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Fair Value of Assets and Liabilities | 9 Months Ended
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Sep. 30, 2015
Fair Value of Assets and Liabilities |
Fair Value of Assets and Liabilities | Note 12. Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at September 30, 2015, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
|  |  |  |  | Fair Value at Reporting Date Using |
|  |  |  |  | Quoted Prices in |  |  |  |  |
|  |  |  |  | Active Markets for |  | Significant Other |  | Significant |
|  |  |  |  | Identical Assets |  | Observable Inputs |  | Unobservable Inputs |
Description |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Investment securities (1) |  | $ | 35,329 |  | $ | 35,329 |  | $ | - |  | $ | - |
| (1) |  | Our investment securities, consisting of our 3,420,000 shares of TA, which are included in other assets, net in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these securities is $17,407. The unrealized gain for these securities as of September 30, 2015 is included in cumulative other comprehensive income in our condensed consolidated balance sheets.
In addition to the investment securities included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, unsecured revolving credit facility, unsecured term loan, senior unsecured notes and security deposits. At September 30, 2015 and December 31, 2014, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short term nature or variable interest rates, except as follow s:
|  | September 30, 2015 |  | December 31, 2014 |
|  | Carrying |  | Fair |  | Carrying |  | Fair |
|  | Amount |  | Value |  | Amount |  | Value |
Senior Unsecured Notes, due 2016 at 6.3% |  | $ | 275,000 |  | $ | 277,452 |  | $ | 275,000 |  | $ | 287,680 |
Senior Unsecured Notes, due 2017 at 5.625% |  |  | 300,000 |  |  | 315,342 |  |  | 300,000 |  |  | 321,675 |
Senior Unsecured Notes, due 2018 at 6.7% |  |  | 350,000 |  |  | 377,557 |  |  | 350,000 |  |  | 386,755 |
Senior Unsecured Notes, due 2022 at 5.0% |  |  | 500,000 |  |  | 522,080 |  |  | 500,000 |  |  | 529,160 |
Senior Unsecured Notes, due 2023 at 4.5% |  |  | 300,000 |  |  | 301,239 |  |  | 300,000 |  |  | 306,516 |
Senior Unsecured Notes, due 2024 at 4.65% |  |  | 350,000 |  |  | 349,269 |  |  | 350,000 |  |  | 360,757 |
Senior Unsecured Notes, due 2025 at 4.5% |  |  | 350,000 |  |  | 345,667 |  |  | 350,000 |  |  | 353,701 |
Convertible Senior Unsecured Notes, due 2027 at 3.8% |  |  | 8,478 |  |  | 8,665 |  |  | 8,478 |  |  | 8,849 |
Unamortized discounts |  |  | (11,470) |  |  | - |  |  | (12,865) |  |  | - |
Total financial liabilities |  | $ | 2,422,008 |  | $ | 2,497,271 |  | $ | 2,420,613 |  | $ | 2,555,093 |
At September 30, 2015, we estimated the fair values of our senior unsecured notes using an average of the bid and ask price of our then outstanding issuances of senior unsecured notes (Level 2 inputs). We estimated the fair value of our convertible senior unsecured notes using discounted cash flow analyses and currently prevailing market interest rates (Level 3 inputs) because no market quotes or other observable inputs for these notes were available at September 30, 2015 and December 31, 2014.

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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=36462937&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=49121117&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=49121117&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=49121117&loc=d3e13433-108611 + Details
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