Fair Value of Long-Term Debt

3 Months Ended

Mar. 31, 2014

4.	Fair Value of Long-Term Debt

The Company estimates the fair value of its long-term debt primarily using quoted market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB Accounting Standards Codification (“ASC”) Topic 820-10-35, Fair Value Measurement. The carrying value of the Company’s long-term debt was $1,830,318 and $1,832,800 as of March 31, 2014 and December 31, 2013, respectively. The fair value of the Company’s long-term debt was $1,827,254 and $1,815,879 as of March 31, 2014 and December 31, 2013, respectively.