FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2016

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	March 31, 2016								December 31, 2015
	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	$	—	$	—	$	18	$	18	$	—	$	—
Liabilities:
Warrants		277,940		—		—		277,940		307,760		—		—		307,760
Interest Rate Swaps & Caps		3,099		—		3,099		—		4,217		—		4,217		—

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

(In thousands)	2016		2015
Balance as of January 1	$	307,760	$	366,080
Warrant liability (gain)/loss (a)		(29,820)		108,810
Balance as of March 31	$	277,940	$	474,890

(a) All (gains) and losses during 2016 and 2015 were unrealized. Changes in the fair value of the Sponsor and 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

	UnobservableInputs
	Expected Volatility(a)	Marketability Discount(b)
March 31, 2016	33.2%	8.0% - 10.0%
December 31, 2015	27.4%	10.0% -  12.0%

(a) Based on our implied equity volatility.

(b) Represents the discount rate for lack of marketability of the Management Warrants.

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

		March 31, 2016				December 31, 2015
(In thousands)	FairValue Hierarchy	Carrying Amount		Estimated FairValue		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	Level 1	$	736,816	$	736,816	$	445,283	$	445,283
Notes receivable, net (a)	Level 3		25,076		25,076		1,664		1,664
Liabilities:
Fixed-rate debt	Level 2	$	1,113,866	$	1,110,712	$	1,141,381	$	1,137,166
Variable-rate debt	Level 2		1,441,551		1,441,551		1,314,973		1,314,973

(a) Notes receivable is shown net of an allowance of $0.7 million as of March 31, 2016 and $0.2 million as of December 31, 2015.