DEFERRED REVENUES (Tables)

6 Months Ended

Jun. 30, 2016

Deferred Revenues

At June 30, 2016 and December 31, 2015, deferred revenues consisted of the following (in thousands):

	June 30, 2016			December 31, 2015
Deferred contract revenues	$	785,072		$	759,812
Deferred merchandise trust revenue		90,045			80,294
Deferred merchandise trust unrealized gains (losses)		(6,923	)		(24,685	)
Deferred revenues	$	868,194		$	815,421
Deferred selling and obtaining costs	$	118,410		$	111,542