Fair Value Measurement

3 Months Ended

Mar. 31, 2013

Fair Value Measurement

16. Fair Value Measurement

Certain assets and liabilities are required to be recorded at fair value on a recurring basis. The Company’s only assets and liabilities adjusted to fair value on a recurring basis are pension and other postretirement benefits plan assets, foreign exchange forward contracts and interest rate swaps. See Note 15 for further discussion on the fair value of the Company’s foreign exchange forward contracts and interest rate swaps as of March31, 2013 and December31, 2012.

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record certain assets and liabilities at fair value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges. See Note 2 for further discussion on the fair value of assets and liabilities associated with acquisitions.

Assets measured at fair value on a nonrecurring basis subsequent to initial recognition during the three months ended March31, 2013 and 2012 are summarized below:

			Fair Value
	Impairment		Measurement		Net Book
March 31, 2013	Charge		(Level 3)		Value
Long-lived assets held and used	$	3.6	$	1.6	$	1.6
Long-lived assets held for sale or disposal		1.1		0.4		-
Total	$	4.7	$	2.0	$	1.6

			Fair Value
	Impairment		Measurement		Net Book
March 31, 2012	Charge		(Level 3)		Value
Long-lived assets held and used	$	5.6	$	4.2	$	4.2
Long-lived assets held for sale or disposal		3.8		1.5		-
Total	$	9.4	$	5.7	$	4.2

There were no estimated costs to sell related to long-lived assets held for sale that were remeasured at fair value during the three months ended March31, 2013 and 2012, respectively.

The Company’s accounting and finance management determines the valuation policies and procedures for Level 3 fair value measurements and is responsible for the development and determination of unobservable inputs.

The fair values of the long-lived assets held and used and long-lived assets held for sale or disposal were determined using Level 3 inputs and were estimated based on discussions with real estate brokers, review of comparable properties, if available, discussions with machinery and equipment brokers, dealer quotes and internal expertise related to the current marketplace conditions. Unobservable inputs obtained from third parties are adjusted as necessary for the condition and attributes of the specific asset.

See Note 14 for the fair value of the Company’s debt.