Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Measurements [Abstract]

Fair Value Measurements

(11) Fair Value Measurements

The following tables provide a summary of the financial assets and liabilities measured at fair value on a recurring basis (in thousands): 

			Fair Value Measurements at Reporting Date Using
	December 31, 2015		Level 1		Level 2		Level 3
Intangible and other long-term assets, net
Non-qualified deferred compensation assets	$	11,548	$	368	$	11,180		-
Interest rate swaps	$	6,905		-	$	6,905		-
Accounts payable
Non-qualified deferred compensation liabilities	$	721		-	$	721		-
Other long-term liabilities
Non-qualified deferred compensation liabilities	$	17,367		-	$	17,367		-
	December 31, 2014		Level 1		Level 2		Level 3
Intangible and other long-term assets, net
Non-qualified deferred compensation assets	$	12,982	$	1,481	$	11,501		-
Interest rate swaps	$	4,183		-	$	4,183		-
Accounts payable
Non-qualified deferred compensation liabilities	$	2,291		-	$	2,291		-
Other long-term liabilities
Non-qualified deferred compensation liabilities	$	14,720		-	$	14,720		-

The Company’s non-qualified deferred compensation plans allow officers, certain highly compensated employees and non-employee directors to defer receipt of a portion of their compensation and contribute such amounts to one or more hypothetical investment funds (see note 7).  The Company entered into separate trust agreements, subject to general creditors, to segregate assets of each plan and reports the accounts of the trusts in its consolidated financial statements.  These investments are reported at fair value based on unadjusted quoted prices in active markets for identifiable assets and observable inputs for similar assets and liabilities, which represent Levels 1 and 2, respectively, in the fair value hierarchy.

The Company has three interest rate swap agreements related to its fixed rate debt maturing in 2021 for notional amounts of $100 million each, whereby the Company is entitled to receive semi-annual interest payments at a fixed rate of 7 1/8% per annum and is obligated to make semi-annual interest payments at floating rates, which are adjusted every 90 days, based on LIBOR plus a fixed margin. The swap agreements, scheduled to terminate on December 15, 2021, are designated as fair value hedges of a portion of the Company’s 7 1/8% senior notes, as the derivative has been tested to be highly effective in offsetting changes in the fair value of the underlying note.  As these derivatives are classified as fair value hedges, the changes in the fair value of the derivatives are offset against the changes in the fair value of the underlying note in interest expense, net (see note 12). 

The following table reflects the fair value measurements used in testing the impairment of long-lived assets and goodwill (in thousands): 

	Years Ended December 31,
	2015				2013
	Impairment		Fair Value		Impairment		Fair Value
Property, plant and equipment, net	$	177,442	$	179,612	$	243,781	$	328,876
Goodwill	$	1,326,701	$	998,288	$	91,016	$	-
Intangible assets	$	68,890	$	6,345	$	18,296	$	4,355

Fair value is measured as of the impairment date using Level 3 inputs. See note 3 for discussion of reduction in value of assets recorded during 2015 and 2013.