7. FAIR VALUE MEASUREMENTS

The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, available-for-sale securities, debt instruments and foreign currency contracts. For cash and cash equivalents, trade receivables and trade payables, the carrying amounts of these financial instruments as of March 31, 2016 and December 31, 2015 were considered representative of their fair values due to their short terms to maturity. The fair value of the Company’s available-for-sale securities was based on quoted market prices. The fair values of the Company’s debt instruments and foreign currency contracts were based on indicative quotes.

Fair value measurements using quoted prices in active markets for identical assets and liabilities fall within Level 1 of the fair value hierarchy, measurements using significant other observable inputs fall within Level 2, and measurements using significant unobservable inputs fall within Level 3.

The carrying amounts, estimated fair values and valuation input levels of the Company’s available-for-sale securities, foreign currency contracts and debt instruments as of March 31, 2016 and December 31, 2015, are as follows:


	March 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Valuation Inputs
Assets:
Available-for-sale securities	$	10,496	$	10,496	$	11,683	$	11,683	Level 1
Foreign currency contracts		3,044		3,044		1,051		1,051	Level 2
Liabilities:
6.00% senior notes due 2025		1,500,000		1,511,250		1,500,000		1,430,700	Level 2
5.50% senior notes due 2024		650,000		654,030		650,000		617,500	Level 2
5.00% senior notes due 2021		650,000		653,250		650,000		619,125	Level 2
Senior PIK toggle notes due 2020		536,630		550,690		536,630		544,679	Level 2
4.375% senior secured notes due 2020		500,000		510,000		500,000		500,000	Level 2
Senior secured term loan due 2022, at par		1,243,750		1,243,750		1,246,875		1,243,727	Level 2
Senior secured term loan due 2018, at par		261,875		261,377		261,875		260,068	Level 2
Foreign currency contracts		1,815		1,815		5,945		5,945	Level 2

Non-Recurring Fair Value Measurements

During the three months ended March 31, 2016, the Company recorded a pretax goodwill impairment charge of $15.3 million due to the change in reportable segments as described in Note 1. The valuation supporting the goodwill impairment charge is based on Level 3 valuation inputs.

These fair value estimates are based on pertinent information available to management as of the date made. Although management is not aware of any factors that would significantly affect these fair value estimates, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates and current estimates of fair value may differ significantly from the amounts presented.