7. FAIR VALUE MEASUREMENTS

The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, available-for-sale securities, debt instruments and foreign currency contracts. For cash and cash equivalents, trade receivables and trade payables, the carrying amounts of these financial instruments as of March 31, 2015 and December 31, 2014 were considered representative of their fair values due to their short terms to maturity. The fair value of the Company’s available-for-sale securities is based on quoted market prices. The fair values of the Company’s debt instruments and foreign currency contracts were based on indicative quotes.

Fair value measurements using quoted prices in active markets for identical assets and liabilities fall within Level 1 of the fair value hierarchy, measurements using significant other observable inputs fall within Level 2, and measurements using significant unobservable inputs fall within Level 3.

The carrying amounts, estimated fair values and valuation input levels of the Company’s available-for-sale securities, foreign currency contracts, senior notes, senior secured term loans and senior PIK toggle notes as of March 31, 2015 and December 31, 2014, are as follows:

 

		March 31, 2015								December 31, 2014
		Carrying Amount				Fair Value				Carrying Amount				Fair Value				Valuation Inputs
Assets:
Available-for-sale securities		$	15,427			$	15,427			$	20,392			$	20,392				Level 1
Foreign currency contracts			2,323				2,323				1,165				1,165				Level 2
Liabilities:
5.00% senior notes due 2021			650,000				649,220				650,000				643,500				Level 2
5.50% senior notes due 2024			650,000				649,220				650,000				640,250				Level 2
Senior secured term loans due 2017, at par			344,750				344,535				345,625				342,169				Level 2
Senior secured term loans due 2018, at par			517,125				517,435				518,438				513,254				Level 2
Senior PIK toggle notes due 2020			550,000				565,125				550,000				566,500				Level 2
Foreign currency contracts			2,575				2,575				3,584				3,584				Level 2

These fair value estimates are based on pertinent information available to management as of the date made. Although management is not aware of any factors that would significantly affect these fair value estimates, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates and current estimates of fair value may differ significantly from the amounts presented.