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Financial Instruments
 12 Months Ended
Dec. 31, 2016
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]  
Financial Instruments
Financial Instruments

The following table provides a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis (in thousands):
 
 
 
 
 
Fair Value Measurements at December 31, 2016
 
 
Carrying Value at December 31, 2016
 
Quoted Prices in
Active Markets
(Level 1)
 
Significant Other
Observable  Inputs
(Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Assets:
 
 
 
 
 
 
 
 
Restricted investments:
 

 

 

 

Rabbi Trust
 
$
15,662

 
$
—

 
$
15,662

 
$
—

Fixed income securities
 
1,782

 
—

 
1,782

 
—

Interest rate cap derivatives
 
15

 
—

 
15

 
—

Liabilities:
 
 
 
 
 
 
 
 
Interest rate swap derivatives
 
$
18,679

 
$
—

 
$
18,679

 
$
—


 
 
 
 
Fair Value Measurements at December 31, 2015
 
 
Carrying Value at December 31, 2015
 
Quoted Prices in
Active Markets
(Level 1)
 
Significant Other
Observable  Inputs
(Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Assets:
 
 
 
 
 
 
 
 
Restricted investments:
 

 

 

 

    Rabbi Trust
 
$
13,071

 
$
—

 
$
13,071

 
$
—

Fixed income securities
 
1,717

 
—

 
1,717

 
—

Interest rate cap derivatives
 
93

 
—

 
93

 
—

Liabilities:
 
 
 
 
 
 
 
 
Interest rate swap derivatives
 
$
20,835

 
$
—

 
$
20,835

 
$
—


The Company’s level 2 financial instruments included in the tables above as of December 31, 2016 and 2015 consist of the Company’s rabbi trust established for GEO employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan, interest rate swaps and interest rate caps held by our Australian subsidiaries and an investment in Canadian dollar denominated fixed income securities. The Company's restricted investment in the Rabbi Trust is invested in Company owned life insurance policies which are recorded at their cash surrender values. These investments are valued based on the underlying investments held in the policies' separate account. The Australian subsidiaries' interest rate swaps and interest rate caps are valued using a discounted cash flow model based on projected Australian borrowing rates. The Canadian dollar denominated securities, not actively traded, are valued using quoted rates for these and similar securities.