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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2012
Fair Value Measurements [Abstract] |
FAIR VALUE MEASUREMENTS | 4. FAIR VALUE MEASUREMENTS The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
| • |  | Level 1 – Quoted prices in active markets for identical assets or liabilities.
| • |  | Level 2 – Observable inputs, other than quoted prices included in Level 1, such as quoted prices for markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
| • |  | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
The carrying value of short-term debt approximates fair value due to its short maturity (Level 2 input). The fair value of long-term debt is based on interest rates that we believe are currently available to us for issuance of debt with similar terms and remaining maturities (Level 2 input). The carrying amounts of cash and cash equivalents and restricted cash approximate fair value because of the short-term maturity and highly liquid nature of these instruments (Level 1 input). Fair Value Assets Measured at Level 3 on a Nonrecurring Basis The Company measures certain assets, including intangible trade name assets and goodwill, at fair value on a nonrecurring basis. The Company’s calculation of fair value of trade name assets is based on an income approach using discounted cash flow projections. The Company determined that the trade name assets associated with the FSTech Group with a carrying value of $7.9 million were impaired, and recorded an impairment charge of $0.6 million in the second quarter of 2012. The trade name assets were sold to 3M Company as part of the sale of the FSTech Group. The following table summarizes the carrying amounts and fair values of the Company’s financial instruments:
|  | September 30, 2012 |  |  | December 31, 2011 |
($ in millions) |  | Notional Amount |  |  | Fair Value |  |  | Notional Amount |  |  | Fair Value |
Short-term debt |  | $ | 2.0 |  |  | $ | 2.0 |  |  | $ | 9.0 |  |  | $ | 9.0 |
Long-term debt (1) |  |  | 157.9 |  |  |  | 183.2 |  |  |  | 214.1 |  |  |  | 212.4 |
(1) | Long-term debt includes current portions of long-term debt and current portions of capital lease obligations of $6.1 million and $0.1 million as of September 30, 2012 and December 31, 2011, respectively, and $0.9 million of financial service borrowings at December 31, 2011 which is included in discontinued operations.

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. 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