FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2014

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities that are measured at fair value on a recurring basis

	June 30, 2014								December 31, 2013
	Fair Value Measurements Using								Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)								(In thousands)
Assets:
Cash equivalents	$	200,009	$	200,009	$	—	$	—	$	—	$	—	$	—	$	—
Liabilities:
Warrants	469,370		—		—		469,370		305,560		—		—		305,560
Interest rate swaps	4,076		—		4,076		—		4,164		—		4,164		—

Schedule of reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3)

	2014		2013
	(In thousands)
Balance as of January 1,	$	305,560	$	123,573
Warrant liability loss	163,810		144,227
Balance as of June 30,	$	469,370	$	267,800

Schedule of significant unobservable input used in the fair value measurement of warrants designated as Level 3

	Fair Value		Valuation Technique	Unobservable Input	Volatility		Marketability Discount (b)
	(In thousands)
Warrants	$	469,370	Option Pricing Valuation Model	Expected Volatility (a)	24.9	%	22.0	%

(a) Based on the equity volatility of comparable companies.

(b) Represents the discount rate for lack of marketability of the Management Warrants. The discount rate was approximately 29% at December 31, 2013.

Schedule of estimated fair values of the Company's financial instruments that are not measured at fair value on a recurring basis

	June 30, 2014					December 31, 2013
	Carrying Amount		Estimated Fair Value			Carrying Amount		Estimated Fair Value
	(In thousands)
Assets:
Cash and cash equivalents (a)	$	539,559	$	539,559		$	894,948	$	894,948
Notes receivable, net	14,385		14,385			20,554		20,554
Tax indemnity receivable, including interest	329,813				(b)	320,494				(b)
Liabilities:
Fixed-rate debt	$	952,491	$	1,013,529		$	971,786	$	1,012,461
Variable-rate debt (c)	660,057		660,057			509,737		509,737
SID bonds	26,585		26,411			33,100		32,837
Total mortgages, notes and loans payable	$	1,639,133	$	1,699,997		$	1,514,623	$	1,555,035

(a) Consists of bank deposits with original maturities of 90 days or less.

(b) It is not practicable to estimate the fair value of the tax indemnity receivable, including interest, as the timing and ultimate amount received under the agreement is highly dependent on numerous future events that cannot be reliably predicted.

(c) $172.0 million of variable-rate debt has been swapped to a fixed rate for the term of the related debt.