FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2018

Summary of Assets and Liabilities Measured on a Recurring Basis

The following table presents the fair value measurement hierarchy levels required under ASC 820 for each of the Company's assets and liabilities that are measured at fair value on a recurring basis:



	September 30, 2018								December 31, 2017
	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	$	—	$	—
Interest rate swap derivative assets	1,288		—		1,288		—		4,470		—		4,470		—
Liabilities:
Interest rate swap derivative liabilities	1,749		—		1,749		—		5,961		—		5,961		—

Rollforward of Sponsor and Management Warrants

The following table presents a rollforward of the valuation of the Company's Warrant liabilities:



(In thousands)	2018		2017
Balance as of January 1	$	—	$	332,170
Warrant liability loss (a)	—		43,443
Exercises of Sponsor and Management Warrants	—		(375,613		)
Balance as of September 30	$	—	$	—


(a)	For 2017, this amount represents losses recognized related to each Sponsor and Management Warrant prior to the respective exercise date. 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.

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

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



		September 30, 2018				December 31, 2017
(In thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and restricted cash	Level 1	$	612,548	$	612,548	$	914,165	$	914,165
Accounts receivable, net (a)	Level 3	15,437		15,437		13,041		13,041
Notes receivable, net (b)	Level 3	40,220		40,220		5,864		5,864

Liabilities:
Fixed-rate debt (c)	Level 2	1,651,695		1,644,391		1,526,875		1,554,766
Variable-rate debt (c)	Level 2	1,644,791		1,644,791		1,350,914		1,350,914


(a)	Accounts receivable, net is shown net of an allowance of $9.8 million and $9.3 million at September 30, 2018 and December 31, 2017, respectively.


(b)	Notes receivable, net is shown net of an allowance of $0.1 million at September 30, 2018 and December 31, 2017.


(c)	Excludes related unamortized financing costs.