FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair value measurements

5.FAIR VALUE MEASUREMENTS

The following table provides a summary of the recognized assets and liabilities that are measured at fair value on a recurring basis:

		Basis of Fair Value Measurements
		Quoted Prices in Active Markets for Identical Assets / Liabilities	Significant Other Observable Inputs	Significant Unobservable Inputs
June 30, 2011		Level 1	Level 2	Level 3
Assets:
Trading securities	$    47,830	$    47,830	$               -	$               -
Interest rate swaps	18,939	-	18,939	-
Cash surrender value of life insurance policies	21,968	-	21,968	-
Available-for-sale equity securities	2,451	-	-	2,451
Foreign currency forward contracts	1,094	-	1,094	-
Total	$    92,282	$    47,830	$    42,001	$      2,451
Liabilities:
Deferred compensation liabilities...	$    73,124	$               -	$    73,124	$               -
Foreign currency forward contracts	110	-	110	-
Total	$    73,234	$               -	$    73,234	$               -

		Basis of Fair Value Measurements
		Quoted Prices in Active Markets for Identical Assets / Liabilities	Significant Other Observable Inputs	Significant Unobservable Inputs
December 31, 2010		Level 1	Level 2	Level 3
Assets:
Trading securities	$    38,740	$    38,740	$               -	$               -
Cash surrender value of life insurance policies	20,314	-	20,314	-
Interest rate swaps	10,483	-	10,483	-
Available-for-sale equity securities	5,066	-	-	5,066
Foreign currency forward contracts	4,527	-	4,527	-
Total	$    79,130	$    38,740	$    35,324	$      5,066
Liabilities:
Deferred compensation liabilities...	$    61,964	$               -	$    61,964	$               -
Foreign currency forward contracts	464	-	464	-
Total	$    62,428	$               -	$    62,428	$               -

The Company offers certain employees the opportunity to participate in supplemental deferred compensation plans.  A participant's deferrals, together with Company matching credits, are invested in a variety of participant-directed stock and bond mutual funds that are classified as trading securities.  Changes in the fair value of these securities are measured using quoted prices in active markets based on the market price per unit multiplied by the number of units held exclusive of any transaction costs.  A corresponding adjustment for changes in fair value of the trading securities is also reflected in the changes in fair value of the deferred compensation obligation.  The deferred compensation liabilities are classified within Level 2 because their inputs are derived principally from observable market data by correlation to the trading securities.

The Company offers certain employees the opportunity to participate in a non-qualified deferred compensation program. A participant's deferrals, together with Company matching credits, are "invested" at the direction of the employee in a hypothetical portfolio of investmens which are tracked by an administrator.  The Company purchases life insurance policies, with the Company named as beneficiary of the policies, for the purpose of funding the program's liability.  Changes in the cash surrender value of the life insurance policies is based upon earnings and changes in the value of the underlying investments.  Changes in the fair value of the deferred compensation obligation are derived using quoted prices in active markets based on the market price per unit multiplied by the number of units.  The cash surrender value and the deferred compensation obligations are classified within Level 2 because their inputs are derived principally from observable market data by correlation to the hypothetical investments.

The fair value measurements of foreign currency forward contracts are obtained from a third-party pricing service and are based on market prices in actual transactions and other relevant information generated by market transactions involving identical or comparable assets or liabilities.  The fair value measurements of the Company's interest rate swaps are model-derived valuations as of a given date in which all significant inputs are observable in active markets including certain finanancial information and certain assumptions regarding past, present and future market conditions.  The Company does not believe that the changes in the fair values of its foreign currency forward contracts and interest rate swaps will materially differ from the amounts that could be realized upon settlement or maturity or that the changes in fair value will have a material effect on its results of operations, liquidity and capital resources. 

Investments in available-for-sale equity securities consist of the revaluation of an existing investment in unregistered common shares of a publicly-held company.  This investment is classified within Level 3 because the unregistered securities contain restrictions on their sale, and therefore, the fair value measurement reflects a discount for the effect of the restriction.

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable and accrued expenses approximate fair value based on the short maturities of these instruments.  At June 30, 2011 and December 31, 2010, the fair value of the Company's debt was estimated at $4.6 billion and $3.1 billion, respectively, using quoted market prices and yields for the same or similar types of borrowings, taking into account the underlying terms of the debt instruments.  At June 30, 2011 and December 31, 2010, the estimated fair value exceeded the carrying value of the debt by $228 million and $80 million, respectively.