Financial Instruments

9 Months Ended

Sep. 30, 2018

Derivative Instrument Detail [Abstract]

NOTE 9. FINANCIAL INSTRUMENTS

The following table presents the estimated fair values of our financial instruments:

	September 30, 2018						December 31, 2017
(Dollars in thousands)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Cash, cash equivalents and restricted cash (Level 1)	$	141,243		$	141,243		$	120,457		$	120,457

Derivative assets related to interest rate swaps (Level 2)	$	3,392		$	3,392		$	1,169		$	1,169

Long-term debt, including current portion (Level 2):
Term loans	$	(539,007	)	$	(536,158	)	$	(343,500	)	$	(345,222	)
Senior notes		(149,721	)		(156,375	)		(149,528	)		(161,063	)
Revenue bonds		(94,735	)		(93,539	)		(65,735	)		(63,967	)
Medium-term notes		(3,000	)		(3,456	)		(17,250	)		(18,227	)
Total long-term debt¹	$	(786,463	)	$	(789,528	)	$	(576,013	)	$	(588,479	)

Company owned life insurance asset (COLI) (Level 3)	$	2,741		$	2,741		$	1,996		$	1,996

¹	The carrying amount of long-term debt includes principal and unamortized discounts.

For cash, cash equivalents, restricted cash and any revolving line of credit borrowings, the carrying amount approximates fair value due to the short-term nature of these financial instruments.

The fair value of interest rate swaps are determined using discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity and uses observable market-based inputs, including interest rate forward curves.

The fair value of our long-term debt is estimated based upon quoted market prices for similar debt issues or estimated based on average market prices for comparable debt when there is no quoted market price.

The contract value of our company owned life insurance is based on the amount at which it could be redeemed and, accordingly, approximates fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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