Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements and Derivative Instruments (Tables)

v3.3.1.900
Fair Value Measurements and Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value Assets and Liabilities Measured on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 are as follows (amounts in thousands):
December 31, 2015
Level 1 (1)
 
Level 2 (2)
 
Level 3 (3)
 
Total
Assets:
 
 
 
 
 
 
 
Deferred compensation plan assets (mutual funds)
$
1,728

 

 

 
1,728

Liabilities:
 
 
 
 
 
 
 
Derivative stock appreciation rights
$

 

 
32,820

 
32,820

 
 
 
 
 
 
 
 
December 31, 2014
Level 1 (1)
 
Level 2 (2)
 
Level 3 (3)
 
Total
Assets:
 
 
 
 
 
 
 
Deferred compensation plan assets (mutual funds)
$
2,068

 

 

 
2,068

 
 
 
 
 
 
 
 
(1) Quoted prices in active markets for identical assets or liabilities
(2) Observable inputs other than quoted prices in active markets for identical assets and liabilities
(3) Inputs that are generally unobservable and not corroborated by market data
Fair Value, by Balance Sheet Grouping
The carrying amounts and approximate fair values of our current and long-term debt, excluding capital leases at December 31, 2015 and 2014 are as follows (amounts in thousands):
 
December 31, 2015
 
December 31, 2014
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Current and long-term debt
$
1,348,106

 
1,390,743

 
1,036,678

 
1,055,952

Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]
The following table shows our significant assumptions and inputs used in the lattice-based valuation model to value the stock appreciation right liability at December 31, 2015:

 
December 31, 2015
Expected term (in years)
4 - 8

Volatility
40
%
Risk-free interest rate
2.1
%
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table summarizes the changes in fair value of all financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2015:
Fair Value Measurement Using Level 3 Inputs
 
Derivative Stock Appreciation Rights
Balance at January 1, 2015
$

Issuance
21,660

Fair value adjustment at end of period, included in Other Income (Expense)
11,160

Balance at December 31, 2015
$
32,820