Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Recurring Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at March 31, 2015
Assets:
Investments, mutual funds held in a grantor trust	$	20,595					$	20,595
Investments, mutual funds	7,317						7,317
Derivative instruments:
Interest rate contracts			$	3,944			3,944
Total	$	27,912	$	3,944	$	—	$	31,856
Liabilities:
Derivative instruments:
Interest rate contracts			$	1,459			$	1,459
Deferred compensation plan obligations	$	20,595					20,595
Total	$	20,595	$	1,459	$	—	$	22,054



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2014
Assets:
Investments, mutual funds held in a grantor trust	$	19,864					$	19,864
Investments, mutual funds	7,446						7,446
Derivative instruments:
Interest rate contracts			$	3,891			3,891
Total	$	27,310	$	3,891	$	—	$	31,201
Liabilities:
Derivative instruments:
Interest rate contracts			$	109			$	109
Deferred compensation plan obligations	$	19,864					19,864
Total	$	19,864	$	109	$	—	$	19,973

Fair Value Disclosures

Unless otherwise described below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments.

Schedule of our fair value disclosures is as follows (in thousands):



	March 31, 2015						December 31, 2014
	Carrying Value		Fair Value Using Significant Other Observable Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Other Observable Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)
Tax increment revenue bonds ⁽¹⁾	$	25,377			$	25,377	$	25,392			$	25,392
Investments, held to maturity ⁽²⁾	2,500		$	2,501			2,750		$	2,742
Debt:
Fixed-rate debt	1,740,075				1,809,751		1,651,959				1,719,775
Variable-rate debt	200,822				207,191		286,229				292,972

_______________


(1)	At March 31, 2015 and December 31, 2014, the credit loss balance on our tax increment revenue bonds was $31.0 million.


(2)	Investments held to maturity are recorded at cost and have a gross unrealized gain of $1 thousand as of March 31, 2015 and an $8 thousand gross unrealized loss as of December 31, 2014.

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of March 31, 2015 and December 31, 2014 reported in the above tables, is as follows:



Description	Fair Value at				Unobservable Inputs	Range
	March 31, 2015		December 31, 2014			Minimum				Maximum
	(in thousands)			Valuation Technique		2015		2014		2015		2014
Tax increment revenue bonds	$	25,377	25,392	Discounted cash flows	Discount rate					7.5	%	7.5	%
					Expected future growth rate	1.0	%	1.0	%	5.0	%	2.0	%
					Expected future inflation rate	1.0	%	1.0	%	2.0	%	2.0	%
Fixed-rate debt	1,809,751		1,719,775	Discounted cash flows	Discount rate	1.9	%	1.3	%	5.1	%	5.1	%
Variable-rate debt	207,191		292,972	Discounted cash flows	Discount rate	1.2	%	1.2	%	2.9	%	2.9	%

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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