XML 77 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Disclosures
 9 Months Ended
Sep. 30, 2012
Fair Value Disclosures [Abstract]  
Fair Value Disclosures
14. Fair Value Disclosures

Recurring Fair Value Disclosures. The following table presents information about our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011 under the fair value hierarchy discussed in Footnote 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
 
Assets and Liabilities Measured at Fair Value on a Recurring Basis
 
September 30, 2012
 
December 31, 2011
(in millions)
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred compensation plan investments (1)
$
38.9

 
$
—

 
$
—

 
$
38.9

 
$
41.0

 
$
—

 
$
—

 
$
41.0

Derivative financial instruments
—

 
—

 
—

 
—

 
—

 
0.1

 
—

 
0.1

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative financial instruments
$
—

 
$
0.2

 
$
—

 
$
0.2

 
$
—

 
$
16.6

 
$
—

 
$
16.6

(1) The balance at September 30, 2012 also reflects approximately $7.0 million of participant cash withdrawals from our deferred compensation plan investment during the nine months ended September 30, 2012.

Financial Instrument Fair Value Disclosures. As of September 30, 2012 and December 31, 2011, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represent fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. Due to the short-term nature of these instruments, Level 1 and Level 2 inputs are utilized to estimate the fair value of these financial instruments.
The following table presents the carrying and estimated fair value of our notes payable at September 30, 2012 and December 31, 2011:
 
September 30, 2012
 
December 31, 2011
(in millions)
Carrying
Value
 
Estimated
Fair  Value
 
Carrying
Value
 
Estimated
Fair  Value
Fixed rate notes payable
$
2,115.2

 
$
2,351.5

 
$
2,186.6

 
$
2,304.4

Floating rate notes payable (1)
278.5

 
269.8

 
245.5

 
233.6

(1) Includes balances outstanding under our unsecured line of credit.
Non-recurring Fair Value Disclosures. There were no events during the nine months ended September 30, 2012 or 2011 which required fair value adjustments of our non-financial assets and non-financial liabilities.