Fair Value

12 Months Ended

Dec. 31, 2011

Fair Value [Abstract]

Fair Value Disclosures [Text Block]

Fair Value

The Company’s assets and (liabilities) measured at fair value were as follows (in thousands):

				Based on
	Fair Value			Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
December 31, 2011
Assets and (Liabilities) Measured at Fair Value on a Recurring Basis:
7.75% interest rate swap agreement - fair value hedge (1)	$	35,473		$	—	$	35,473		$	—
Derivatives (2)	—			—		—			—
Total	$	35,473		$	—	$	35,473		$	—
December 31, 2010
Assets and (Liabilities) Measured at Fair Value on a Recurring Basis:
Rabbi trust assets (3)	$	85,741		$	85,741	$	—		$	—
7.75% interest rate swap agreement - fair value hedge (1)	$	(829	)	$	—	$	(829	)	$	—
6.875% interest rate swap agreement - fair value hedge (1)	(3,461		)	—		(3,461		)	—
Derivatives (2)	—			—		—			—
Total	$	(4,290	)	$	—	$	(4,290	)	$	—

See further discussion of Omnicare’s application of the authoritative guidance for fair value measurements, including clarification of Levels 1, 2 and 3, at the “Fair Value of Financial Instruments” caption of the “Description of Business and Summary of Significant Accounting Policies” note of the Notes to Consolidated Financial Statements.

(1) The fair value of the Company’s interest rate swap agreements ("swaps") are valued using market inputs with mid-market pricing as a practical expedient for the bid/ask spread.  As such, these swaps are categorized within Level 2 of the hierarchy.  The Company’s swaps are discussed in further detail at the “Debt” note of the Notes to Consolidated Financial Statements.

(2) The Company’s derivative instruments are discussed in further detail at the “Debt” note of the Notes to Consolidated Financial Statements.

(3) The fair value of restricted funds held in trust ("rabbi trust assets") for settlement of the Company’s pension obligations are based on quoted market prices in an active market of the investments held by the trustee.

For cash and cash equivalents, restricted cash, accounts receivable and accounts payable, the net carrying value of these items approximates their fair value at period end.  Further, at period end, the fair value of Omnicare’s variable rate debt facilities approximates the carrying value, as the effective interest rates fluctuate with changes in market rates.  The fair value of the Company’s fixed-rate debt facilities is based on quoted market prices and, while recorded on the Consolidated Balance Sheets at carrying value, and thus excluded from the table above, are included in the Fair Value of Financial Instruments table below.

The fair value of the Company’s fixed-rate debt facilities is based on quoted market prices in an active market and is summarized as follows (in thousands):

Fair Value of Financial Instruments

	December 31, 2011				December 31, 2010
Financial Instrument:	Book Value		Market Value		Book Value		Market Value
6.125% senior subordinated notes, due 2013, gross	$	—	$	—	$	250,000	$	251,300
6.875% senior subordinated notes, due 2015	—		—		525,000		535,500
7.75% senior subordinated notes, due 2020, gross	550,000		591,300		400,000		415,500
3.75% convertible senior subordinated notes, due 2025
Carrying value	361,345		—		353,505		—
Unamortized debt discount	213,655		—		221,495		—
Principal amount	575,000		816,500		575,000		636,400
4.00% junior subordinated convertible debentures, due 2033
Carrying value	203,675		—		201,282		—
Unamortized debt discount	141,325		—		143,718		—
Principal amount	345,000		318,800		345,000		266,900
3.25% convertible senior debentures, due 2035
Carrying value	384,799		—		370,837		—
Unamortized debt discount	67,701		—		81,663		—
Principal amount	452,500		404,600		452,500		427,600