FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2016

FAIR VALUE OF FINANCIAL INSTRUMENTS

Summary of Assets and Liabilities Measured on a Recurring Basis

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	December 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:
Interest Rate Swaps and Caps		(149)		—		(149)		—		4,217		—		4,217		—
Warrants		332,170		—		—		332,170		307,760		—		—		307,760

Rollforward of Sponsor and Management Warrants

(In thousands)	2016		2015		2014
Balance as of January 1	$	307,760	$	366,080	$	305,560
Warrant liability loss (gain) (a)		24,410		(58,320)		60,520
Balance as of December 31	$	332,170	$	307,760	$	366,080

(a) All gains/losses during 2016, 2015 and 2014 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

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	Unobservable Inputs
	Expected Volatility (a)	Marketability Discount (b)
December 31, 2016	31.0%	0.0% - 1.0%
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 which decreases as the current date approaches the dates of contractual expiration of the marketability restrictions.

Estimated Fair Values of Financial Instruments that are not Measured at Fair Value on a Recurring Basis

		December 31, 2016				December 31, 2015
(In thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash	Level 1	$	665,492	$	665,492	$	445,283	$	445,283
Notes receivable, net (a)	Level 3		155		155		1,664		1,664
Liabilities:
Fixed-rate debt	Level 2	$	1,178,362	$	1,224,573	$	1,141,381	$	1,137,166
Variable-rate debt	Level 2		1,524,319		1,524,319		1,314,973		1,314,973

Notes receivable is shown net of an allowance of $0.1 million and $0.2 million at December 31, 2016 and 2015, respectively.