FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2014

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	September 30, 2014								December 31, 2013
	Fair Value Measurements Using								Fair Value Measurements Using
			Quoted Prices		Significant						Quoted Prices		Significant
			in Active		Other		Significant				in Active		Other		Significant
			Markets for		Observable		Unobservable				Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs				Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)		Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)								(In thousands)
Assets:
Cash equivalents	$	200,014	$	200,014	$	—	$	—	$	—	$	—	$	—	$	—
Liabilities:
Warrants	444,680		—		—		444,680		305,560		—		—		305,560
Interest rate swaps	3,195		—		3,195		—		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	139,120		148,706
Balance as of September 30,	$	444,680	$	272,279

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

				Unobservable Inputs
			Valuation	Expected		Marketability
	Fair Value		Technique	Volatility (a)		Discount (b)
	(In thousands)
			Option Pricing
Warrants	$	444,680	Valuation Model	23.0	%	20.0% - 22.0%

(a) Based on our implied equity volatility.

(b) Represents the discount rate for lack of marketability of the Management Warrants. The discount rates ranged from 29.0%-30.0% 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

	September 30, 2014					December 31, 2013
	Carrying		Estimated			Carrying		Estimated
	Amount		Fair Value			Amount		Fair Value
			(In thousands)
Assets:
Cash and cash equivalents (a)	$	605,592	$	605,592		$	894,948	$	894,948
Notes receivable, net	12,724		12,724			20,554		20,554
Tax indemnity receivable, including interest	333,877		(b		)	320,494		(b		)
Liabilities:
Fixed-rate debt	$	956,739	$	979,836		$	971,786	$	1,012,461
Variable-rate debt (c)	899,623		899,623			509,737		509,737
SID bonds	24,554		24,399			33,100		32,837
Total mortgages, notes and loans payable	$	1,880,916	$	1,903,858		$	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.