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 September 30, 2017 and December 31, 2016 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 September 30, 2017 and December 31, 2016, are as follows:

	September 30, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Valuation Inputs
Assets:
Available-for-sale securities	$	—	$	—	$	5,212	$	5,212	Level 1
Foreign currency contracts		9,584		9,584		289		289	Level 2
Liabilities:
5.00% senior notes due 2027		750,000		753,975		—		—	Level 2
6.00% senior notes due 2025		1,500,000		1,606,950		1,500,000		1,585,350	Level 2
5.50% senior notes due 2024		650,000		682,500		650,000		673,530	Level 2
5.00% senior notes due 2021		650,000		666,250		650,000		669,500	Level 2
4.375% senior secured notes due 2020		—		—		500,000		513,100	Level 2
Senior secured term loan due 2022, at par		1,071,250		1,080,597		1,234,375		1,245,145	Level 2
Senior secured term loan due 2018, at par		—		—		111,875		112,364	Level 2
Foreign currency contracts		7,932		7,932		8,349		8,349	Level 2

These fair value estimates are based on pertinent information available to management as of the valuation date. 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.