Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

6. Fair Value Measurements

     Our financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in millions):

				Fair Value Measurements at Reporting Date Using
				Quoted
				Prices in
				Active		Significant
				Markets for		Other			Significant
				Identical		Observable			Unobservable
				Assets		Inputs			Inputs		Valuation
	Fair Value			(Level 1)		(Level 2)			(Level 3)		Technique(1)
As of June 30, 2011
Other current assets:
Current portion of restricted marketable securities	$	22.0		$	—	$	22.0		$	—		M
Other long-term assets:
Restricted marketable securities		23.7			—		23.7			—		M
As of December 31, 2010
Other current assets:
Current portion of restricted marketable securities	$	18.2		$	—	$	18.2		$	—		M
June 2009 trading swap		1.2			—		1.2			—		I
Other long-term assets:
Restricted marketable securities		19.3			—		19.3			—		M
Accrued expenses and other current liabilities:
March 2006 trading swap		(12.1	)		—		(12.1	)		—		I

⁽¹⁾ The three valuation techniques are: market approach (M), cost approach (C), and income approach (I).

     In addition to assets and liabilities recorded at fair value on a recurring basis, we are also required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges or similar adjustments made to the carrying value of the applicable assets.

     During the three and six months ended June 30, 2011 and 2010, we did not record any gains or losses related to our nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a nonrecurring basis as part of our continuing operations. During the six months ended June 30, 2011 and 2010, we recorded impairment charges of $1.3 million and $0.6 million, respectively, as part of our results of discontinued operations. These charges related to a hospital that was closed in 2008. We determined the fair value of the impaired long-lived assets at the hospital primarily based on the assets’ estimated fair value using valuation techniques that included an offer we received from a third party to acquire the assets and third-party appraisals.

     As discussed in Note 1, Summary of Significant Accounting Policies, to the consolidated financial statements accompanying the 2010 Form 10-K, the carrying value equals fair value for our financial instruments that are not included in the table below and are classified as current in our condensed consolidated balance sheets. The carrying amounts and estimated fair values for all of our other financial instruments are presented in the following table (in millions):

	As of June 30, 2011				As of December 31, 2010
	Carrying		Estimated		Carrying			Estimated
	Amount		Fair Value		Amount			Fair Value
Interest rate swap agreements:
March 2006 trading swap	$	—	$	—	$	(12.1	)	$	(12.1	)
June 2009 trading swap		—		—		1.2			1.2
Long-term debt:
Advances under $500 million revolving credit facility		140.0		140.0		78.0			78.0
Term Loan Facility		100.0		100.0		—			—
10.75% Senior Notes due 2016		164.0		174.9		495.5			543.2
7.25% Senior Notes due 2018		336.8		350.1		275.0			280.5
8.125% Senior Notes due 2020		285.6		311.0		285.5			311.8
7.75% Senior Notes due 2022		312.0		327.8		250.0			258.1
Other bonds payable		1.8		1.8		1.8			1.8
Other notes payable		36.1		36.1		36.4			36.4
Financial commitments:
Letters of credit		—		48.1		—			45.6