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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2016
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for that asset or liability. Guidance on fair value measurements and disclosures establishes a valuation hierarchy for disclosure of inputs used in measuring fair value defined as follows: Level 1—Inputs are unadjusted quoted prices that are available in active markets for identical assets or liabilities. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in non-active markets, inputs other than quoted prices that are observable, and inputs that are not directly observable, but are corroborated by observable market data. Level 3—Inputs that are unobservable and are supported by little or no market activity and reflect the use of significant management judgment. The classification of a financial asset or liability within the hierarchy is determined based on the least reliable level of input that is significant to the fair value measurement. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We also consider the counterparty and our own non-performance risk in our assessment of fair value. Assets and Liabilities that are Measured at Fair Value on a Recurring Basis Available-for-sale Securities—Our available-for-sale securities include securities of a publicly-traded non-U.S. entity. The fair value of these securities is obtained from market quotes as of the last day of the period. Our available-for-sale securities are included in prepaid and other current assets as of September 30, 2016 and in other assets as of December 31, 2015 in our consolidated balance sheets. Foreign Currency Forward Contracts—The fair value of the foreign currency forward contracts is estimated based upon pricing models that utilize Level 2 inputs derived from or corroborated by observable market data such as currency spot and forward rates. Interest Rate Swaps—The fair value of our interest rate swaps is estimated using a combined income and market-based valuation methodology based upon Level 2 inputs including credit ratings and forward interest rate yield curves obtained from independent pricing services reflecting broker market quotes. The following tables present our assets (liabilities) that are required to be measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 (in thousands):
|  |  | Fair Value at Reporting Date Using
| September 30, 2016 |  | Level 1 |  | Level 2 |  | Level 3
Available-for-sale securities | $ | 52,614 |  |  | $ | 52,614 |  |  | $ | — |  |  | $ | — |
Derivatives |  |  |  |  |  |  |
Foreign currency forward contracts | 486 |  |  | — |  |  | 486 |  |  | — |
Interest rate swap contracts | (19,436 | ) |  | — |  |  | (19,436 | ) |  | — |
Total | $ | 33,664 |  |  | $ | 52,614 |  |  | $ | (18,950 | ) |  | $ | — |
|  |  | Fair Value at Reporting Date Using
| December 31, 2015 |  | Level 1 |  | Level 2 |  | Level 3
Available-for-sale securities | $ | 36,711 |  |  | $ | 36,711 |  |  | $ | — |  |  | $ | — |
Derivatives |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | (1,759 | ) |  | — |  |  | (1,759 | ) |  | — |
Interest rate swap contracts | (13,734 | ) |  | — |  |  | (13,734 | ) |  | — |
Total | $ | 21,218 |  |  | $ | 36,711 |  |  | $ | (15,493 | ) |  | $ | — |
There were no transfers between Levels 1 and 2 within the fair value hierarchy for the nine months ended September 30, 2016. Other Financial Instruments The carrying value of our financial instruments including cash and cash equivalents, and accounts receivable approximates their fair values. The fair values of our senior unsecured notes due 2016, senior secured notes due 2023 and term loans under our Amended and Restated Credit Agreement are determined based on quoted market prices for the similar liability when traded as an asset in an active market, a Level 2 input. The outstanding principal balance of our mortgage facility approximated its fair value as of September 30, 2016 and December 31, 2015. The fair values of the mortgage facility were determined based on estimates of current interest rates for similar debt, a Level 2 input. The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of September 30, 2016 and December 31, 2015 (in thousands):
|  | Fair Value at |  | Carrying Value at
Financial Instrument |  | September 30, 2016 |  | December 31, 2015 |  | September 30, 2016 |  | December 31, 2015
Term A facility |  | $ | 592,500 |  |  | $ | — |  |  | $ | 589,766 |  |  | $ | — |
Term B facility |  | 1,428,000 |  |  | 1,705,609 |  |  | 1,417,249 |  |  | 1,716,048 |
Incremental term loan facility |  | 283,589 |  |  | 339,559 |  |  | 282,354 |  |  | 342,125 |
Term C facility |  | 49,436 |  |  | 49,251 |  |  | 49,216 |  |  | 49,157 |
New Revolver, $400 million |  | — |  |  | — |  |  | — |  |  | — |
Extended Revolver, $370 million (1) |  | — |  |  | — |  |  | — |  |  | — |
Unextended Revolver, $35 million (1) |  | — |  |  | — |  |  | — |  |  | — |
5.375% Senior secured notes due 2023 |  | 545,900 |  |  | 528,013 |  |  | 530,000 |  |  | 530,000 |
5.25% Senior secured notes due 2023 |  | 511,250 |  |  | 494,375 |  |  | 500,000 |  |  | 500,000 |
Senior unsecured notes due 2016 |  | — |  |  | 165,804 |  |  | — |  |  | 164,628 |
______________________________
(1) | Replaced on July 18, 2016 by the New Revolver.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -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 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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