FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2017

FAIR VALUE OF FINANCIAL INSTRUMENTS

Summary of Assets and Liabilities Measured on a Recurring Basis

	September 30, 2017								December 31, 2016
	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	$	50,041	$	50,041	$	—	$	—	$	18	$	18	$	—	$	—
Interest rate swap derivative assets		3,244		—		3,244		—		—		—		—		—
Liabilities:
Interest rate swap derivative liabilities		7,742		—		7,742		—		(149)		—		(149)		—
Warrants		—		—		—		—		332,170		—		—		332,170

Rollforward of Sponsor and Management Warrants

(In thousands)	2017		2016
Balance as of January 1	$	332,170	$	307,760
Warrant liability loss (a)		43,443		21,630
Exercises of Sponsor and Management Warrants		(375,613)		—
Balance as of September 30	$	—	$	329,390

(a) Represents losses recognized during 2017 relating to each warrant prior to the respective exercise date. For 2016, represents unrealized losses recorded for outstanding warrants at the end of the period. Changes in the fair value of the Sponsor Warrants and Management Warrants prior to exercise were 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

	Unobservable Inputs
	Expected Volatility (a)	Marketability Discount (b)
September 30, 2017 (c)	N/A	N/A
December 31, 2016	31.0%	0.0% - 1.0%

(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.

(c) See Note 3 – Warrants for additional information.

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

		September 30, 2017				December 31, 2016
(In thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash	Level 1	$	551,893	$	551,893	$	665,492	$	665,492
Accounts receivable, net (a)	Level 3		9,654		9,654		10,038		10,038
Liabilities:
Fixed-rate debt (b)	Level 2	$	1,508,746	$	1,529,282	$	1,184,141	$	1,224,573
Variable-rate debt (b)	Level 2		1,505,534		1,505,534		1,524,319		1,524,319

(a) Accounts receivable, net, is shown net of an allowance of $8.6 million and $7.9 million at September 30, 2017 and December 31, 2016, respectively.

(b) Excludes related unamortized financing costs.