Cablevision 2014 Annual Report Download - page 132

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
F-43
Fair Value of Financial Instruments
The following methods and assumptions were used to estimate fair value of each class of financial instruments for which it is
practicable to estimate:
Credit Facility Debt, Collateralized Indebtedness, Senior Notes and Debentures and Notes Payable
The fair values of each of the Company's debt instruments are based on quoted market prices for the same or similar issues or on
the current rates offered to the Company for instruments of the same remaining maturities. The fair value of notes payable is based
primarily on the present value of the remaining payments discounted at the borrowing cost.
The carrying values, estimated fair values, and classification under the fair value hierarchy of the Company's financial instruments,
excluding those that are carried at fair value in the accompanying consolidated balance sheets, are summarized as follows:
December 31, 2014
Fair Value
Hierarchy Carrying
Amount Estimated
Fair Value
CSC Holdings notes receivable:
Cablevision senior notes held by Newsday Holdings (a)............................. Level II $ 611,455 $ 680,587
Debt instruments:
Credit facility debt (b) .................................................................................. Level II $ 2,780,649 $ 2,785,975
Collateralized indebtedness........................................................................... Level II 986,183 957,803
Senior notes and debentures.......................................................................... Level II 3,062,126 3,368,875
Notes payable................................................................................................ Level II 23,911 23,682
CSC Holdings total debt instruments .............................................................. 6,852,869 7,136,335
Cablevision senior notes ............................................................................... Level II 2,793,741 3,048,387
Cablevision total debt instruments .................................................................. $ 9,646,610 $ 10,184,722
December 31, 2013
Fair Value
Hierarchy Carrying
Amount Estimated
Fair Value
CSC Holdings notes receivable:
Cablevision senior notes held by Newsday Holdings (a)............................. Level II $ 611,455 $ 682,887
Debt instruments:
Credit facility debt (b) .................................................................................. Level II $ 3,766,145 $ 3,776,760
Collateralized indebtedness........................................................................... Level II 817,950 809,105
Senior notes and debentures.......................................................................... Level II 2,309,403 2,608,885
Notes payable................................................................................................ Level II 5,334 5,334
CSC Holdings total debt instruments .............................................................. 6,898,832 7,200,084
Cablevision senior notes ............................................................................... Level II 2,829,112 3,101,373
Cablevision total debt instruments .................................................................. $ 9,727,944 $ 10,301,457
(a) These notes are eliminated at the consolidated Cablevision level.
(b) The principal amount of the Company's credit facility debt, which bears interest at variable rates, approximates its fair
value.
Fair value estimates related to the Company's debt instruments and senior notes receivable presented above are made at a specific
point in time, based on relevant market information and information about the financial instrument. These estimates are subjective
in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes
in assumptions could significantly affect the estimates.