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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 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):

 
December 31, 2012
 
December 31, 2011
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Investment in Titan Europe Plc (a)
$
—

 
$
—

 
$
—

 
$
—

 
$
28,998

 
$
28,998

 
$
—

 
$
—

Contractual obligation investments
7,408

 
7,408

 
 
 
 
 
12,395

 
12,395

 
 
 
 
Interest rate swap
1,048

 
—

 
1,048

 
—

 
634

 
—

 
634

 
—

Preferred stock
250

 
—

 
—

 
250

 
1,000

 
—

 
—

 
1,000

Derivative financial instruments liability
(7,376
)
 
—

 
(7,376
)
 
—

 
—

 
—

 
—

 
—

Total
$
1,330

 
$
7,408

 
$
(6,328
)
 
$
250

 
$
43,027

 
$
41,393

 
$
634

 
$
1,000



(a) The fair value for the December 31, 2011 period 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

  Change in preferred stock investment
(750
)
  Total realized and unrealized gains and losses
—

Balance as of December 31, 2012
$
250