Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

(7) FAIR VALUE MEASUREMENTS

Each asset and liability required to be carried at fair value is classified under one of the following criteria:

Level 1: Quoted market prices in active markets for identical assets or liabilities

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data

Level 3: Unobservable inputs that are not corroborated by market data

We have a fixed-for-floating interest rate swap agreement that was entered into to fix the LIBOR interest rate component on $100.0 million of the outstanding balance on the Facility Agreement. The fixed rate component of the swap was set at 4.145% and was accounted for as a cash flow hedge. The consolidated balance sheet contains the cash flow hedge within short term liabilities, reflecting the fair value of the interest rate swap which was $2.8 million at March 31, 2012. For the three-month period ended March 31, 2012, $0.5 million related to this interest rate swap was reclassified from accumulated OCI to interest expense. We also reclassified an additional $1.8 million from accumulated OCI to interest expense as a result of de-designating hedge accounting. We expect to reclassify $0.7 million of accumulated change in fair value of the interest rate swap to interest expense during the next 12 months. We recognize the fair value of our derivative swap as a Level 2 valuation. We determined the fair value of our interest rate swap based on the contractual fixed rate in the swap agreement and the forward curve of three month LIBOR supplied by the bank as of March 31, 2012.

The following table presents information about our assets (liabilities) measured at fair value on a recurring basis as of March 31, 2012, and indicates the fair value hierarchy we utilized to determine such fair value (in millions).

	Level 1		Level 2			Level 3		Total
Fair Value of Derivative	$	—	$	(2.8	)	$	—	$	(2.8	)
Asset Held For Sale	$	—	$	1.8		$	—	$	1.8

The following table presents information about our assets (liabilities) measured at fair value on a recurring basis as of December 31, 2011, and indicates the fair value hierarchy we utilized to determine such fair value (in millions).

	Level 1		Level 2			Level 3		Total
Fair Value of Derivative	$	—	$	(3.5	)	$	—	$	(3.5	)
Asset Held For Sale	$	—	$	1.8		$	—	$	1.8