FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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, 2012			Level 1		Level 2		Level 3
Assets:
Interest rate swaps	$	65,218	$	—	$	65,218	$	—
Trading securities	48,434		48,434		—		—
Cash surrender value of life insurance policies	23,487		—		23,487		—
Available-for-sale equity securities	1,048		—		—		1,048
Foreign currency forward contracts	77		—		77		—
Total	$	138,264	$	48,434	$	88,782	$	1,048
Liabilities:
Deferred compensation liabilities	$	76,192	$	—	$	76,192	$	—
Foreign currency forward contracts	459		—		459		—
Total	$	76,651	$	—	$	76,651	$	—

			Basis of Fair Value Measurements
			Quoted Prices in Active Markets for Identical Assets / Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2011			Level 1		Level 2		Level 3
Assets:
Interest rate swaps	$	56,520	$	—	$	56,520	$	—
Trading securities	46,926		46,926		—		—
Cash surrender value of life insurance policies	20,936		—		20,936		—
Available-for-sale equity securities	646		—		—		646
Foreign currency forward contracts	180		—		180		—
Total	$	125,208	$	46,926	$	77,636	$	646
Liabilities:
Deferred compensation liabilities	$	71,688	$	—	$	71,688	$	—
Foreign currency forward contracts	1,648		—		1,648		—
Total	$	73,336	$	—	$	73,336	$	—

A full description regarding the Company's fair value measurements is contained in Note 5 to the Consolidated Financial Statements in the Company's 2011 Annual Report on Form 10-K.    

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, 2012, the fair value of the Company’s debt was estimated at $4.3 billion, which exceeded the carrying value by $500 million. At December 31, 2011, the fair value of the Company's debt was estimated at $4.4 billion, which exceeded the carrying value by $387 million. Principally all of the Company's debt is classified within Level 1 of the fair value hierarchy because the fair value of the debt is estimated based on rates currently offered to the Company with identical terms and maturities, using quoted active market prices and yields, taking into account the underlying terms of the debt instruments.