Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value of Assets and Liabilities Measured on Recurring and Non-Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis and any associated losses for the years ended December 31, 2015 and 2014 are summarized below (in thousands):

	Fair value measurements								Assets/ liabilities at fair value			Total losses
	Level 1		Level 2			Level 3			Assets/ liabilities at fair value			Total losses
December 31, 2015:
Recurring:
Assets:
Available-for-sale debt securities:
Corporate bonds	$	−	$	46,823		$	−		$	46,823		$	−
Debt securities issued by U.S. government agencies		−		22,454			−			22,454			−
U.S. Treasury notes		33,331		−			−			33,331			−
		33,331		69,277			−			102,608			−
Available-for-sale equity securities		14,251		−			−			14,251			−
Money market funds		31,429		−			−			31,429			−
Certificates of deposit		−		8,248			−			8,248			−
Total available-for-sale investments		79,011		77,525			−			156,536			−
Deposits held in money market funds		100		3,880			−			3,980			−
	$	79,111	$	81,405		$	−		$	160,516		$	−
Liabilities:
Contingent consideration liability	$	−	$	−		$	(6,437	)	$	(6,437	)	$	−
Interest rate swaps		−		(4,472	)		−			(4,472	)		−
	$		$	(4,472	)	$	(6,437	)	$	(10,909	)	$
Non-recurring:
Assets:
Intangible assets – trade names	$	−	$	−		$	98,774		$	98,774		$	(24,757	)
Liabilities	$	−	$	−		$	−		$	−		$	−
December 31, 2014:
Recurring:
Assets:
Available-for-sale debt securities:
Corporate bonds	$	−	$	49,036		$	−		$	49,036		$	−
Debt securities issued by U.S. government agencies		−		25,313			−			25,313			−
U.S. Treasury notes		25,809		−			−			25,809			−
		25,809		74,349			−			100,158			−
Available-for-sale equity securities		8,229		−			−			8,229			−
Money market funds		17,787		−			−			17,787			−
Certificates of deposit		−		7,053			−			7,053			−
Total available-for-sale investments		51,825		81,402			−			133,227			−
Deposits held in money market funds		105,140		3,883			−			109,023			−
	$	156,965	$	85,285		$	−		$	242,250		$	−
Liabilities:
Interest rate swaps	$	−	$	(3,673	)	$	−		$	(3,673	)	$	−
Non-recurring:
Assets:
Property and equipment	$	−	$	−		$	19		$	19		$	(673	)
Liabilities	$	−	$	−		$	−		$	−		$	−

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments. The carrying value is equal to fair value for financial instruments that are based upon quoted market prices or current market rates. The Company’s long-term debt is based upon Level 2 inputs.

	2015				2014
(In thousands)	Carrying value		Fair value		Carrying value		Fair value
Cash and cash equivalents	$	98,758	$	98,758	$	164,188	$	164,188
Insurance subsidiary investments		311,136		311,136		265,996		265,996
Long-term debt, including amounts due within one year (excluding capital lease obligations totaling $0.8 million at December 31, 2015)		3,160,807		2,978,890		2,877,138		2,930,815