FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2014

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Schedule of financial instruments and the methods and assumptions used in estimating fair value disclosures

The following table presents the components of cash and cash equivalents, short-term investments, and restricted funds:

	December 31		December 31
	2014		2013
	(in thousands)
Cash and cash equivalents
Cash deposits(1)	$	99,615	$	63,547
Variable rate demand notes(1)(2)	16,326		29,706
Money market funds(3)	41,101		12,101
Total cash and cash equivalents	$	157,042	$	105,354
Short-term investments
Certificates of deposit(1)	$	45,909	$	35,906
Restricted cash, cash equivalents, and short-term investments(4)
Cash deposits(1)	$	1,386	$	1,902

(1)  Recorded at cost plus accrued interest, which approximates fair value.

(2)  Amounts may be redeemed on a daily basis with the original issuer.

(3)  Recorded at fair value as determined by quoted market prices (see amounts presented in the table of financial assets measured at fair value within this Note).

(4)  Amounts restricted for use are subject to change based on the requirements of the Company’s collateralized facilities (see Note H).

Schedule of financial instruments disclosed at fair value

The fair value of the Company’s Term Loan and notes payable debt obligations (see Note H) approximate the amounts recorded in the consolidated balance sheets as presented in the following table:

	December 31				December 31
	2014				2013
	(in thousands)
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Term loan(1)	$	70,000	$	70,000	$	83,750	$	83,750
Notes payable(2)	56,759		56,743		22,082		22,092
	$	126,759	$	126,743	$	105,832	$	105,842

(1)  The Term Loan, which was entered into on June 15, 2012 and amended January 2, 2015, carries a variable interest rate based on LIBOR, plus a margin, that is considered to be priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy).

(2)  Fair value of the notes payable was determined using a present value income approach based on quoted interest rates from lending institutions with which the Company would enter into similar transactions (Level 2 of the fair value hierarchy).

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following table presents the assets and liabilities that are measured at fair value on a recurring basis as of December 31:

	2014		2013
	(in thousands)
Assets:
Money market funds(1)(3)	$	41,101	$	12,101
Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2)(3)	2,968		3,063
	$	44,069	$	15,164
Liabilities:
Interest rate swap(4)	$	576	$	—

(1) Included in cash equivalents.

(2) Nonqualified deferred compensation plan investments consist of U.S. and international equity mutual funds, government and corporate bond mutual funds, and money market funds which are held in a trust with a third-party brokerage firm. Quoted market prices are used to determine fair values of the investments which are included in other long-term assets, with a corresponding liability reported within other long-term liabilities.

(3) Fair value measured using quoted prices of identical assets in active markets (Level 1 of the fair value hierarchy).

(4) The interest rate swap fair value was determined by discounting future cash flows and receipts based on expected interest rates observed in market interest rate curves (Level 2 of the fair value hierarchy) adjusted for estimated credit valuation considerations reflecting nonperformance risk of the Company and the counterparty (Level 3 of the fair value hierarchy). The Company assessed Level 3 inputs as insignificant to the valuation at December 31, 2014 and considers the interest rate swap valuation in Level 2 of the fair value hierarchy.