Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurements, Recurring and Nonrecurring

The carrying amounts of these financial instruments are estimated to approximate fair value due to the relatively short period of time to maturity for these instruments. As of December 31, 2014, interest rate swap agreements are carried at their fair value and measured on a recurring basis as follows (in thousands):



	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Long-term interest rate swap liability ^(a)	$	—	$	2,742	$	—

As of December 31, 2013, interest rate swap agreements are carried at their fair value and measured on a recurring basis as follows (in thousands):



	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Long-term interest rate swap liability ^(a)	$	—	$	1,005	$	—


(a)	The fair value is determined using valuation models which rely on the expected LIBOR based yield curve and estimates of counterparty and the Company’s non-performance risk. Because each of these inputs are directly observable or can be corroborated by observable market data, the Company has categorized these interest rate swaps as Level 2 within the fair value hierarchy.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Long-term debt is not carried at fair value, but measured on a recurring basis. The estimated fair values of the Company's long-term debt as of December 31, 2014 and December 31, 2013 are as follows (in thousands):



	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value ^(a)		Carrying Amount		Fair Value ^(a)
Term Loan, due 2019 ^(b)	$	614,590	$	619,368	$	618,122	$	655,844
Notes, 8.75%, due 2019	300,000		301,890		300,000		318,000
Total	$	914,590	$	921,258	$	918,122	$	973,844


(a)	The Company estimated fair value based on market prices of the Company's debt securities at the balance sheet date, which falls within Level 2 of the fair value hierarchy.


(b)	The carrying amount of the Term Loan is net of the unamortized discount of $14.2 million and $17.1 million as of December 31, 2014 and December 31, 2013, respectively.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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