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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2016 and December 31, 2015 are as follows (in thousands):

		September 30, 2016
		Carrying
		Amount			Fair Value			Level 1			Level 2			Level 3
Financial assets:
Cash and cash equivalents		$	201,868		$	201,868		$	201,868		$	—		$	—
Financial liabilities:
Long-term debt
Senior secured credit facility			1,217,420			1,231,429			797,429			434,000			—
Senior unsecured notes			296,734			310,500			310,500			—			—
Other long-term obligations			154,469			157,561			—			157,561			—
Other liabilities			66,610			66,610			—			—			66,610

		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):

		Nine Months Ended
		September 30, 2016
		Liabilities
		Contingent
		Purchase Price
Balance at January 1, 2016		$	13,815
Additions			55,963
Payments			(1,793)
Included in earnings			(1,375)
Balance at September 30, 2016		$	66,610

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

			Valuation		Unobservable
			Technique		Input		Discount Rate			Volatility Rate
Contingent purchase price - Plainridge			Discounted cash flow		Discount rate		8.30	%		N/A	%
Contingent purchase price - Rocket Games			Option Pricing Method		Discount rate, Volatility rate		9.00	%		88.50	%

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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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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-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
-Name Accounting Standards Codification
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