Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Components of Long-term debt

Long-term debt consisted of the following:

	As of December 31,
(in thousands)	2015			2014
Variable rate credit facility	$	—		$	—
Term loan	394,500			198,000
Debt issuance costs on term loan	(3,325		)	(1,627		)
Net term loan	391,175			196,373
Unsecured subordinated notes payable	7,968			—
Long-term debt	399,143			196,373
Current portion of long-term debt	6,656			2,000
Long-term debt (less current portion)	$	392,487		$	194,373
Fair value of long-term debt *	$	396,576		$	194,000

* Fair value of the term loan was estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. The fair value of the unsecured promissory notes is determined based on a discounted cash flow analysis using current market interest rates of comparable instruments and is classified as a Level 2 in the fair value hierarchy.