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Fair Value Measurements
 9 Months Ended
Sep. 30, 2012
Fair Value Measurements  
Fair Value Measurements

(18) Fair Value Measurements

 

The following table presents the Company’s fair value measurements of its financial assets and liabilities measured at fair value in the condensed consolidated balance sheets. Recognized gains and losses are recorded in other income (expense), net in the condensed consolidated income statements. During the nine months ended September 30, 2012, there were no transfers of financial assets or liabilities within the fair value hierarchy.

 

The financial assets and liabilities carried at fair value on a recurring basis at September 30, 2012 follow (in thousands):

 

Financial Instrument

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Marketable equity securities

 

$

22,769

 

$

22,769

 

$

—

 

$

—

 

Interest-rate swap liabilities(1) 

 

(13,319

)

—

 

(13,319

)

—

 

Currency swap liabilities (1) 

 

(2,317

)

—

 

(2,317

)

—

 

Warrants(1) 

 

1,290

 

—

 

—

 

1,290

 

 

 

$

8,423

 

$

22,769

 

$

(15,636

)

$

1,290

 

 

 

(1)          Interest rate and currency swaps as well as common stock warrant fair values are determined based on observable and unobservable market assumptions utilizing standardized derivative pricing models.