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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Measurements  
Schedule of carrying amount and estimated fair values of financial instruments

 

        The carrying amounts and estimated fair values by input level of the Company's financial instruments during the years ended December 31, 2015 and 2014 are as follows (in thousands):

                                                                                                                                                                                    

 

 

December 31, 2015

 

 

 

Carrying
Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

237,009 

 

$

237,009 

 

$

237,009 

 

$

 

$

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior secured credit facility

 

 

1,239,049 

 

 

1,251,975 

 

 

1,251,975 

 

 

 

 

 

Senior unsecured notes

 

 

296,252 

 

 

291,000 

 

 

291,000 

 

 

 

 

 

Other long-term obligations

 

 

146,992 

 

 

147,358 

 

 

 

 

147,358 

 

 

 

Other liabilities

 

 

13,815 

 

 

13,815 

 

 

 

 

 

 

 

 

13,815 

 

 

                                                                                                                                                                                    

 

 

December 31, 2014

 

 

 

Carrying
Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

208,673 

 

$

208,673 

 

$

208,673 

 

$

 

$

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior secured credit facility          

 

 

785,683 

 

 

799,556 

 

 

714,556 

 

 

85,000 

 

 

 

Senior unsecured notes

 

 

295,610 

 

 

276,000 

 

 

276,000 

 

 

 

 

 

Other long-term obligations

 

 

135,000 

 

 

135,000 

 

 

 

 

135,000 

 

 

 

Other liabilities

 

 

19,189 

 

 

19,189 

 

 

 

 

 

 

19,189 

 

 

Summary of the changes in fair value of Level 3 liabilities

 

        The following table summarizes the changes in fair value of the Company's Level 3 liabilities (in thousands):

                                                                                                                                                                                    

 

 

Twelve Months Ended
December 31, 2015

 

 

 

Liabilities

 

 

 

Contingent
Purchase Price

 

Balance at December 31, 2014

 

$

19,189

 

Total (gains) (realized or unrealized):

 

 

 

 

Included in earnings

 

 

(5,374

)

​  

​  

Balance at December 31, 2015

 

$

13,815

 

​  

​  

​  

​  

 

Summary of significant unobservable inputs used in calculating fair value Level 3 liabilities

 

                                                                                                                                                                                    

 

 

Valuation
Technique

 

Unobservable
Input

 

Rate

 

Contingent purchase price

 

Discounted cash flow

 

Discount rate

 

 

8.30 

%

 

Schedule of the assets measured at fair value on a nonrecurring basis

 

        The following tables set forth the assets measured at fair value on a non-recurring basis during the years ended December 31, 2015 and 2014 (in thousands):

                                                                                                                                                                                    

 

 

Balance Sheet Location

 

Level 1

 

Level 2

 

Level 3

 

Balance at
December 31,
2015 Total

 

Total Reduction
in Fair Value
Recorded during
the year ended
December 31,
2015

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets

 

Other intangible assets

 

$

 

$

 

$

110,436

 

$

110,436

 

$

(40,042

)

​  

​  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40,042

)

​  

​  

​  

​  

 

                                                                                                                                                                                    

 

 

Balance Sheet Location

 

Level 1

 

Level 2

 

Level 3

 

Balance at
December 31,
2014 Total

 

Total Reduction
in Fair Value
Recorded during
the year ended
December 31,
2014

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

Goodwill

 

$

 

$

 

$

9,863

 

$

9,863

 

$

(80,821

)

Intangible assets

 

Other intangible assets

 

 

 

 

 

 

66,703

 

 

66,703

 

 

(74,603

)

Long-lived assets

 

Other assets

 

 

 

 

 

 

300

 

 

300

 

 

(4,560

)

​  

​  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(159,984

)

​  

​  

​  

​