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FAIR VALUE OF FINANCIAL INSTRUMENTS (Block) | 9 Months Ended
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Sep. 30, 2011
Fair Value Disclosures Abstract |
Fair Value Disclosures Text Block | 17. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Of Financial Instruments Subject To Fair Value Measurements The fair value of a financial instrument is the price (exit price) that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the instrument, including assumptions about risks inherent to the inputs of the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (L evel 1 measurement), pricing inputs other than quoted prices in active markets (Level 2 measurement) and the lowest priority to unobservable inputs (L evel 3 measurement). Recurring Fair Value Measurements The following table s set forth, by level within the fair value hierarchy, the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of the periods indicated. The financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.
|  | September 30, 2011
|  | Value Measurements At Reporting Date Using
|  |  |  |  | Quoted Prices |  |  |  |  |  |
|  |  |  |  | In Active |  |  |  |  |  |
|  |  |  |  | Markets For |  | Significant |  |  |
|  |  |  | Identical |  | Other |  | Significant
|  |  |  | Assets Or |  | Observable |  | Unobservable
|  |  |  | Liabilities |  | Inputs |  | Inputs
Description |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
|  | Assets (Liabilities)
|  | (amounts in thousands)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents (1) |  | $ | 3,115 |  | $ | 3,115 |  | $ | - |  | $ | -
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred Compensation (2) |  | $ | (6,347) |  | $ | (6,347) |  | $ | - |  | $ | -
Interest Rate Cash Flow Hedges Designated |  |  |  |  |  |  |  |  |  |  |  |
As Qualifying Instruments (3): |  |  |  |  |  |  |  |  |  |  |  |
Short-term |  | $ | (2,148) |  | $ | - |  | $ | (2,148) |  | $ | -
Lease abandonment liability (4): |  |  |  |  |  |  |  |  |  |  |  |
Short-term |  | $ | (50) |  | $ | - |  | $ | (50) |  | $ | -
Long-term |  | $ | (696) |  | $ | - |  | $ | (696) |  | $ | -
|  | December 31, 2010
|  | Value Measurements At Reporting Date Using
|  |  |  |  | Quoted Prices |  |  |  |  |  |
|  |  |  |  | In Active |  |  |  |  |  |
|  |  |  |  | Markets For |  | Significant |  |  |
|  |  |  | Identical |  | Other |  | Significant
|  |  |  | Assets Or |  | Observable |  | Unobservable
|  |  |  | Liabilities |  | Inputs |  | Inputs
Description |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
|  | Assets (Liabilities)
|  | (amounts in thousands)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents (1) |  | $ | 3,540 |  | $ | 3,540 |  | $ | - |  | $ | -
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred Compensation (2) |  | $ | (6,622) |  | $ | (6,622) |  | $ | - |  | $ | -
Interest Rate Cash Flow Hedges Designated |  |  |  |  |  |  |  |  |  |  |  |
As Qualifying Instruments (3): |  |  |  |  |  |  |  |  |  |  |  |
Short-term |  | $ | (2,958) |  | $ | - |  | $ | (2,958) |  | $ | -
Long-term |  | $ | (4,319) |  | $ | - |  | $ | (4,319) |  | $ | -
Lease abandonment liability (4): |  |  |  |  |  |  |  |  |  |  |  |
(1) Cash equivalents, which are included under current assets as cash and cash equivalents, are invested in institutional money market funds. This investment is considered a Level 1 measurement, using quoted prices in active markets for identical investments. (2) The Company's d eferred compensation liability, which is included in other long-term liabilities, is record ed at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options such as equity funds, stock funds, capital appreciation funds, money market funds, bond funds, mid-cap value funds and growth funds. The nonqualified deferred compensation plan liability is valued based on quoted market prices of the underlying investments. The Company classifies its nonqualified deferred compensation plan liability as L evel 1. (3) For the Company's interest rate hedges, the Company pays a fixed rate and receives a variable interest rate that is observable based upon a forward Eurodollar interest rate curve and is therefore considered a Level 2 measurement. The Company factors into the fair value of its interest rate hedges an adjustment for a non-performance risk by either the Company and/or by the Company's counterparty. The Company reflects the short-term derivative liability under current liabilities and long-term derivative liability under other long-term liabilities. (4) The Company's lease abandonment liability is recorded at fair value on a recurring basis. The C ompany used Level 2 inputs for its valuation methodology as the fair value was based on expected future cash flows of the underlying lease that was adjusted for a non-performance risk by the Company. The Company reflects the short-term lease abandonment liability under current liabilities and long-term lease abandonment liability under other long-term liabilities. Non-Recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis under the circumstances and events described in Note 4 and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered L evel 3, due to the subjective nature of the unobservable inputs used to determine the fair value. See Note 4 for the disclosure of certain key assumptions used to develop the unobservable inputs. As a result of the Company's second quarter annual testing d uring the nine months ended September 30, 2011 and 2010, the Company determined that no adjustment was required to the carrying value of the assets contained in its reporting units and that it was not necessary to perform the second step of the goodwill impairment test for any of the reporting units. In addition, there were no indicators that would have require d interim testing. Fair Value Of Financial Instruments Subject To Disclosures The estimated fair value of financial instruments is determined using the best available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The use of different market assumptions may have a material effect on the estimated fair value amounts. Cash and cash equivalents (other than the cash equivalents separately identified under this Note as a Level 1 measurement), accounts receivable and accounts payable, including accrued liabilities: The carrying amount of these assets and liabilities approximates fair value because of the short maturity of these instruments. The following methods and assumptions were used to estimate the fair value of financial instruments: (1) Senior debt under the Bank Facility: The Company's determination of the fair value was based on a risk adjusted rate and is considered a Level 3 measurement. (2) F inance method lease obligations: The Company does not believe it is practicable to estimate the fair value of this obligation as it is unlikely that the Company will be required to repay the amount outstanding. (3) Outstanding s tandby l etter of c redit: The Company does not believe it is practicable to estimate the fair value of this financial instrument and does not expect any material loss from the resolution since performance is not likely to be required. The following table presents the carrying value and, where practicable, the fair value as of the periods indicated:
|  | September 30, |  | December 31,
|  | 2011 |  | 2010
|  | Carrying |  | Fair |  | Carrying |  | Fair
|  | Value |  | Value |  | Value |  | Value
|  | (amounts in thousands)
Senior debt (1) |  | $ | 605,500 |  | $ | 592,884 |  | $ | 650,000 |  | $ | 619,713
Finance method lease obligations (2) |  | $ | 12,610 |  |  |  |  | $ | 12,610 |  |  |
Letter of credit (3) |  | $ | 570 |  |  |  | $ | 670 |  |  |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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