Fair Value of Financial Instruments

Fair Value Estimates

The fair value estimates of the following financial instruments have been determined using available market information and appropriate valuation methodologies. The carrying values of cash and cash equivalents, trade receivables, and trade payables approximate the fair values of those instruments due to the short-term nature of the instruments. The fair value of receivables on preneed contracts are impracticable to estimate because of the lack of a trading market and the diverse number of individual contracts with varying terms.

The fair value of our debt instruments at March 31, 2017 and December 31, 2016 was as follows:



	March 31, 2017		December 31, 2016
	(In thousands)
7.625% Senior Notes due October 2018	$	270,000	$	272,353
4.5% Senior Notes due November 2020	202,500		205,000
8.0% Senior Notes due November 2021	174,708		175,500
5.375% Senior Notes due January 2022	440,938		444,614
5.375% Senior Notes due May 2024	882,003		884,000
7.5% Senior Notes due April 2027	230,532		231,590
Term Loan due March 2021	665,000		673,750
Bank Credit Facility due March 2021	385,000		350,000
Mortgage notes and other debt, maturities through 2050	3,721		3,753
Total fair value of debt instruments	$	3,254,402	$	3,240,560

The fair value of our long-term, fixed-rate loans were estimated using market prices for those loans, and therefore they are classified within Level 2 of the fair value measurements hierarchy. The Term Loan, Bank Credit Facility agreement, and the mortgage and other debt are classified within Level 3 of the fair value measurements hierarchy. The fair value of these instruments has been estimated using a discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. An increase (decrease) in the inputs results in a directionally opposite change in the fair value of the instruments.