FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2017

FAIR VALUE

Summary of Assets and Liabilities Measured on a Recurring Basis

	December 31, 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	$	50,135	$	50,135	$	—	$	—	$	18	$	18	$	—	$	—
Interest rate swap derivative assets		4,470		—		4,470		—		—		—		—		—
Liabilities:
Interest rate swap derivative liabilities		5,961		—		5,961		—		(149)		—		(149)		—
Warrants		—		—		—		—		332,170		—		—		332,170

Rollforward of Sponsor and Management Warrants

(In thousands)	2017		2016		2015
Balance as of January 1	$	332,170	$	307,760	$	366,080
Warrant liability loss (gain) (a)		43,443		24,410		(58,320)
Exercises of Sponsor and Management Warrants		(375,613)		—		—
Balance as of December 31	$	—	$	332,170	$	307,760

(a) For 2017, this amount represents losses recognized 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)
December 31, 2017 (c)	N/A	N/A
December 31, 2016	31.0%	0.0% - 1.0%

(a) Based on our implied equity volatility.

(b) Marketability discount decreases as the contractual expiration date of the marketability restrictions approaches.

(c) See Note 3 – Warrant Liabilities  for additional information.

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

		December 31, 2017				December 31, 2016
(In thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash	Level 1	$	810,924	$	810,924	$	665,492	$	665,492
Accounts receivable, net (a)	Level 3		13,041		13,041		9,883		9,883
Notes receivable, net (b)	Level 3		5,864		5,864		155		155
Liabilities:
Fixed-rate debt (c)	Level 2	$	1,526,875	$	1,554,766	$	1,184,141	$	1,224,573
Variable-rate debt (c)	Level 2		1,350,914		1,350,914		1,524,319		1,524,319

(a) Accounts receivable, net is shown net of an allowance of $9.3 million and $7.9 million at December 31, 2017 and 2016, respectively.

(b) Notes receivable, net is shown net of an allowance of $0.1 million at December 31, 2017 and 2016.

(c) Excludes related unamortized financing costs.