Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Recurring Fair Value Measurements:

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2016
			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2016
Assets:
Investments, mutual funds held in a grantor trust	$	26,328					$	26,328
Investments, mutual funds	7,670						7,670
Derivative instruments:
Interest rate contracts			$	126			126
Total	$	33,998	$	126	$	—	$	34,124
Liabilities:
Deferred compensation plan obligations	$	26,328					$	26,328
Total	$	26,328	$	—	$	—	$	26,328



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2015
			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2015
Assets:
Investments, mutual funds held in a grantor trust	$	20,579					$	20,579
Investments, mutual funds	7,043						7,043
Derivative instruments:
Interest rate contracts			$	2,664			2,664
Total	$	27,622	$	2,664	$	—	$	30,286
Liabilities:
Derivative instruments:
Interest rate contracts			$	725			$	725
Deferred compensation plan obligations	$	20,579					20,579
Total	$	20,579	$	725	$	—	$	21,304

Fair Value Disclosures:

Unless otherwise listed below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments.

Schedule of our fair value disclosures is as follows (in thousands):



	December 31,
	2016						2015
	Carrying Value		Fair Value Using Significant Other Observable Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Other Observable Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)
Tax increment revenue bonds ⁽¹⁾	$	23,910			$	23,910	$	25,162			$	25,162
Investments, held to maturity ⁽²⁾	5,240		$	5,248			1,750		$	1,750
Debt:
Fixed-rate debt	2,089,769				2,132,082		1,869,683				1,907,579
Variable-rate debt	266,759				265,230		243,594				248,460

___________________


(1)	At December 31, 2016 and 2015, the credit loss balance on our tax increment revenue bonds was $31.0 million.


(2)	Investments held to maturity are recorded at cost. As of December 31, 2016, an $8 thousand unrealized gain was recognized on these investments, and at December 31, 2015, no unrealized gain or loss was recognized.

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of December 31, 2016 and 2015 reported in the above tables, is as follows:



Description	Fair Value at December 31,					Unobservable Inputs	Range
	Fair Value at December 31,						Range
	2016		2015				Minimum				Maximum
	(in thousands)				Valuation Technique		2016		2015		2016		2015
Tax increment revenue bonds	$	23,910	$	25,162	Discounted cash flows	Discount rate	6.5	%	6.5	%	7.5	%	7.5	%
						Expected future growth rate	1.0	%	1.0	%	2.0	%	2.0	%
						Expected future inflation rate	1.0	%	1.0	%	3.0	%	3.0	%
Fixed-rate debt	2,132,082		1,907,579		Discounted cash flows	Discount rate	3.0	%	2.4	%	5.2	%	5.5	%
Variable-rate debt	265,230		248,460		Discounted cash flows	Discount rate	1.6	%	1.3	%	2.4	%	3.2	%

- 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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