Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, 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 June 30, 2016
Assets:
Investments, mutual funds held in a grantor trust	$	24,571					$	24,571
Investments, mutual funds	7,195						7,195
Total	$	31,766	$	—	$	—	$	31,766
Liabilities:
Derivative instruments:
Interest rate contracts			$	8,227			$	8,227
Deferred compensation plan obligations	$	24,571					24,571
Total	$	24,571	$	8,227	$	—	$	32,798



	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, 2015
Assets:
Investments, mutual funds held in a grantor trust	$	20,579					$	20,579
Investments, mutual funds	7,043						7,043
Derivative instruments:
Interest rate contracts			$	2,664			2,664
Total	$	27,622	$	2,664	$	—	$	30,286
Liabilities:
Derivative instruments:
Interest rate contracts			$	725			$	725
Deferred compensation plan obligations	$	20,579					20,579
Total	$	20,579	$	725	$	—	$	21,304

Schedule Of Fair Value Disclosures

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



	June 30, 2016						December 31, 2015
	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⁾	$	25,162			$	25,162	$	25,162			$	25,162
Investments, held to maturity ⁽²⁾	4,247		$	4,252			1,750		$	1,750
Debt:
Fixed-rate debt	1,924,649				2,016,566		1,869,683				1,907,579
Variable-rate debt	127,587				124,839		243,594				248,460

_______________


(1)	At June 30, 2016 and December 31, 2015, the credit loss balance on our tax increment revenue bonds was $31.0 million.


(2)	Investments held to maturity are recorded at cost. As of June 30, 2016, these investments have a gross unrealized gain of $5 thousand, and as of December 31, 2015, no unrealized gain or loss was recognized.

Quantitative Information About Significant Unobservable Inputs (Level 3) Used

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of June 30, 2016 and December 31, 2015 reported in the above tables, is as follows:



Description	Fair Value at					Unobservable Inputs	Range
	June 30, 2016		December 31, 2015				Minimum				Maximum
	(in thousands)				Valuation Technique		2016		2015		2016		2015
Tax increment revenue bonds	$	25,162	$	25,162	Discounted cash flows	Discount rate	6.5	%	6.5	%	7.5	%	7.5	%
						Expected future growth rate	1.0	%	1.0	%	2.0	%	2.0	%
						Expected future inflation rate	1.0	%	1.0	%	2.0	%	3.0	%
Fixed-rate debt	2,016,566		1,907,579		Discounted cash flows	Discount rate	2.3	%	2.4	%	5.4	%	5.5	%
Variable-rate debt	124,839		248,460		Discounted cash flows	Discount rate	1.3	%	1.3	%	3.2	%	3.2	%