FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2016

FAIR VALUE

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

	September 30, 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		329,390		—		—		329,390		307,760		—		—		307,760
Interest Rate Swaps and Caps		27,794		—		27,794		—		4,217		—		4,217		—

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 loss (gain) (a)		21,630		(57,450)
Balance as of September 30	$	329,390	$	308,630

(a) All gains/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 inputs used in the fair value measurement of warrants designated as Level 3

	UnobservableInputs
	Expected Volatility(a)	Marketability Discount(b)
September 30, 2016	26.9%	2.0% - 5.0%
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.

Summary of assets and liabilities that were measured at fair value on a non-recurring basis

(In thousands)	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total (Loss) - Nine Months Ended September 30, 2016
Operating Assets:
Park West (a)	$	34,888	$	—	$	—	$	34,888	$	(35,734)

(a) The fair value was determined based on a discounted cash flow analysis using a capitalization rate of 6.75% and is shown net of transaction costs.

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

		September 30, 2016				December 31, 2015
(In thousands)	FairValue Hierarchy	Carrying Amount		Estimated FairValue		Carrying Amount		Estimated Fair Value
Assets:
Cash	Level 1	$	653,023	$	653,023	$	445,283	$	445,283
Notes receivable, net (a)	Level 3		69		69		1,664		1,664
Liabilities:
Fixed-rate debt	Level 2	$	1,146,863	$	1,190,015	$	1,141,381	$	1,137,166
Variable-rate debt	Level 2		1,712,561		1,712,561		1,314,973		1,314,973

(a) Notes receivable are shown net of an allowance of $0.2 million as of September 30, 2016 and $0.2 million as of December 31, 2015.