XML 49 R33.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2015

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


	December 31, 2015								December 31, 2014
	Fair Value Measurements Using								Fair Value Measurements Using
(In thousands)	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)
Assets:
Cash equivalents	$	18	$	18	$	—	$	—	$	75,027	$	75,027	$	—	$	—
Liabilities:
Warrants		307,760		—		—		307,760		366,080		—		—		366,080
Interest rate swaps		4,217		—		4,217		—		3,144		—		3,144		—

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


		December 31,
(In thousands)	2015		2014		2013
Beginning of year	$	366,080	$	305,560	$	123,573
Warrant liability (gain) loss (a)		(58,320)		60,520		181,987
End of year	$	307,760	$	366,080	$	305,560

All (gains) and losses during 2015, 2014, and 2013, were unrealized. Changes in the fair value of the Sponsor Warrants and the Management Warrants are recognized in net income as a warrant liability gain or loss.

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


	Unobservable Inputs
	Expected Volatility (a)	Marketability Discount (b)
December 31, 2015	27.4%	10.0% - 12.0%
December 31, 2014	24.5%	18.0% - 20.0%

(a)

Based on our implied equity volatility.

Represents the discount rate for lack of marketability of the Management Warrants which decreases as the current date approaches the dates of contractual expiration of the marketability restrictions.

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


		December 31, 2015				December 31, 2014
(In thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	Level 1	$	445,283	$	445,283	$	485,424	$	485,424
Notes receivable, net (a)	Level 3		1,664		1,664		28,630		28,630

Liabilities:
Fixed-rate debt	Level 2	$	1,141,381	$	1,137,166	$	1,030,554	$	1,050,333
Variable-rate debt	Level 2		1,314,973		1,314,973		962,916		962,916

(a)

Notes receivable is shown net of an allowance of $0.2 million and $0.5 million at December 31, 2015 and 2014, respectively.