Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables summarize the valuation of OEH’s assets and liabilities by the fair value hierarchy at December 31, 2012 and 2011:



	Level 1	Level 2		Level 3	Total
December 31, 2012	$'000	$'000		$'000	$'000

Assets at fair value:
Derivative financial instruments	—	6		—	6

Total assets	—	6		—	6

Liabilities at fair value:
Derivative financial instruments	—	(8,879	)	—	(8,879	)

Total net liabilities	—	(8,873	)	—	(8,873	)



	Level 1	Level 2		Level 3	Total
December 31, 2011	$'000	$'000		$'000	$'000

Assets at fair value:
Derivative financial instruments	—	60		—	60

Total assets	—	60		—	60

Liabilities at fair value:
Derivative financial instruments	—	(10,954	)	—	(10,954	)

Total net liabilities	—	(10,894	)	—	(10,894	)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The table below presents a reconciliation of the beginning and ending balances of derivatives having fair value measurements based on significant unobservable inputs (Level 3) for the year ended December 31, 2011:



	Beginning balance at January 1, 2011 $’000		Transfers into/(out of) Level 3 $’000		Realized losses included in earnings $’000	Unrealized gains included in other comprehensive income $’000	Purchases, Sales, Issuances or Settlements $’000	Ending balance at December 31, 2011 $’000
Liabilities at fair value:
Derivative financial instruments	(277	)	(1,473	)	305	1,140	305	—

Total liabilities	(277	)	(1,473	)	305	1,140	305	—

Schedule of estimated fair values of financial instruments (other than derivative financial instruments)

The estimated fair values of OEH’s financial instruments (other than derivative financial instruments) as of December 31, 2012 and 2011 are as follows:



December 31, 2012	Carrying amounts $’000	Fair value $’000

Cash and cash equivalents	93,382	93,382
Accounts receivable	36,533	36,533
Working capital facilities	—	—
Accounts payable	25,182	25,182
Accrued liabilities	77,519	77,519
Long-term debt, including current portion, excluding obligations under capital leases	521,494	533,783
Long-term debt, including current portion, held by consolidated variable interest entities	97,945	99,656



December 31, 2011	Carrying amounts $’000	Fair value $’000

Cash and cash equivalents	90,104	90,104
Accounts receivable	44,599	44,599
Working capital facilities	—	—
Accounts payable	28,998	28,998
Accrued liabilities	87,617	87,617
Long-term debt, including current portion, excluding obligations under capital leases	538,730	509,866
Long-term debt, including current portion, held by consolidated variable interest entities	90,529	89,525

Fair Value Measurements, Nonrecurring [Table Text Block]

The estimated fair values of OEH’s non-financial assets measured on a non-recurring basis at December 31, 2012, 2011 and 2010 are as follows:



		Fair value measurements using
	Fair Value (1) at December 31, 2012 $’000	Quoted prices in active markets for identical assets (Level 1) $’000	Significant other observable inputs (Level 2) $’000	Significant unobservable inputs (Level 3) $’000	Total losses in year ended December 31, 2012 $’000
Assets of discontinued operations held for sale	22,040	—	—	22,040	(3,166	)
Property, plant and equipment	3,521	—	—	3,521	(2,538	)
Goodwill	7,515	—	—	7,515	(2,055	)
Other assets	—	—	—	—	(1,299	)



		Fair value measurements using
	Fair Value (1) at December 31, 2011 $’000	Quoted prices in active markets for identical assets (Level 1) $’000	Significant other observable inputs (Level 2) $’000	Significant unobservable inputs (Level 3) $’000	Total losses in year ended December 31, 2011 $’000
Assets of discontinued operations held for sale	63,522	—	—	63,522	(65,144	)
Property, plant and equipment	6,000	—	—	6,000	(8,153	)
Goodwill	—	—	—	—	(11,907	)



		Fair value measurements using
	Fair Value (1) at December 31, 2010 $’000	Quoted prices in active markets for identical assets (Level 1) $’000	Significant other observable inputs (Level 2) $’000	Significant unobservable inputs (Level 3) $’000	Total losses in year ended December 31, 2010 $’000
Assets of discontinued operations held for sale	108,155	—	—	108,155	(30,900	)
Property, plant and equipment	22,912	—	—	22,912	(6,386	)
Goodwill	—	—	—	—	(5,895	)
Other intangible assets	1,020	—	—	1,020	(1,070	)

(1) Excludes costs to sell.

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-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 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-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

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-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 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-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 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), 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 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-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 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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