Fair Value of Financial Instruments (Notes)

12 Months Ended

Dec. 31, 2012

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS:

The following methods and assumptions were used to estimate the fair value of each class of financial instrument held by the Company:

• Financial Instruments Carried at Fair Value: Derivative instruments are recorded on the balance sheet as either assets or liabilities measured at fair value. As of December 31, 2012, the Company’s derivative financial instruments consisted of interest rate swap agreements and cross-currency swap agreements. The Company estimated the fair value of its interest rate swap agreements based on Level 2 valuation inputs, including fixed interest rates, LIBOR implied forward interest rates and the remaining time to maturity. The Company estimated the fair value of its cross-currency swap agreements based on Level 2 valuation inputs, including LIBOR implied forward interest rates, AUD BBSW implied forward interest rates and the remaining time to maturity.

• Financial Instruments Carried at Historical Cost: Since the Company’s long-term debt is not actively traded, fair value was estimated using a discounted cash flow analysis based on Level 2 valuation inputs, including borrowing rates the Company believes are currently available to it for loans with similar terms and maturities.

The following table presents the Company’s financial instruments that are carried at fair value using Level 2 inputs at December 31, 2012 and 2011 (dollars in thousands):

	2012		2011
Financial instruments carried at fair value using Level 2 inputs:
Interest rate swap agreements	$	4,302	$	—
Cross-currency swap agreements	255		—
Total financial assets carried at fair value	$	4,557	$	—
Interest rate swap agreements	$	4,663	$	7,025
Cross-currency swap agreements	143		7,170
Total financial liabilities carried at fair value	$	4,806	$	14,195

The following table presents the carrying value and fair value using Level 2 inputs of the Company’s financial instruments carried at historical cost at December 31, 2012 and 2011 (dollars in thousands):

	2012				2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial liabilities carried at historical cost:
Revolving credit facility	$	25,153	$	25,222	$	191,919	$	186,590
United States term loan	1,576,100		1,562,385		190,000		183,869
Canadian term loan	14,446		14,353		21,983		21,226
Australia term loan	190,100		191,057		89,443		88,299
Amortizing Notes component of TEUs	32,435		31,484		—		—
Series B senior notes	—		—		100,000		107,704
Series C senior notes	—		—		25,000		24,822
Other debt	19,901		19,759		7,849		7,775
Total	$	1,858,135	$	1,844,260	$	626,194	$	620,285