FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2015

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Schedule of financial instruments and the methods and assumptions used in estimating fair value disclosures

	June 30		December 31
	2015		2014
	(in thousands)
Cash and cash equivalents
Cash deposits(1)	$	138,441	$	99,615
Variable rate demand notes(1)(2)	14,972		16,326
Money market funds(3)	38,603		41,101

	$	192,016	$	157,042

Short-term investments
Certificates of deposit(1)	$	53,836	$	45,909

Restricted cash(4)
Cash deposits(1)	$	1,387	$	1,386

⁽¹⁾

Recorded at cost plus accrued interest, which approximates fair value.

⁽²⁾

Amounts may be redeemed on a daily basis with the original issuer.

⁽³⁾

Recorded at fair value as determined by quoted market prices (see amounts presented in the table of financial assets and liabilities measured at fair value within this Note).

⁽⁴⁾

Amounts restricted for use are subject to change based on the requirements of the Company’s collateralized facilities (see Note E).

Schedule of fair value and carrying value disclosures of financial instruments

	June 30				December 31
	2015				2014
	(in thousands)
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value

Credit Facility(1)	$	70,000	$	70,000	$	—	$	—
Term Loan(2)	—		—		70,000		70,000
Accounts receivable securitization borrowings(3)	35,000		35,000		—		—
Notes payable(4)	54,959		54,894		56,759		56,743

	$	159,959	$	159,894	$	126,759	$	126,743

⁽¹⁾

The revolving credit facility under the Company’s Amended and Restated Credit Agreement (the “Credit Facility”), which was entered into in January 2015, carries a variable interest rate based on LIBOR, plus a margin, that is considered to be priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy).

⁽²⁾

The Term Loan, which was entered into on June 15, 2012 and converted to borrowings under the Credit Facility on January 2, 2015, carried a variable interest rate based on LIBOR, plus a margin, that was considered to be priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy).

⁽³⁾

Borrowings under the Company’s accounts receivable securitization program, which was entered into in February 2015, carries a variable interest rate based on LIBOR, plus a margin, that is considered to be priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy).

⁽⁴⁾

Fair value of the notes payable was determined using a present value income approach based on quoted interest rates from lending institutions with which the Company would enter into similar transactions (Level 2 of the fair value hierarchy).

Schedule of financial assets and liabilities measured at fair value on a recurring basis

	June 30		December 31
	2015		2014
	(in thousands)
Assets:
Money market funds(1)(3)	$	38,603	$	41,101
Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2)(3)	2,091		2,968

	$	40,694	$	44,069

Liabilities:
Interest rate swap(4)	$	773	$	576

⁽¹⁾

Included in cash and cash equivalents.

⁽²⁾

Nonqualified deferred compensation plan investments consist of U.S. and international equity mutual funds, government and corporate bond mutual funds, and money market funds which are held in a trust with a third-party brokerage firm. Quoted market prices are used to determine fair values of the investments which are included in other long-term assets, with a corresponding liability reported within other long-term liabilities.

⁽³⁾

Fair value measured using quoted prices of identical assets in active markets (Level 1 of the fair value hierarchy).

⁽⁴⁾

Included in other long-term liabilities. The interest rate swap fair value was determined by discounting future cash flows and receipts based on expected interest rates observed in market interest rate curves (Level 2 of the fair value hierarchy) adjusted for estimated credit valuation considerations reflecting nonperformance risk of the Company and the counterparty (Level 3 of the fair value hierarchy). The Company assessed Level 3 inputs as insignificant to the valuation at June 30, 2015 and December 31, 2014 and considers the interest rate swap valuation in Level 2 of the fair value hierarchy.