v2.3.0.15
Fair Values of Financial Instruments (Text Block)
9 Months Ended
Sep. 30, 2011
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] 
Fair Values of Financial Instruments [Text Block]
Fair Values of Financial Instruments
The fair values at September 30, 2011 and December 31, 2010 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value.
 
 
September 30, 2011
 
December 31, 2010
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Assets
 
 
(in thousands)
 
 
Cash and cash equivalents
$
129,514

 
$
129,514

 
$
169,477

 
$
169,477

Foreign exchange forwards
175

 
175

 
63

 
63

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
2011 credit facility
 
 
 
 
 
 
 
USD denominated term loan
$
296,252

 
$
296,252

 
$
—

 
$
—

Multicurrency revolving line of credit
200,000

 
200,000

 
—

 
—

2007 credit facility
 
 
 
 
 
 
 
USD denominated term loan
—

 
—

 
218,642

 
219,462

EUR denominated term loan
—

 
—

 
174,031

 
174,684

Convertible senior subordinated notes
—

 
—

 
218,268

 
236,461

Interest rate swaps
—

 
—

 
6,820

 
6,820

Foreign exchange forwards
342

 
342

 
457

 
457


The following methods and assumptions were used in estimating fair values:
Cash and cash equivalents: Due to the liquid nature of these instruments, the carrying value approximates fair value.

2011 Credit Facility - term loan and multicurrency revolving line of credit: At September 30, 2011, the carrying values approximated fair value.  The term loan and revolver, which we entered into on August 5, 2011, are not traded publicly. The fair value is calculated using a discounted cash flow model with significant inputs that are corroborated by observable market data, including estimates of incremental borrowing rates for debt with similar terms, maturities, and credit profiles.
2007 Credit Facility - term loans: On August 8, 2011, we repaid the remaining balance on our 2007 credit facility using proceeds from our 2011 credit facility. At December 31, 2010, the fair value was based on quoted prices from recent trades of the term loans. See Note 6 for further discussion.
Convertible senior subordinated notes: At September 30, 2011, the convertible notes were repurchased and redeemed using a combination of cash on hand and borrowings under our credit facilities. At December 31, 2010, the fair value was based on quoted prices from recent broker trades of the convertible notes. See Note 6 for further discussion.
Derivatives: See Note 7 for a description of our methods and assumptions in determining the fair value of our derivatives, which were determined using fair value measurements of significant other observable inputs (Level 2).