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FAIR VALUE MEASUREMENTS | 3 Months Ended
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Mar. 31, 2018
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS |
7. | FAIR VALUE MEASUREMENTS
The Company’s fair value measurements are based upon a three-level valuation hierarchy. These valuation techniques are based upon the transparency of inputs (observable and unobservable) to the valuation of an asset or liability as of the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy:
| · | Level 1 — Valuation is based on quoted prices for identical assets or liabilities in active markets;
| · | Level 2 — Valuation is based on quoted prices for similar assets or liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for the full term of the financial instrument; and
| · | Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement.
Recurring Fair Value Measurements The Company maintains a non-qualified deferred compensation plan which is offered to senior management and other key employees. The amount owed to participants is an unfunded and unsecured general obligation of the Company. Participants are offered various investment options with which to invest the amount owed to them, and the plan administrator maintains a record of the liability owed to participants by investment. To minimize the impact of the change in market value of this liability, the Company has elected to purchase a separate portfolio of investments through the plan administrator similar to those chosen by the participant. The investments purchased by the Company include mutual funds, $2.4 million of which are classified as Level 1, and life-insurance contracts valued based on the performance of underlying mutual funds, $14.0 million of which are classified as Level 2. Additionally, upon the Company’s acquisition of Supreme, the Company acquired a pool of investments made by a wholly owned captive insurance subsidiary. These investments are comprised of mutual funds, $4.9 million of which are classified as Level 1. Estimated Fair Value of Debt The estimated fair value of debt at March 31, 2018 consists primarily of the Convertible Senior Notes due 2018, Senior Notes due 2025 and borrowings under the Term Loan Credit Agreement (see Note 6). The fair value of the Convertible Senior Notes due 2018, Senior Notes due 2025, Term Loan Credit Agreement and the Revolving Credit Facility are based upon third party pricing sources, which generally do not represent daily market activity or represent data obtained from an exchange, and are classified as Level 2. The interest rates on the Company’s borrowings under the Revolving Credit Facility are adjusted regularly to reflect current market rates and thus carrying value approximates fair value for these borrowings. All other debt and capital lease obligations approximate their fair value as determined by discounted cash flows and are classified as Level 3. The Company’s carrying and estimated fair value of debt at March 31, 2018 and December 31, 2017 were as follows (in thousands):
|  | March 31, 2018 |  | December 31, 2017 |
|  | Carrying |  | Fair Value |  | Carrying |  | Fair Value |
|  | Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Value |  | Level 1 |  | Level 2 |  | Level 3 |
Instrument |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2018 |  | $ | 35,225 |  | $ | - |  | $ | 63,202 |  | $ | - |  | $ | 44,046 |  | $ | - |  | $ | 83,605 |  | $ | - |
Senior notes due 2025 |  |  | 319,522 |  |  | - |  |  | 320,938 |  |  | - |  |  | 319,377 |  |  | - |  |  | 328,250 |  |  | - |
Term loan credit agreement |  |  | 186,203 |  |  | - |  |  | 187,577 |  |  | - |  |  | 186,620 |  |  | - |  |  | 188,048 |  |  | - |
Other debt |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 67 |  |  | - |  |  | - |  |  | 67 |
Capital lease obligations |  |  | 1,231 |  |  | - |  |  | - |  |  | 1,231 |  |  | 1,302 |  |  | - |  |  | - |  |  | 1,302 |
|  | $ | 542,181 |  | $ | - |  | $ | 571,717 |  | $ | 1,231 |  | $ | 551,412 |  | $ | - |  | $ | 599,903 |  | $ | 1,369 |

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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 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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