Fair Value Measurement

6 Months Ended

Jun. 30, 2011

Fair Value Measurement

Fair Value Measurement

Note 8.     Fair Value Measurement

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels:

• Level I - Quoted prices for identical instruments in active markets.

• Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level III - Instruments whose significant value drivers are unobservable.

The following table presents for each of these hierarchy levels, the Company's financial assets that are measured at fair value on a recurring basis at June 30, 2011 and December 31, 2010:

	Level I		Level II		Level III		Total
At June 30, 2011:
Assets:
Cash equivalents (a)	$	195,451	$	—	$	—	$	195,451
At December 31, 2010:
Assets:
Cash equivalents (a)	$	78,908	$	—	$	—	$	78,908

(a)  Represents the Company's investment in funds that invest primarily in money market securities.

The Company's cash equivalents at June 30, 2011 and December 31, 2010 are classified within Level I of the fair value hierarchy because they are valued using quoted market prices.

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 that value:

Credit Facility Debt, Senior Notes and Senior Subordinated Notes

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 carrying values and estimated fair values of the Company's financial instruments, excluding those that are carried at fair value in the accompanying consolidated balance sheets are summarized as follows:

	June 30, 2011
	Carrying Amount		Estimated Fair Value
Debt instruments:
Credit facility debt	$	1,706,372	$	1,717,167
Senior notes		686,004		731,500
	$	2,392,376	$	2,448,667

	December 31, 2010
	Carrying Amount		Estimated Fair Value
Debt instruments:
Credit facility debt (a)	$	475,000	$	475,000
Senior notes		299,552		300,750
Senior subordinated notes		324,071		337,188
	$	1,098,623	$	1,112,938

(a) The carrying value of the Company's credit facility debt at December 31, 2010, which bore interest at variable rates, approximated its fair value.

Fair value estimates related to the Company's debt instruments 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.