XML 117 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments
12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments

Our estimates of the fair value of (i) cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate carrying value due to the relatively short maturity of these instruments; (ii) our publicly-traded debt is based on observable market data (a Level 2 input) and has an estimated fair value of $1.3 billion and $1.0 billion at December 31, 2012 and 2011, respectively; and (iii) our debt that is not publicly-traded is based on a discounted cash flow model using effective borrowing rates for debt with similar terms, loan to estimated fair value of collateral and remaining maturities (a Level 3 input) and has an estimated fair value of $369.6 million and $640.9 million at December 31, 2012 and 2011, respectively. The estimated fair value of all our debt was $1.7 billion at December 31, 2012 and 2011 (with a carrying value of $1.6 billion at December 31, 2012 and 2011).

Disclosures about fair value of financial instruments are based on pertinent information available to management as of December 31, 2012. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.