Comfort Inn 2014 Annual Report Download - page 95
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Table of Contents
As of December 31, 2014 and 2013, the Company had the following assets measured at fair value on a recurring basis:
Money market funds, included in cash and cash equivalents
Mutual funds(1)
Money market funds(1)
Money market funds, included in cash and cash equivalents $ 50,001
$ —
$ 50,001
$ —
Mutual funds(1) 14,564
14,564
—
—
Money market funds(1) 1,786
—
1,786
—
$ 66,351
$ 14,564
$ 51,787
$ —
____________________________
(1) Included in Investments, employee benefit plans at fair value on consolidated balance sheets.
Other Financial Instruments
The Company believes that the fair values of its current assets and current liabilities approximate their reported carrying amounts due to the short-term
nature of these items. In addition, the interest rates of the Company’s New Credit Facility adjust frequently based on current market rates; accordingly its
carrying amount approximates fair value.
The Company estimates the fair value of notes receivable which approximate their carrying value, utilizing an analysis of future cash flows and credit
worthiness for similar types of arrangements. Based upon the availability of market data, the notes receivable have been classified as Level 3 inputs. The
primary sensitivity in these calculations is based on the selection of appropriate interest and discount rates. For further information on the notes receivable
see Note 3.
The fair value of the Company's $250 million and $400 million senior notes are classified as Level 2 as the significant inputs are observable in an
active market. At December 31, 2014 and 2013, the $250 million senior notes had an approximate fair value of $268.9 million and $261.3 million,
respectively. At December 31, 2014 and 2013, the $400 million senior notes had an approximate fair value of $437.7 million and $416.0 million,
respectively.
Fair values estimated are made at a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment.
Settlement of such fair value amounts may be possible and may not be a prudent management decision.
The Company sponsors a 401(k) retirement plan for all eligible employees. For the years ended December 31, 2014, 2013 and 2012, the Company
recorded compensation expense of $3.5 million, $3.7 million and $3.7 million, respectively, representing matching contributions for plan participants. In
accordance with the safe harbor matching provisions of the plan, the Company matches plan participant contributions in cash as bi-weekly deductions are
made.
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