Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial liabilities measured at fair value on a recurring basis:

(In Thousands)	September 30, 2014							December 31, 2013
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Deferred Compensation Liability	$	—	$	(12,635	)	$	—	$	—	$	(12,557	)	$	—

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes non-financial assets measured at fair value on a nonrecurring basis:

(In Thousands)	September 30, 2014						December 31, 2013
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets Held for Sale	$	—	$	7,045	$	—	$	—	$	15,840	$	—

Fair Value of Assets (Liabilities) Not Measured at Fair Value In Consolidated Balance Sheets

The following table summarizes the fair value of assets (liabilities) that are not measured at fair value in the consolidated balance sheets, but for which the fair value is disclosed:

(In Thousands)	September 30, 2014							December 31, 2013
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Corporate Bonds1	$	—	$	—		$	—	$	—	$	91,785		$	—
Perfect Home Notes2	—		—			21,704		—		—			20,661
Fixed-Rate Long Term Debt3	—		(432,207		)	—		—		(130,687		)	—

¹  The fair value of corporate bonds is determined through the use of model-based valuation techniques for which all significant assumptions are observable in the market.

²  The Perfect Home notes were initially valued at cost. The Company periodically reviews the valuation utilizing company-specific transactions or changes in Perfect Home’s financial performance to determine if fair value adjustments are necessary.

³  The fair value of fixed-rate long-term debt is estimated using the present value of underlying cash flows discounted at a current market yield for similar instruments. The carrying value of fixed-rate long term debt was $400.0 million and $125.0 million at September 30, 2014 and December 31, 2013, respectively.

Investments Classified as Held to Maturity Securities

At September 30, 2014 and December 31, 2013, investments classified as held-to-maturity securities consisted of the following:

			Gross Unrealized
(In Thousands)	Amortized Cost		Gains		Losses			Fair Value
September 30, 2014
Corporate Bonds	$	—	$	—	$	—		$	—
Perfect Home Notes	21,704		—		—			21,704
Total	$	21,704	$	—	$	—		$	21,704
December 31, 2013
Corporate Bonds	$	91,730	$	98	$	(43	)	$	91,785
Perfect Home Notes	20,661		—		—			20,661
Total	$	112,391	$	98	$	(43	)	$	112,446

Amortized Cost and Fair Value of Held to Maturity Securities

The amortized cost and fair value of held-to-maturity debt securities by contractual maturity at September 30, 2014 are as follows:

(In Thousands)	Amortized Cost		Fair Value
Due in one year or less	$	21,704	$	21,704
Due in years one through two	—		—
Total	$	21,704	$	21,704

Held to Maturity Securities with Gross Unrealized Losses

Information pertaining to held-to-maturity debt securities with gross unrealized losses is as follows:

	Less than 12 months					12 months or longer					Total
(In Thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
September 30, 2014
Corporate Bonds	$	—	$	—		$	—	$	—		$	—	$	—
December 31, 2013
Corporate Bonds	$	28,839	$	(40	)	$	2,614	$	(3	)	$	31,453	$	(43	)