Fair value

3 Months Ended

Mar. 30, 2013

Fair Value Disclosures [Abstract]

Fair value

Fair Value

ASC 825-10, formerly the FASB Staff Position FAS 107-1 and Accounting Principles Board Opinion 28-1, “Interim Disclosures About Fair Value of Financial Instruments”, requires disclosures about fair value of financial instruments in interim reporting periods of publicly-traded companies.

The fair values and carrying values of our debt instruments are detailed as follows:

	March 30, 2013			December 31, 2012
	Fair Value		Carrying Value	Fair Value	Carrying Value
3.85% senior notes, payable January 31, 2023; interest payable semiannually	$	610,800	600,000	—	—
6.125% notes, payable January 15, 2016; interest payable semiannually	1,004,400		900,000	1,011,600	900,000
Five-year senior secured credit facility, due July 8, 2016	459,100		459,100	153,875	153,875
Securitization facility	300,000		300,000	280,000	280,000
Industrial revenue bonds, capital leases and other	47,416		47,416	49,067	49,067
Total long-term debt	2,421,716		2,306,516	1,494,542	1,382,942
Less current portion	53,496		53,496	55,213	55,213
Long-term debt, less current portion	$	2,368,220	2,253,020	1,439,329	1,327,729

The fair values of the Company’s debt instruments were estimated using market observable inputs, including quoted prices in active markets, market indices and interest rate measurements. Within the hierarchy of fair value measurements, these are Level 2 fair values.

The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate their fair values because of the relatively short-term maturities of these instruments.