Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

17.     FAIR VALUE MEASUREMENTS

The following tables present our assets and liabilities that are measured at fair value on a recurring basis and the levels of inputs used to measure fair value:

			Fair Value Measurements At December 31, 2011 Using
	Balance Sheet Location		Level 1		Level 2		Level 3		Total
			(In thousands)
Assets:
Investments held in Rabbi Trusts:
Cash and cash equivalents			$	3,783		—		—		3,783
U.S. equity mutual funds				8,850		—		—		8,850
Foreign equity mutual funds				2,526		—		—		2,526
Fixed income mutual funds				3,537		—		—		3,537
Investments held in Rabbi Trusts		DFL and other assets		18,696		—		—		18,696
Interest rate swaps		DFL and other assets		—		21,843		—		21,843
Total assets at fair value			$	18,696		21,843		—		40,539
Liabilities:
Contingent consideration		Accrued Expenses	$	—		—		1,000		1,000
Total liabilities at fair value			$	—		—		1,000		1,000
			Fair Value Measurements At December 31, 2010 Using
	Balance Sheet Location		Level 1		Level 2		Level 3		Total
			(In thousands)
Assets:
Investments held in Rabbi Trusts:
Cash and cash equivalents			$	2,348		—		—		2,348
U.S. equity mutual funds				8,409		—		—		8,409
Foreign equity mutual funds				5,188		—		—		5,188
Fixed income mutual funds				1,459		—		—		1,459
Investments held in Rabbi Trusts		DFL and other assets		17,404		—		—		17,404
Interest rate swap		DFL and other assets		—		15,429		—		15,429
Total assets at fair value			$	17,404		15,429		—		32,833

The following table presents our assets that are measured at fair value on a nonrecurring basis and the levels of inputs used to measure fair value:

	Fair Value  Measurements At December 31, 2011 Using						Year ended December 31, 2011
	Level 1		Level 2		Level 3		Total Losses  (2)
Assets held for sale:
Revenue earning equipment: (1)
Trucks	$	—		—		6,147	$	6,645
Tractors		—		—		3,040		2,197
Trailers		—		—		296		2,428
Total assets at fair value	$	—		—		9,483	$	11,270
	Fair Value Measurements     At December 31, 2010 Using						Year ended December 31, 2010
	Level 1		Level 2		Level 3		Total Losses (2)
Assets held for sale:
Revenue earning equipment (1)
Trucks	$	—		—		11,796	$	13,014
Tractors		—		—		8,818		9,432
Trailers		—		—		1,437		3,812
Total assets at fair value	$	—		—		22,051	$	26,258

(1) Represents the portion of all revenue earning equipment held for sale that is recorded at fair value, less costs to sell.

(2) Total losses represent fair value adjustments for all vehicles held for sale throughout the period for which fair value less costs to sell was less than carrying value.

Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses to reflect changes in fair value are presented within “Other operating expenses” in the Consolidated Statements of Earnings. For revenue earning equipment held for sale, we stratify our fleet by vehicle type (trucks, tractors and trailers), weight class, age and other relevant characteristics and create classes of similar assets for analysis purposes. Fair value was determined based upon recent market prices obtained from our own sales experience for sales of each class of similar assets and vehicle condition. Therefore, our revenue earning equipment held for sale was classified within Level 3 of the fair value hierarchy. During the years ended December 31, 2011, 2010, and 2009, we recorded losses to reflect changes in fair value of $11 million, $26 million and $52 million, respectively.

Total fair value of debt (excluding capital lease obligations) at December 31, 2011 and 2010 was $3.51 billion and $2.86 billion, respectively. For publicly-traded debt, estimates of fair value are based on market prices. For other debt, fair value is estimated based on rates currently available to us for debt with similar terms and remaining maturities. The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturities of these financial instruments.