Fair Value Measurements and Disclosures

9 Months Ended

Sep. 30, 2011

12. Fair Value Measurements and Disclosures

Assets and Liabilities Reported at Fair Value

The only assets and liabilities we record at fair value on our consolidated financial statements are the marketable securities and related deferred compensation plan liability, both of which are related to our deferred compensation plan. The following table sets forth the fair value of our marketable securities and related deferred compensation plan liability as of September 30, 2011 and December 31, 2010:



	Fair Value (Level 1)⁽¹⁾
Description	September 30, 2011		December 31, 2010
	(in thousands)
Marketable securities ⁽²⁾	$	5,213	$	4,902
Deferred compensation plan liability ⁽³⁾	$	5,118	$	4,809

________________________


(1)	Based on quoted prices in active markets for identical securities.


(2)	The marketable securities are held in a limited rabbi trust.


(3)	The deferred compensation liability is reported on our consolidated balance sheets in accounts payable, accrued expenses, and other liabilities.

We report the change in the fair value of the marketable securities at the end of each accounting period in interest income and other net investment gains in the consolidated statements of operations. We adjust the deferred compensation plan liability to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, which results in a corresponding increase or decrease to compensation cost for the period. The following table sets forth the related amounts recorded during the three and nine months ended September 30, 2011 and 2010:



	Three Months Ended						Nine Months Ended
Description	September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
	(in thousands)						(in thousands)
Net (loss) gain on marketable securities	$	(642	)	$	311		$	(429	)	$	190
Decrease (increase) to compensation cost	642			(364		)	429			(206		)

Financial Instruments Disclosed at Fair Value

The following table sets forth the carrying value and the fair value of our other financial instruments as of September 30, 2011 and December 31, 2010:



	Carrying Value		Fair Value		Carrying Value		Fair Value
Description	September 30, 2011				December 31, 2010
	(in thousands)
Liabilities
Secured debt	$	473,997	$	487,807	$	313,009	$	329,456
Exchangeable notes	305,115		321,183		299,964		312,598
Unsecured senior notes	980,487		1,014,863		655,803		661,644
Credit Facility ⁽¹⁾	—		—		159,000		159,659

________________________

(1) As of September 30, 2011, there were no outstanding borrowings on the Credit Facility.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details