FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2013

Note 8:

FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Our calculation of the fair value of derivative instruments includes several assumptions. The fair value hierarchy prioritizes these input assumptions in the following three broad levels:

Level 1 – Values are based on quoted prices (unadjusted) in active markets for identical assets or liabilities we have the ability to access at the measurement date.

Level 2 – Values are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and model based valuations for which all significant inputs are observable in the market.

Level 3 – Values are based on model based techniques that use unobservable inputs for the asset or liability. These inputs reflect our beliefs about the assumptions market participants would use in pricing the asset or liability.

The following tables categorize our fair value instruments, measured on a recurring basis, according to the assumptions used to calculate those values:

					Fair Value Measurements Using
					Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs				Significant Unobservable Inputs
Description	Asset / (Liability) Balance at				Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs				Significant Unobservable Inputs
	6/30/2013				(Level 1)			(Level 2)				(Level 3)

Interest rate swaps		$	(6.7	)		$	-		$	(6.7	)		$	-

Available-for-sale securities			10.7				10.7			-				-

Deferred compensation plan assets			10.7				-			10.7				-

Supplementary pension plan assets			8.6				-			8.6				-

					Fair Value Measurements Using
					Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs				Significant Unobservable Inputs
Description	Asset / (Liability) Balance at				Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs				Significant Unobservable Inputs
	12/31/2012				(Level 1)			(Level 2)				(Level 3)

Interest rate swaps		$	(8.4	)		$	-		$	(8.4	)		$	-

Available-for-sale securities			14.6				14.6			-				-

Deferred compensation plan assets			9.4				-			9.4				-

Supplementary pension plan assets			8.2				-			8.2				-

Interest rate swaps are valued using discounted cash flows. The key input used is the LIBOR swap rate, which is observable at commonly quoted intervals for the full term of the swap. Available-for-sale securities are valued using quoted market prices. Deferred compensation and supplemental pension plan assets are valued using quoted prices for similar assets in active markets.

The carrying value of our long-term debt approximates its fair value as the interest rate is near the current market rate yield. The fair value of our long-term debt is determined using current applicable rates for similar instruments as of the balance sheet date. The fair value of long-term debt for disclosure purpose is a Level 3 liability within the fair value category.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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