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FAIR VALUE MEASUREMENTS
6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
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.