6. Fair Value

The following table presents the carrying amounts (including interest) and estimated fair values (including interest) of the Company’s financial instruments at December 31, 2015 and March 31, 2016.


	December 31, 2015				March 31, 2016
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
	(In thousands)

Interest rate swap (Level 2)	$	735	$	735	$	5,145	$	5,145
2015 Term Loan and interest payable (Level 3)		323,675		325,500		324,016		326,462

ASC Topic 820 Fair Value Measurements and Disclosures defines fair value of a liability as the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company estimated the fair value of the interest rate swap using the trading prices obtained from Bloomberg on December 31, 2015 and March 31, 2016, a Level 2 input. The Company estimated the fair value of its 2015 Term Loan using a yield-to-maturity rate obtained from a pricing service, a Level 3 input.

At December 31, 2015 and March 31, 2016, the fair values of the Level 3 financial instruments were $325.5 million and $326.5 million, respectively. No transfers between levels occurred during 2015 and 2016.

Accounts payable and accrued liabilities and receivables are carried at reasonable estimates of their fair values because of the short-term nature of these instruments. Interest rates on borrowings under the revolvers are for relatively short periods and variable. Therefore, the fair value of this debt is not significantly affected by fluctuations in interest rates. The credit spread on the debt is fixed, but the market rate will fluctuate. Only a significant change in the creditworthiness of the Company would impact the credit spread. The Company believes that there has not been a significant change in this regard since issuance.