Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Successor

Assets Measured at Fair Value on a Recurring Basis    

The following table presents information about the Company's financial assets measured at fair value on a recurring basis at December 31, 2011, and indicates the level in the fair value hierarchy of the valuation techniques utilized to determine such fair value (amounts in thousands):

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balances, December 31, 2011
Assets
Available-for-sale securities	$	203	$	—	$	—	$	203
Total assets measured at fair value on a recurring basis	$	203	$	—	$	—	$	203
Liabilities
Interest rate swaps	$	—	$	20,047	$	—	$	20,047
Total liabilities measured at fair value on a recurring basis	$	—	$	20,047	$	—	$	20,047

The fair value of available-for-sale securities is based on quoted prices in active markets. The fair values of interest rate swaps are based on quoted market prices from various banks for similar instruments. These quoted market prices are based on relevant factors such as the contractual terms of the interest rate swap agreements and interest rate curves and are adjusted for the non-performance risk of either the Company or its counterparties, as applicable.

Fair Value of Long-term Debt

The aggregate fair value of the Company's long-term debt at December 31, 2011 was approximately $2.1 billion compared with a carrying value of $2.2 billion. The estimated fair value of the Company's long-term debt is based on quoted market prices from various banks for similar instruments, which is considered a Level 2 input under the fair value measurement hierarchy.

Predecessors

The following table presents information about STN Predecessor's financial assets and liabilities measured at fair value on a recurring basis at December 31, 2010 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (amounts in thousands):

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2010
Assets
Available-for-sale securities	$	271	$	—	$	—	$	271
Total assets measured at fair value on a recurring basis	$	271	$	—	$	—	$	271
Liabilities
Liabilities not subject to compromise:
Interest rate swap	$	—	$	397	$	—	$	397
Liabilities subject to compromise:
Deferred compensation liabilities	1,194		—		—		1,194
Total liabilities measured at fair value on a recurring basis	$	1,194	$	397	$	—	$	1,591

The fair values of STN Predecessor's available-for-sale securities and deferred compensation liabilities were based on quoted prices in active markets. The fair value of the interest rate swap was based on quoted market prices from various banks for similar instruments. These quoted market prices were based on relevant factors such as the contractual terms of the interest rate swap agreements and interest rate curves and were adjusted for the non-performance risk of either Predecessor or the counterparties, as applicable. Certain interest rate swaps of STN Predecessor that were previously accounted for at fair value were terminated early, and as a result, were no longer accounted for at fair value on a recurring basis at December 31, 2010.

Effective March 16, 2010, GVR Predecessor's floating-to-fixed interest rate swap with a notional amount of $420.0 million was terminated. As a result, GVR Predecessor ceased carrying this interest rate swap at fair value on a recurring basis and adjusted its carrying amount to the termination settlement amount, which is reflected as a current liability on its balance sheet at December 31, 2010.

None of GVR Predecessor's assets or liabilities was measured at fair value on a nonrecurring basis during the Predecessor period January 1, 2011 through June 16, 2011 or the year ended December 31, 2010.

See Note 16 for additional information about the Predecessors' derivative instruments.