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Fair value

9 Months Ended

Sep. 28, 2013

Fair Value Disclosures [Abstract]

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:



	September 28, 2013							December 31, 2012
	Fair Value				Carrying Value			Fair Value			Carrying Value
3.85% senior notes, payable January 31, 2023; interest payable semiannually	$	570,600			600,000			—			—
6.125% notes, payable January 15, 2016; interest payable semiannually	989,100				900,000			1,011,600			900,000
Five-year senior secured credit facility, due July 8, 2016	—				—			153,875			153,875
Five-year senior secured credit facility, due September 25, 2018	449,325				449,325			—			—
Securitization facility	300,000				300,000			280,000			280,000
Industrial revenue bonds, capital leases and other	97,097				97,097			49,067			49,067
Total long-term debt	2,406,122				2,346,422			1,494,542			1,382,942
Less current portion	89,031				89,031			55,213			55,213
Long-term debt, less current portion	$	2,317,091			2,257,391			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.

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.

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