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Fair Value of Assets and Liabilities
 9 Months Ended
Sep. 30, 2012
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 September 30, 2012 and January 1, 2012 (in thousands):

 
 
 
Estimated Fair Value Measurements at September 30, 2012
 
Carrying Value as of September 30, 2012
 
Total Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
69,085

 
$
69,085

 
$
69,085

 
$
—

 
$
—

Restricted cash
44,731

 
44,731

 
44,731

 
—

 
—

Liabilities:
 
 
 
 
 
 
 
 
 
Borrowings under Senior Credit Facility
$
798,468

 
$
804,268

 
$
—

 
$
804,268

 
$
—

7¾% Senior Notes
247,439

 
270,938

 
—

 
270,938

 
—

        6.625% Senior Notes
300,000

 
322,314

 
—

 
322,314

 
—

Non-recourse debt, Australian subsidiary
36,411

 
37,331

 
—

 
37,331

 
—

Other non-recourse debt, including current portion
94,837

 
97,371

 
—

 
97,371

 
—

 
 
 
Estimated Fair Value Measurements at January 1, 2012
 
Carrying Value as of January 1, 2012
 
Total Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
44,753

 
$
44,753

 
$
44,753

 
$
—

 
$
—

Restricted cash
52,868

 
52,868

 
52,868

 
—

 
—

Liabilities:
 
 
 
 
 
 
 
 
 
Borrowings under Senior Credit Facility
$
782,962

 
$
785,917

 
$
—

 
$
785,917

 
$
—

7¾% Senior Notes
247,141

 
262,033

 
—

 
262,033

 
—

6.625% Senior Notes
300,000

 
300,375

 
—

 
300,375

 
—

Non-recourse debt, Australian subsidiary
40,345

 
41,347

 
—

 
41,347

 
—

Other non-recourse debt, including current portion
201,453

 
206,712

 
—

 
206,712

 
—


The fair values of the Company’s cash and cash equivalents, and restricted cash approximates the carrying values of these assets at September 30, 2012 and January 1, 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”) and the 6.625% senior unsecured notes due 2021 (“6.625% 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.