Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2013

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial assets and liabilities measured at fair value on a recurring basis:

(In Thousands)	March 31, 2013							December 31, 2012
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Deferred Compensation Liability	$	—	$	(10,639	)	$	—	$	—	$	(9,518	)	$	—

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis:

(In Thousands)	March 31, 2013						December 31, 2012
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets Held for Sale	$	—	$	9,525	$	—	$	—	$	11,104	$	—

Fair Value of Assets (Liabilities) Not Measured at Fair Value In Consolidated Balance Sheets

The following table summarizes the fair value of assets (liabilities) that are not measured at fair value in the consolidated balance sheets, but for which the fair value is disclosed:

(In Thousands)	March 31, 2013							December 31, 2012
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Corporate Bonds 1	$	—	$	74,278		$	—	$	—	$	67,470		$	—
Perfect Home Bonds 2		—		—			17,671		—		—			18,449
Fixed-Rate Long Term Debt 3		—		(128,076	)		—		—		(127,261	)		—

¹ The fair value of corporate bonds is determined through the use of model-based valuation techniques for which all significant assumptions are observable in the market.

² The Perfect Home bonds were initially valued at cost. The Company periodically reviews the valuation utilizing company-specific transactions or changes in Perfect Home’s financial performance to determine if fair value adjustments are necessary.

³ The fair value of fixed-rate long term debt is estimated using the present value of underlying cash flows discounted at a current market yield for similar instruments. The carrying value of fixed-rate long term debt was $125.0 million at March 31, 2013 and December 31, 2012.

Investments Classified as Held to Maturity Securities

At March 31, 2013 and December 31, 2012, investments classified as held-to-maturity securities consisted of the following:

			Gross Unrealized
(In Thousands)	Amortized Cost		Gains		Losses			Fair Value
March 31, 2013
Corporate Bonds	$	74,239	$	94	$	(55	)	$	74,278
Perfect Home Bonds		17,671		—		—			17,671
Total	$	91,910	$	94	$	(55	)	$	91,949
December 31, 2012
Corporate Bonds	$	67,412	$	99	$	(41	)	$	67,470
Perfect Home Bonds		18,449		—		—			18,449
Total	$	85,861	$	99	$	(41	)	$	85,919

Amortized Cost and Fair Value of Held to Maturity Securities

The amortized cost and fair value of held-to-maturity bonds at March 31, 2013 by contractual maturity are as follows:

(In Thousands)	Amortized Cost		Fair Value
Due in one year or less	$	47,120	$	47,181
Due in years one through two		44,790		44,768
Total	$	91,910	$	91,949

Held to Maturity Securities with Gross Unrealized Losses

Information pertaining to held-to-maturity bonds with gross unrealized losses is as follows:

	Less than 12 months					12 months or longer				Total
(In Thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2013
Corporate Bonds	$	30,327	$	(55	)	$	—	$	—	$	30,327	$	(55	)
December 31, 2012
Corporate Bonds	$	22,785	$	(41	)	$	—	$	—	$	22,785	$	(41	)