XML 34 R30.htm IDEA: XBRL DOCUMENT v3.3.0.814
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2015
FAIR VALUE MEASUREMENTS  
Schedule of assets measured at fair value on a recurring basis

 

 

September 30, 2015

 

 

 

Quoted Prices in
Active Markets

 

Other Observable
Inputs

 

Unobservable
Inputs

 

 

 

$s in thousands

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Fixed-income securities (1)

 

$
401 

 

$
3,614 

 

$

—

 

$
4,015 

 

Money market funds (2)

 
1,758 

 

—

 

—

 
1,758 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
2,159 

 

$
3,614 

 

$

—

 

$
5,773 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Interest rate swap agreement (3)

 

$

—

 

$
6,199 

 

$

—

 

$
6,199 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

—

 

$
6,199 

 

$

—

 

$
6,199 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

Quoted Prices in
Active Markets

 

Other Observable
Inputs

 

Unobservable
Inputs

 

 

 

$s in thousands

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

Fixed-income securities (1)

 

$
400 

 

$
3,590 

 

$

—

 

$
3,990 

 

Money market funds (2)

 
1,739 

 

—

 

—

 
1,739 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
2,139 

 

$
3,590 

 

$

—

 

$
5,729 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Interest rate swap agreement (3)

 

$

—

 

$
3,136 

 

$

—

 

$
3,136 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

—

 

$
3,136 

 

$

—

 

$
3,136 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

We invest a portion of our Restricted cash and investments in fixed-income securities, including U.S. Treasury and U.S. agency securities. We measure the fair value of U.S. Treasury securities using quoted prices for identical assets in active markets. We measure the fair value of U.S. agency securities using observable market activity for similar assets. The fair value of our fixed-income securities approximates our cost basis in the investments.

 

(2)

We invest a portion of our Restricted cash and investments in money market funds. We measure the fair value of these money market fund investments using quoted prices for identical assets in active markets.

 

(3)

In order to manage interest rate exposure, we entered into an interest rate swap agreement in October 2014 that effectively converts a portion of our variable-rate debt to a fixed interest rate. The swap is designated as a cash flow hedge, with gains and losses deferred in other comprehensive income to be recognized as an adjustment to interest expense in the same period that the hedged interest payments affect earnings. The interest rate swap has an effective date of December 31, 2014 with an initial notional amount of $250.0 million. The fair value of the interest rate swap agreement represents the difference in the present value of cash flows calculated (i) at the contracted interest rates and (ii) at current market interest rates at the end of the period. We calculate the fair value of interest rate swap agreements quarterly based on the quoted market price for the same or similar financial instruments. The fair value of the interest rate swap agreement is included in Other long-term liabilities in the Company’s consolidated balance sheet.