Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Measurements [Abstract]

Assets And Liabilities Measured At Fair Value On A Recurring Basis

		Level 1		Level 2 (1)		Level 3		Total	Valuation Technique
Assets:
Foreign exchange contracts	$	–	$	1	$	–	$	1	(c)
Interest rate swaps		–		549		–		549	(c)
Liabilities:
Fair value of long-term debt (2)		536,210		107,021		–		643,231	(a)
Foreign exchange contracts		–		10,418		–		10,418	(c)
Interest rate swaps		–		789		–		789	(c)
Total net liability	$	536,210	$	117,678	$	–	$	653,888

(1) Unless otherwise indicated, the fair value of our Level 2 derivative instruments reflects our best estimate and is based upon exchange or over-the-counter quotations whenever they are available.  Quoted valuations may not be available due to location differences or terms that extend beyond the period for which quotations are available.  Where quotes are not available, we utilize other valuation techniques or models to estimate market values.  These modeling techniques require us to make estimations of future prices, price correlation and market volatility and liquidity based on market data.  Our actual results may differ from our estimates, and these differences could be positive or negative. 

(2) See Note 6 for additional information regarding our long-term debt.  The fair value of our long-term debt is as follows (in thousands): 

Fair Value Of Long Term Debt

		March 31, 2014
		Carrying Value		Fair Value (b)
Term Loan (matures June 2018)	$	288,750	$	288,750
2032 Notes (mature March 2032) (a)		200,000		247,460
MARAD Debt (matures February 2027)		97,513		107,021
Total debt	$	586,263	$	643,231

(a) Carrying value excludes the related unamortized debt discount of $25.1 million at March 31, 2014.

(b) The estimated fair value of all debt, other than the MARAD Debt, was determined using Level 1 inputs using the market approach.  The fair value of the MARAD Debt was determined using a third party evaluation of the remaining average life and outstanding principal balance of the MARAD indebtedness as compared to other governmental obligations in the marketplace with similar terms.  The fair value of the MARAD Debt was estimated using Level 2 fair value inputs using the market approach.