Fair Value of Assets and Liabilities

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

FAIR VALUE OF ASSETS AND LIABILITIES

The Company’s consolidated balance sheets reflect certain financial assets and liabilities at carrying value. The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at March 31, 2013 and December 31, 2012 (in thousands):

			Estimated Fair Value Measurements at March 31, 2013
	Carrying Value as of March 31, 2013		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	83,724	$	83,724	$	83,724	$	—	$	—
Restricted cash	32,264		32,264		32,264		—		—
Liabilities:
Borrowings under Senior Credit Facility	$	556,392	$	560,288	$	—	$	560,288	$	—
7¾% Senior Notes	247,648		267,188		—		267,188		—
6.625% Senior Notes	300,000		330,375		—		330,375		—
5.125% Senior Notes	300,000		303,000		—		303,000		—
Non-recourse debt, Australian subsidiary	33,283		34,350		—		34,350		—
Other non-recourse debt, including current portion	83,556		86,903		—		86,903		—

			Estimated Fair Value Measurements at December 31, 2012
	Carrying Value as of December 31, 2012		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	31,755	$	31,755	$	31,755	$	—	$	—
Restricted cash	34,949		34,949		34,949		—		—
Liabilities:
Borrowings under Senior Credit Facility	$	797,430	$	803,097	$	—	$	803,097	$	—
7¾% Senior Notes	247,543		270,313		—		270,313		—
6.625% Senior Notes	300,000		335,814		—		335,814		—
Non-recourse debt, Australian subsidiary	34,832		34,973		—		34,973		—
Other non-recourse debt, including current portion	88,650		91,345		—		91,345		—

The fair values of the Company’s cash and cash equivalents, and restricted cash approximates the carrying values of these assets at March 31, 2013 and December 31, 2012. Restricted cash consists of debt service funds used for payments on the Company’s non-recourse debt. The fair values of the Company's 7¾% senior unsecured notes due 2017 (“7¾% Senior Notes”), 6.625% senior unsecured notes due 2021 (“6.625% Senior Notes”), and the 5.125% senior unsecured notes due 2023 ("5.125% Senior Notes"), although not actively traded, are based on published financial data for these instruments. The fair values of the Company's non-recourse debt related to South Texas Local Development Corporation ("STLDC") and Washington Economic Development Finance Authority ("WEDFA") are based on market prices for similar instruments. The fair value of the non-recourse debt related to the Company’s Australian subsidiary is estimated using a discounted cash flow model based on current Australian borrowing rates for similar instruments. The fair value of borrowings under the Senior Credit Facility is based on an estimate of trading value considering the Company’s borrowing rate, the undrawn spread and similar instruments.