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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2012
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS

ASC 820 Fair Value Measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.  These tiers are defined as:
 
Level 1 – Quoted prices in active markets for identical instruments.
Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable.
Level 3 – Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Assets and liabilities measured at fair value on a recurring basis consisted of the following (amounts in thousands):

 
June 30, 2012
 
December 31, 2011
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Investment in Titan Europe Plc (a)
$
29,534

 
$
29,534

 
$
—

 
$
—

 
$
28,998

 
$
28,998

 
$
—

 
$
—

Contractual obligation investments
13,190

 
13,190

 


 


 
12,395

 
12,395

 


 


Preferred stock
1,000

 
—

 
—

 
1,000

 
1,000

 
—

 
—

 
1,000

Interest rate swap
1,228

 
—

 
1,228

 
—

 
634

 
—

 
634

 
—

Total
$
44,952

 
$
42,724

 
$
1,228

 
$
1,000

 
$
43,027

 
$
41,393

 
$
634

 
$
1,000



(a) The fair value for all periods presented has been decreased by cumulative translation adjustment of $1.2 million, which relates to the Company's Titan Europe Plc ownership in 2005 and before.

The following table presents the changes during the periods presented in Titan's Level 3 investments that are measured at fair value on a recurring basis (amounts in thousands):
 
Preferred stock
Balance at December 31, 2011
$
1,000

  Total realized and unrealized gains and losses
—

Balance as of June 30, 2012
$
1,000