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Fair Value | 3 Months Ended
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Mar. 31, 2013
Fair Value [Abstract] |
Fair Value [Text Block] | FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the market approach for recurring fair value measurements and endeavor to utilize the best available information. Accordingly, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs, which are used to measure fair value, are prioritized through the fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Descriptions of the three levels of the fair value hierarchy are discussed in Note 9. Fair Value to the consolidated financial statements in our 2012 Form 10-K. NOTE 5. FAIR VALUE (Continued) The following tables set forth by level within the fair value hierarchy our assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2013 and December 31, 2012. Each asset and liability is classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of these assets and liabilities and their placement within the fair value hierarchy levels. The estimated fair value of cash and cash equivalents listed on the Consolidated Balance Sheet approximates the carrying amount and therefore are excluded from the recurring fair value measures in the tables below.
| Fair Value as of March 31, 2013
Recurring Fair Value Measures | Level 1 |  | Level 2 |  | Level 3 |  | Total
Millions |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |
Available-for-sale – Equity Securities |  | $11.4 |  |  | — |  |  | — |  |  |  | $11.4 |
Available-for-sale – Corporate Debt Securities | — |  |  |  | $8.7 |  |  | — |  |  | 8.7 |
Cash Equivalents | 22.7 |  |  | — |  |  | — |  |  | 22.7 |
Total Fair Value of Assets |  | $34.1 |  |  |  | $8.7 |  |  | — |  |  |  | $42.8 |
Liabilities: |  |  |  |  |  |  |
Deferred Compensation | — |  |  |  | $14.4 |  |  | — |  |  |  | $14.4 |
Derivatives – Interest Rate Swap | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Total Fair Value of Liabilities | — |  |  |  | $15.0 |  |  | — |  |  |  | $15.0 |
Total Net Fair Value of Assets (Liabilities) |  | $34.1 |  |  | $(6.3) |  | — |  |  |  | $27.8 |
| Fair Value as of December 31, 2012
Recurring Fair Value Measures | Level 1 |  | Level 2 |  | Level 3 |  | Total
Millions |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |
Available-for-sale – Equity Securities |  | $18.0 |  |  | — |  |  | — |  |  |  | $18.0 |
Available-for-sale – Corporate Debt Securities | — |  |  |  | $8.8 |  |  | — |  |  | 8.8 |
Cash Equivalents | 20.7 |  |  | — |  |  | — |  |  | 20.7 |
Total Fair Value of Assets |  | $38.7 |  |  |  | $8.8 |  |  | — |  |  |  | $47.5 |
Liabilities: |  |  |  |  |  |  |
Deferred Compensation | — |  |  |  | $14.0 |  |  | — |  |  |  | $14.0 |
Derivatives – Interest Rate Swap | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Total Fair Value of Liabilities | — |  |  |  | $14.7 |  |  | — |  |  |  | $14.7 |
Total Net Fair Value of Assets (Liabilities) |  | $38.7 |  |  | $(5.9) |  | — |  |  |  | $32.8 |
There was no activity in Level 3 during the quarters ended March 31, 2013 and 2012. The Company’s policy is to recognize transfers in and transfers out as of the actual date of the event or of the change in circumstances that caused the transfer. For the quarters ended March 31, 2013 and 2012, there were no transfers in or out of Levels 1, 2 or 3. NOTE 5. FAIR VALUE (Continued) Fair Value of Financial Instruments. With the exception of the item listed in the table below, the estimated fair value of all financial instruments approximates the carrying amount. The fair value for the item listed below was based on quoted market prices for the same or similar instruments (Level 2).
Financial Instruments | Carrying Amount |  | Fair Value
Millions |  |  |
Long-Term Debt, Including Current Portion |  |  |
March 31, 2013 | $1,016.3 |  | $1,073.3
December 31, 2012 | $1,018.1 |  | $1,143.7

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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