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Fair Values of Financial Instruments
 3 Months Ended
Mar. 31, 2013
Fair Values of Financial Instruments
12. 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. These fair value estimates are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting.

The estimated fair value of the Company’s outstanding debt balances (including current portion) as of March 31, 2013 and December 31, 2012 is set forth below (in thousands):

 

     March 31, 2013      December 31, 2012  
     Carrying
Value		      Fair
Value		      Carrying
Value		      Fair
Value		  

Borrowings under Credit Agreement:

            

Term loan facility

    $ 97,500       $ 97,500       $ 98,750       $ 98,750   

4.97% Series A Senior Notes

      300,000         321,743         300,000         329,281   

4.27% Series B Senior Notes

      300,000         303,342         300,000         310,591   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total debt

    $ 697,500       $ 722,585       $ 698,750       $ 738,622   
  

 

 

     

 

 

     

 

 

     

 

 

  

The carrying values of the balances outstanding under the term loan approximate their fair values as this instrument has a floating interest rate. The fair value of the 4.97% Series A Senior Notes and the 4.27% Series B Senior Notes at March 31, 2013 and December 31, 2012 are based on discounted cash flows associated with the respective notes using current market rates of interest at those respective dates. For the 4.97% Series A Senior Notes, the current market rates used in measuring this fair value were 3.49% at March 31, 2013 and 3.36% at December 31, 2012. For the 4.27% Series B Senior Notes, the current market rate used in measuring this fair value was 3.85% at March 31, 2013 and 3.70% at December 31, 2012. 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.