| Schedule of Liabilities Measured at Fair Value |
The following table presents the
Company’s estimated fair value measurements and related
classifications as of September 30, 2013:
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Quoted Prices in
Active Markets for
Identical Assets
and Liabilities
(Level 1) |
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Significant
Other
Observable
Inputs
(Level
2) |
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Significant
Unobservable
Inputs
(Level
3) |
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Balance at
September 30,
2013 |
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Assets:
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Derivative financial instruments
(a)
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$ |
— |
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$ |
347 |
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$ |
— |
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$ |
347 |
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Liabilities:
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Long-term obligations (b)
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$ |
— |
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$ |
1,401,487 |
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$ |
269,627 |
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$ |
1,671,114 |
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| (a) |
Reflected at fair value in the unaudited condensed
consolidated balance sheet as other assets of $347. There were no
transfers between Levels 1, 2 or 3 during the three or nine months
ended September 30, 2013. |
| (b) |
Reflected at carrying value in the unaudited condensed
consolidated balance sheet as current maturities on long-term debt
of $14,050 and long-term debt of $1,629,489 as of
September 30, 2013. |
The Company did not have any assets
measured at fair value at December 31, 2012. The following
table presents the Company’s estimated fair value
measurements and related classifications as of December 31,
2012:
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Quoted Prices in
Active Markets for
Identical Assets
and Liabilities
(Level
1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
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|
Balance at
December 31,
2012 |
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Liabilities:
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Long-term obligations (a)
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$ |
— |
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$ |
1,445,774 |
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$ |
416,317 |
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$ |
1,862,091 |
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Derivative financial instruments
(b)
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$ |
— |
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$ |
1,880 |
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$ |
— |
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$ |
1,880 |
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| (a) |
Reflected at carrying value in the unaudited condensed
consolidated balance sheet as current maturities on long-term debt
of $21,330 and long-term debt of $1,802,644 as of December 31,
2012. |
| (b) |
Reflected at fair value in the unaudited condensed
consolidated balance sheet as other liabilities of $1,880 at
December 31, 2012. |
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The fair value of the term loans as
of December 31, 2012 approximates their carrying value due to
the variable nature of the underlying interest rates and the
frequent intervals at which such interest rates are reset. The
Senior Notes are classified in Level 3 of the fair value hierarchy
and have been valued using significant inputs that are not
observable in the market including a discount rate of 10.48% and
projected cash flows of the underlying Senior Notes. The Company
does not have any assets measured at fair value as of
December 31, 2012.
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Quoted Prices in
Active Markets for
Identical Assets
and Liabilities
(Level 1) |
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|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
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|
Balance at
December 31,
2012 |
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Liabilities:
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Letters of Credit
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— |
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$ |
11,569 |
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— |
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$ |
11,569 |
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Long-term obligations(a)
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— |
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$ |
1,445,774 |
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$ |
416,317 |
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$ |
1,862,091 |
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Derivative financial instruments
(b)
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|
— |
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$ |
1,880 |
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— |
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$ |
1,880 |
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| (a) |
Reflected at carrying value in the consolidated balance
sheet as current maturities on long-term debt of $21,330 and
long-term debt of $1,802,644. As of December 31, 2011, the
carrying value and fair value of long-term obligations, including
the current portion, was $1,417,887 and $1,468,543,
respectively. |
| (b) |
Reflected at fair value in the consolidated balance sheet
as other liabilities of $1,880. |
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