Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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 at March 31, 2018 and December 31, 2017 are as follows (in thousands):

	March 31, 2018
	Carrying
	Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	217,997	$	217,997	$	217,997	$	—	$	—
Loan to the JIVDC		20,613		16,677		—		—		16,677
Financial liabilities:
Long-term debt
Senior secured credit facility		688,251		716,634		716,634		—		—
Senior unsecured notes		399,270		385,000		385,000		—		—
Other long-term obligations		111,674		106,402		—		106,402		—
Other liabilities		23,810		23,810		—		—		23,810

	December 31, 2017
	Carrying
	Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	277,953	$	277,953	$	277,953	$	—	$	—
Loan to the JIVDC		20,900		16,533		—		—		16,533
Financial liabilities:
Long-term debt
Senior secured credit facility		730,787		760,456		760,456		—		—
Senior unsecured notes		399,249		412,000		412,000		—		—
Other long-term obligations		119,310		113,460		—		113,460		—
Other liabilities		22,696		22,696		—		—		22,696

Summary of the changes in fair value of Level 3 liabilities

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

	Three Months Ended
	March 31, 2018
	Liabilities
	Contingent
	Purchase Price
Balance at January 1, 2018	$	22,696
Additions		—
Payments		(20)
Included in earnings		1,134
Balance at March 31, 2018	$	23,810

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

	Valuation	Unobservable
	Technique	Input	Discount Rate
Contingent purchase price - Plainridge	Discounted cash flow	Discount rate	7.60	%