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Fair Values of Financial Instruments
 12 Months Ended
Dec. 31, 2011
Fair Values of Financial Instruments
17. Fair Values of Financial Instruments

The carrying values of cash and cash equivalents, trade receivables and accounts payable approximate fair value due to the short-term maturity of these items.

The estimated fair value of the Company’s outstanding debt balances (including current portion) as of December 31, 2011 and 2010 is set forth below (in thousands):

 

     December 31, 2011      December 31, 2010  
     Carrying
Value		      Fair
Value		      Carrying
Value		      Fair
Value		  

Borrowings under Credit Agreement:

            

Revolving credit facility

    $ 110,000       $ 110,000       $ —       $ —   

Term loan facility

      92,500         92,500         98,750         98,750   

Senior Notes

      300,000         315,942         300,000         289,625   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total debt

    $ 502,500       $ 518,442       $ 398,750       $ 388,375   
  

 

 

     

 

 

     

 

 

     

 

 

  

The carrying value of the balance outstanding under the term loan facility and revolving credit facility approximates fair value as both facilities have a floating interest rate that adjusts at each quarterly interest payment date. The fair value of the 4.97% Series A Senior Notes at December 31, 2011 and 2010 is based on discounted cash flows associated with the Senior Notes using current market rates of interest at those respective dates. These fair value estimates are based on observable market inputs and are considered level 2 fair value estimates in the fair value hierarchy of fair value accounting.