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FAIR VALUE OF FINANCIAL INSTRUMENTS (Block) | 3 Months Ended
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Mar. 31, 2018
Fair Value Disclosures Abstract |
Fair Value Disclosures Text Block | 10. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value o f Financial Instruments Subject t o Fair Value Measurements Recurring Fair Value Measurements The following table sets forth the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair valu e hierarchy levels. During the periods presented, there were no transfers between fair value hierarchical levels.
|  | Fair Value Measurements At Reporting Date |  |  |
|  |  |  |  | Quoted prices |  | Significant |  | Significant |  | Measured at
|  | Balance at |  | in active |  | other observable |  | unobservable |  | Net Asset Value
|  | March 31, |  | markets |  | inputs |  | inputs |  | as a Practical
Description |  | 2018 |  | Level 1 |  | Level 2 |  | Level 3 |  | Expedient (2)
|  | (amounts in thousands)
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities (1) |  | $ | 40,170 |  | $ | 24,791 |  | $ | - |  | $ | - |  | $ | 15,379
|  |  |  |  | Quoted prices |  | Significant |  | Significant |  | Measured at
|  | Balance at |  | in active |  | other observable |  | unobservable |  | Net Asset Value
|  | December 31, |  | markets |  | inputs |  | inputs |  | as a Practical
Description |  | 2017 |  | Level 1 |  | Level 2 |  | Level 3 |  | Expedient (2)
|  | (amounts in thousands)
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities (1) |  | $ | 40,995 |  | $ | 23,751 |  | $ | - |  | $ | - |  | $ | 17,244
The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options. The fair value of underlying investments in collective trust funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of t he underlying assets owned by the fund, less liabilities, divided by outstanding units. In accordance with appropriate accounting guidance, these investments have not been classified in the fair value hierarchy. Fair Value o f Financial Instruments Subject t o Disclosures The carrying amount of the following assets and liabilities approximates fair value due to the short maturity of these instruments: (i) cash and cash equivalents; (ii) accounts receivable; and (iii) accounts payable, including accrued liabilities. The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the periods indicated:
|  | March 31, |  | December 31,
|  | 2018 |  | 2017
|  | Carrying |  | Fair |  | Carrying |  | Fair
|  | Value |  | Value |  | Value |  | Value
|  | (amounts in thousands)
Term B Loans (1) |  | $ | 1,326,675 |  | $ | 1,334,967 |  | $ | 1,330,000 |  | $ | 1,336,650
Revolver (2) |  | $ | 125,000 |  | $ | 125,000 |  | $ | 143,000 |  | $ | 143,000
Senior Notes (3) |  | $ | 400,000 |  | $ | 407,500 |  | $ | 400,000 |  | $ | 422,876
Other debt (4) |  | $ | 955 |  |  |  |  | $ | 70 |  |  |
Letters of credit (4) |  | $ | 4,176 |  |  |  | $ | 1,856 |  |  |
The following methods and assumptions were used to estimate the fair value of financial instruments: (1) The Company’s determination of the fair value of the Term B-1 Loans w a s based on quoted prices for these instruments and is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (2) The fair value of the Revolver was considered to approximate the carrying value as the interest payments are based on LIBOR rates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (3) The Company utilizes a Level 2 valuation input based upon the market trading prices of the Senior Notes to compute the fair value as these Senio r Notes are traded in the debt securities market. The Senior Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (4) The Company does not believe it is practicable to estimate the fair value of the other debt or the outstanding standby letters of credit. Cost-Method Investments The Company h olds investments in equity securities that are accounted for as cost-method investments. These investments represent its holdings in privately held companies that are not exchange-traded and therefore not supported with observable market prices. The cost-method investments are recognized on the consolidated balance sheet at their cost basis, which represents the amount the Company paid to acquire the investments. The cost-method of accounting is utilized as the Com pany does not have significant influence over the investees and the fair value of the investees is not readily determinable. The Company periodically evaluates the carrying value of its cost-method investments, when events and circumstances indicate that the carrying amount of the assets may not be recoverable. The Company considers investee financial performance and other information received from the investee companies, as well as any other available estimates of the fair value of the investee companies in its evaluation. If certain impairment indicators exist, the Company determines the fair value of its cost-method investments. If the Company determines the carrying value of a cost-method investment exceeds its fair value, and that difference is other than temporary, the Company writes down the value of the cost-method investment to its fair value. The fair value of the cost-method investments are not adjusted if there are no identified adverse events or changes in circumstances that may have a materi al effect on the fair value of the cost-method investment. Since its initial date of investment, the Company has not identified any events or changes in circumstances which would require the Company to estimate the fair value of its cost-method investments. Additionally, there have been no returns of capital or changes resulting from observable price changes in orderly transactions. As a result, the cost-method investments continue to be presented at their original cost basis on the consolidated balance s heets. There was no material change in the carrying value of the Company’s cost-method investments since the year ended December 31, 2017, other than as described below. During the first quarter of 2018, the Company purchased a minority ownership interest in Drive Time Metrics, Inc. (“Drive Time”), a provider of an analytics software for the automotive industry for $1.3 million. The following table presents the Company’s cost-method investments:
|  | Cost-Method Investments
|  | Carrying Amount
|  | March 31, |  | December 31,
|  | 2018 |  | 2017
|  |  | (amounts in thousands)
Investment balance before cumulative |  |  |  |  |  |
other than temporary impairment as of January 1, |  | $ | 9,955 |  | $ | 255
Accumulated other than temporary impairment as of January 1, |  |  | - |  |  | -
Investment beginning balance after cumulative |  |  |  |  |  |
other than temporary impairment as of January 1, |  |  | 9,955 |  |  | 255
Acquisition of interest in a privately held company |  |  | 1,250 |  |  | 9,700
Ending period balance |  | $ | 11,205 |  | $ | 9,955

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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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