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Fair Value Measurements
9 Months Ended
Sep. 30, 2011
Fair Value Measurements 
Fair Value Measurements

(19) Fair Value Measurements

 

The following table presents the Company’s fair value measurements of its financial assets and liabilities measured at fair value in the condensed consolidated balance sheet. Recognized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of income. During the nine months ended September 30, 2011, there were no transfers of financial assets or liabilities within the fair value hierarchy.

 

The following is a summary of the Company’s recurring fair value measurements of its financial assets and liabilities at September 30, 2011 (in thousands):

 

Financial Instrument

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Marketable equity securities

 

$

12,297

 

$

12,297

 

$

—

 

$

—

 

Interest-rate swap liabilities(1)

 

(11,848

)

—

 

(11,848

)

—

 

Warrants(1)

 

1,317

 

—

 

—

 

1,317

 

 

 

$

1,766

 

$

12,297

 

$

(11,848

)

$

1,317

 

 

(1)          Interest rate swap and common stock warrant values are determined based on observable and unobservable market assumptions using standardized derivative pricing models.