Fair Value Measurements

9 Months Ended

Sep. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

(12) Fair Value Measurements

     The Fair Value Measurements and Disclosures Topic of the ASC (formerly SFAS 157, Fair Value Measurements) defines fair value, establishes a framework for measuring fair value and establishes a hierarchy that categorizes and prioritizes the sources to be used to estimate fair value. The Fair Value Measurements and Disclosures Topic of the ASC also expands financial statement disclosures about fair value measurements.

     In determining fair value, the Company uses a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

     Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

     Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

     Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

     At September 30, 2011 we had $39.2 million of goodwill and/or indefinite intangible assets, which were accounted for at fair market value on a non-recurring basis. The Company had determined that the fair value measurements of these non-financial assets are Level 3 in the fair value hierarchy.

     The carrying value of the Swaps at December 31, 2010 represents the termination value of the Swaps as determined by the respective counterparties following the termination event described herein. See note 7 for more information.

     At the Effective Date, with the exception of deferred taxes and assets and liabilities associated with pension and post-retirement health plans, all assets and liabilities were remeasured at fair value under fresh start accounting. See note 2.