Note 7 - Fair Value Measurements

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

7. Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Our assets and liabilities measured at fair value are based on the market approach valuation technique which considers prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. This valuation method is based on either quoted market prices (Level 1) or inputs, other than the quoted prices in active markets, that are observable either directly or indirectly (Level 2). The following are assets and liabilities measured at fair value on a recurring basis at September 30, 2014 (in millions):

	Asset/(Liability) Balance			Input Level
Trading investments	$	13.4			1
Interest rate swap	$	(2.7	)		2
Senior notes	$	(247.2	)		2

Trading investments are classified in other assets and the interest rate swap is classified in other long-term liabilities in our Condensed Consolidated Balance Sheets. The senior notes are classified in long-term debt in our Condensed Consolidated Balance Sheets.

Financial Instruments

The carrying amount and estimated fair value at September 30, 2014, using the income method (Level 2), based on their net present value, discounted at our current borrowing rate, of our senior revolving line of credit and remaining senior notes not measured at fair value on a recurring basis, were $589.9 million and $608.2 million, respectively.

The carrying amounts of all other instruments at September 30, 2014, approximate their fair value due to the short maturity of these instruments.