| FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS: Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels: | | • | Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. |
| | • | Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. |
| | • | Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. |
The following table sets forth the face value and fair value of our notes and debentures for the periods presented (in thousands): | | | | | | | | | | | | | | | | | | As of June 30, 2018 | | As of December 31, 2017 | | Face Value (a) | | Fair Value | | Face Value (a) | | Fair Value | Level 2: | |
| | |
| | |
| | |
| 6.125% Senior Unsecured Notes due 2022 | $ | 500,000 |
| | $ | 508,750 |
| | $ | 500,000 |
| | $ | 515,535 |
| 5.875% Senior Unsecured Notes due 2026 | 350,000 |
| | 343,438 |
| | 350,000 |
| | 363,475 |
| 5.625% Senior Unsecured Notes due 2024 | 550,000 |
| | 545,188 |
| | 550,000 |
| | 568,205 |
| 5.375% Senior Unsecured Notes due 2021 | 600,000 |
| | 603,000 |
| | 600,000 |
| | 610,440 |
| 5.125% Senior Unsecured Notes due 2027 | 400,000 |
| | 368,000 |
| | 400,000 |
| | 396,088 |
| Term Loan A-1 (b) | — |
| | — |
| | 117,370 |
| | 117,370 |
| Term Loan A-2 | 104,610 |
| | 104,610 |
| | 113,327 |
| | 113,327 |
| Term Loan B | 1,349,450 |
| | 1,339,329 |
| | 1,356,300 |
| | 1,357,995 |
| Debt of variable interest entities | 27,447 |
| | 27,447 |
| | 29,614 |
| | 29,614 |
| Debt of other operating divisions | 22,197 |
| | 22,197 |
| | 25,238 |
| | 25,238 |
|
| | (a) | Amounts are carried on our consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $36.6 million and $39.0 million as of June 30, 2018 and December 31, 2017, respectively. |
| | (b) | Term Loan A-1 debt matured during the quarter ended June 30, 2018. For additional information, see Note 3. Notes Payable and Commercial Bank Financing. |
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