FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value, Assets Measured on Recurring Basis

The following table presents the carrying amount, estimated fair values and categorization under the fair value hierarchy of financial instruments held by the Company at June 30, 2014 and December 31, 2013, using market information and what management believes to be appropriate valuation methodologies under generally accepted accounting principles:



	June 30, 2014								December 31, 2013
Asset (liability)	Carrying Amount			Fair Value					Carrying Amount			Fair Value
				Level 1		Level 2						Level 1		Level 2
Cash and cash equivalents	$	222,061		$	222,061	$	—		$	199,644		$	199,644	$	—
Restricted cash (a)	80,817			80,817		—			68,944			68,944		—
Current maturities of long-term debt	—			—		—			(112,500		)	—		(119,614		)
Long-term debt	(770,086		)	—		(840,129		)	(1,461,724		)	—		(1,489,810		)
Interest rate swaps (b)	(5,051		)	—		(5,051		)	(4,659		)	—		(4,659		)
Foreign currency exchange contracts (b)	1,726			—		1,726			940			—		940
Foreign currency option contracts (b)	746			—		746			467			—		467
Fuel contracts (b)	(67		)	—		(67		)	160			—		160

(a)

Restricted cash of $6 million and $69 million, as of June 30, 2014 and December 31, 2013, respectively, is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. Restricted cash of $75 million as of June 30, 2014 is recorded in “Restricted cash” and represents the funds restricted to pay dividends or repurchase common stock within eighteen months following the spin-off.


(b)	See Note 9 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.