Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2018 |
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| Fair Value Disclosures [Abstract] |
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| Financial Assets and Liabilities Required Fair Value Measurement on Recurring Basis |
The Company’s financial assets and liabilities which require fair value measurement on a recurring basis are classified within the fair value hierarchy as follows (in thousands): | | | | | | | | | | | | | | | | | | June 30, 2018 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets | | | | | | | | Interest rate swaps | $ | — |
| | $ | 11,475 |
| | $ | — |
| | $ | 11,475 |
| Energy derivative | — |
| | — |
| | 12,198 |
| | 12,198 |
| Foreign currency forward contracts | — |
| | 9,816 |
| | — |
| | 9,816 |
| | $ | — |
| | $ | 21,291 |
| | $ | 12,198 |
| | $ | 33,489 |
| Liabilities | | | | | | | | Interest rate swaps | $ | — |
| | $ | 25,038 |
| | $ | — |
| | $ | 25,038 |
| Foreign currency forward contracts | — |
| | 2,614 |
| | — |
| | 2,614 |
| Contingent consideration | — |
| | — |
| | 128,000 |
| | 128,000 |
| | $ | — |
|
| $ | 27,652 |
|
| $ | 128,000 |
| | $ | 155,652 |
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| | | | | | | | | | | | | | | | | | December 31, 2017 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets | | | | | | | | Interest rate swaps | $ | — |
| | $ | 2,196 |
| | $ | — |
| | $ | 2,196 |
| Energy derivative | — |
| | — |
| | 26,872 |
| | 26,872 |
| Foreign currency forward contracts | — |
| | 5 |
| | — |
| | 5 |
| | $ | — |
| | $ | 2,201 |
| | $ | 26,872 |
| | $ | 29,073 |
| Liabilities | | | | | | | | Interest rate swaps | $ | — |
| | $ | 25,758 |
| | $ | — |
| | $ | 25,758 |
| Foreign currency forward contracts | — |
| | 3,623 |
| | — |
| | 3,623 |
| Contingent consideration | — |
| | — |
| | 21,943 |
| | 21,943 |
| | $ | — |
| | $ | 29,381 |
| | $ | 21,943 |
| | $ | 51,324 |
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| Fair Value Measurements, Recurring Level 3, Valuation Techniques |
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows (in thousands, for fair value): | | | | | | | | | | June 30, 2018 | | Fair Value | | Valuation Technique | | Significant Unobservable Inputs | | Range | Energy derivative | | $12,198 | | Discounted cash flow | | Forward electricity prices | | $28.51- $127.76(1) | | | | | | | Discount rate | | 2.34% - 2.53% | | | | | | | | | | Broadview contingent consideration | | $24,497 | | Discounted cash flow | | Discount rate | | 4.0% - 8.0% | | | | | | | Annual energy production loss | | 0.7% | Tsugaru contingent consideration | | $100,650 | | Discounted cash flow | | Deferred purchase price | | $109 - $128 million | | | | | | | Discount rate | | 6.9% | | | | | | | | | | December 31, 2017 | | Fair Value | | Valuation Technique | | Significant Unobservable Inputs | | Range | Energy derivative | | $26,872 | | Discounted cash flow | | Forward electricity prices | | $14.44 - $71.45(1) | | | | | | | Discount rate | | 1.69% - 1.96% | | | | | | | | | | Contingent consideration | | $21,943 | | Discounted cash flow | | Discount rate | | 4.0% - 8.0% | | | | | | | Annual energy production loss | | 1.0% |
| | (1) | Represents price per MWh |
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| Reconciliation of Energy Derivative Contract Measured at Fair Value |
The following tables present a reconciliation of the energy derivative contract and contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (in thousands): | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Energy Derivative | | 2018 | | 2017 | | 2018 | | 2017 | Balances, beginning of period | | $ | 15,824 |
| | $ | 38,559 |
| | $ | 26,872 |
| | $ | 40,916 |
| Total gain (loss) included in electricity sales | | 1,482 |
| | 403 |
| | (4,071 | ) | | 4,061 |
| Settlements | | (5,108 | ) | | (5,067 | ) | | (10,603 | ) | | (11,082 | ) | Balances, end of period | | $ | 12,198 |
| | $ | 33,895 |
| | $ | 12,198 |
| | $ | 33,895 |
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| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
| | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Contingent Consideration Liability | | 2018 | | 2017 | | 2018 | | 2017 | Balances, beginning of period | | 130,901 |
| | — |
| | 21,943 |
| | — |
| Purchase | | — |
| | 21,284 |
| | 105,922 |
| | 21,284 |
| (Gain) loss included in other income (expense), net | | (2,901 | ) | | 218 |
| | 135 |
| | 218 |
| Balances, end of period | | $ | 128,000 |
| | $ | 21,502 |
| | $ | 128,000 |
| | $ | 21,502 |
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| Carrying Amounts and Fair Values of Company's Financial Liabilities |
The following table presents the carrying amount and fair value and the fair value hierarchy of the Company’s financial liabilities that are not measured at fair value in the consolidated balance sheets, but for which fair value is disclosed (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | As reflected on the balance sheet | | Level 1 | | Level 2 | | Level 3 | | Total | June 30, 2018 | | | | | | | | | | Long-term debt, including current portion | $ | 2,186,326 |
| | $ | — |
| | $ | 2,155,670 |
| | $ | — |
| | $ | 2,155,670 |
| December 31, 2017 | | | | | | | | | | Long-term debt, including current portion | $ | 1,930,731 |
| | $ | — |
| | $ | 1,937,671 |
| | $ | — |
| | $ | 1,937,671 |
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