FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The following table provides a summary of the recognized assets and liabilities that are measured at fair value on a recurring basis:

			Basis of Fair Value Measurements
			Quoted Prices in Active Markets for Identical Assets / Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
March 31, 2012			Level 1		Level 2		Level 3
Assets:
Interest rate swaps	$	51,265	$	—	$	51,265	$	—
Trading securities	50,155		50,155		—		—
Cash surrender value of life insurance policies	23,357		—		23,357		—
Available-for-sale equity securities	975		—		—		975
Foreign currency forward contracts	482		—		482		—
Total	$	126,234	$	50,155	$	75,104	$	975
Liabilities:
Deferred compensation liabilities	$	77,726	$	—	$	77,726	$	—
Foreign currency forward contracts	461		—		461		—
Total	$	78,187	$	—	$	78,187	$	—

			Basis of Fair Value Measurements
			Quoted Prices in Active Markets for Identical Assets / Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2011			Level 1		Level 2		Level 3
Assets:
Interest rate swaps	$	56,520	$	—	$	56,520	$	—
Trading securities	46,926		46,926		—		—
Cash surrender value of life insurance policies	20,936		—		20,936		—
Available-for-sale equity securities	646		—		—		646
Foreign currency forward contracts	180		—		180		—
Total	$	125,208	$	46,926	$	77,636	$	646
Liabilities:
Deferred compensation liabilities	$	71,688	$	—	$	71,688	$	—
Foreign currency forward contracts	1,648		—		1,648		—
Total	$	73,336	$	—	$	73,336	$	—

A full description regarding the Company's fair value measurements is contained in Note 5 to the Consolidated Financial Statements in the Company's 2011 Annual Report on Form 10-K.    

Investments in available-for-sale equity securities consist of the revaluation of an existing investment in unregistered common shares of a publicly-held company. This investment is classified within Level 3 because the unregistered securities contain restrictions on their sale, and therefore, the fair value measurement reflects a discount for the effect of the restriction.

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable and accrued expenses approximate fair value based on the short maturities of these instruments. At March 31, 2012 and December 31, 2011, the fair value of the Company’s debt was estimated at $4.3 billion and $4.4 billion, respectively, using quoted market prices and yields for the same or similar types of borrowings, taking into account the underlying terms of the debt instruments. At March 31, 2012 and December 31, 2011, the estimated fair value exceeded the carrying value of the debt by $367 million and $387 million, respectively.