XML 23 R12.htm IDEA: XBRL DOCUMENT v3.4.0.3
Fair Value of Assets and Liabilities
3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities
FAIR VALUE OF ASSETS AND LIABILITIES
The Company’s consolidated balance sheets reflect certain financial assets and liabilities at carrying value. The carrying value of certain debt instruments, if applicable, is net of unamortized discount. The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at March 31, 2016 and December 31, 2015 (in thousands):

 
 
 
Estimated Fair Value Measurements at March 31, 2016
 
Carrying Value as of March 31, 2016
 
Total Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
23,225

 
$
23,225

 
$
23,225

 
$

 
$

Restricted cash and investments
48,306

 
48,306

 
43,691

 
4,615

 

Liabilities:
 
 
 
 
 
 
 
 
 
Borrowings under senior credit facility
$
805,750

 
$
802,204

 
$

 
$
802,204

 
$

 5.875% Senior Notes due 2024
250,000

 
253,438

 

 
253,438

 

 5.125% Senior Notes
300,000

 
292,875

 

 
292,875

 

5.875% Senior Notes due 2022
250,000

 
258,125

 

 
258,125

 

        6.625% Senior Notes
300,000

 
311,250

 

 
311,250

 

Non-recourse debt, Australian subsidiary
320,811

 
323,534

 

 
323,534

 

Other non-recourse debt, including current portion
7,855

 
7,821

 

 
7,821

 

 
 
 
Estimated Fair Value Measurements at December 31, 2015
 
Carrying Value as of December 31, 2015
 
Total Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
59,638

 
$
59,638

 
$
59,638

 
$

 
$

Restricted cash and investments
15,654

 
15,654

 
11,536

 
4,118

 

Liabilities:
 
 
 
 
 
 
 
 
 
Borrowings under senior credit facility
$
777,500

 
$
777,500

 
$

 
$
777,500

 
$

 5.875% Senior Notes due 2024
250,000

 
245,783

 

 
245,783

 

 5.125% Senior Notes
300,000

 
285,189

 

 
285,189

 

5.875% Senior Notes due 2022
250,000

 
248,125

 

 
248,125

 

        6.625% Senior Notes
300,000

 
308,625

 

 
308,625

 

Non-recourse debt, Australian subsidiary
204,539

 
204,531

 

 
204,531

 

Other non-recourse debt, including current portion
42,592

 
43,353

 

 
43,353

 


The fair values of the Company’s cash and cash equivalents, and restricted cash approximates the carrying values of these assets at March 31, 2016 and December 31, 2015. Restricted cash consists of money market funds, bank deposits, commercial paper and time deposits used for payments on the Company’s non-recourse debt, asset replacement funds contractually required to be maintained at the Company's Australian subsidiary and contractual commitments related to the design and construction of a new facility in Ravenhall Australia. The fair value of the money market funds and bank deposits are based on quoted market prices (Level 1) and the fair value of commercial paper and time deposits is based on market prices for similar instruments (Level 2).
The fair values of the Company's 5.875% senior unsecured notes due 2022 ("5.875% Senior Notes due 2022"), 5.875% senior unsecured notes due 2024 ("5.875% Senior Notes due 2024"), 6.625% senior unsecured notes due 2021 (“6.625% Senior Notes”), and the 5.125% senior unsecured notes due 2023 ("5.125% Senior Notes"), although not actively traded, are based on published financial data for these instruments. The fair values of the Company's non-recourse debt related to the Washington Economic Development Finance Authority ("WEDFA") is based on market prices for similar instruments. The fair value of the non-recourse debt related to the Company’s Australian subsidiary is estimated using a discounted cash flow model based on current Australian borrowing rates for similar instruments. The fair value of borrowings under the senior credit facility is based on an estimate of trading value considering the Company’s borrowing rate, the undrawn spread and similar instruments.