecured notes		296,252			291,000			291,000			—			—
Other long-term obligations		146,992			147,358			—			147,358			—
Other liabilities		13,815			13,815									13,815

Summary of the changes in fair value of Level 3 liabilities

The following table summarizes the changes in fair value of the Company’s Level 3 liabilities (in thousands):

		Three Months Ended March 31, 2016
		Liabilities
		Contingent Purchase Price
Balance at January 1, 2016		$	13,815
Total (gains) (realized or unrealized):
Included in earnings		(1,201		)
Balance at March 31, 2016		$	12,614

Summary of significant unobservable inputs used in calculating fair value Level 3 liabilities

		Valuation		Unobservable
		Technique		Input		Rate
Contingent purchase price		Discounted cash flow		Discount rate		8.30	%

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611

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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

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-Topic 820
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-Section 50
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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