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Fair Values of Financial Instruments
 12 Months Ended
Dec. 31, 2012
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, 2012 and 2011 is set forth below (in thousands):

 

     December 31, 2012      December 31, 2011  
     Carrying
Value		      Fair
Value		      Carrying
Value		      Fair
Value		  

Borrowings under credit agreements:

            

Revolving credit facilities

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

Term loan facilities

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

4.97% Series A Senior Notes

      300,000         329,281         300,000         315,942   

4.27% Series B Senior Notes

      300,000         310,591         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total debt

    $ 698,750       $ 738,622       $ 502,500       $ 518,442   
  

 

 

     

 

 

     

 

 

     

 

 

  

The carrying values of the balances outstanding under the term loan facilities and revolving credit facilities approximate their fair values as these instruments have floating interest rates. The fair value of the Series A Notes at December 31, 2012 and 2011 and the Series B Notes at December 31, 2012 are based on discounted cash flows associated with the respective 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.