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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.