Fair Value Measurements

9 Months Ended

Sep. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

6. Fair Value Measurements

Our financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in millions):

				Fair Value Measurements at Reporting Date Using
	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Valuation Technique  (1)
As of September 30, 2011
Other current assets:
Current portion of restricted marketable securities	$	20.2		$	—	$	20.2		$	—		M
Other long-term assets:
Restricted marketable securities		24.9			—		24.9			—		M
As of December 31, 2010
Other current assets:
Current portion of restricted marketable securities	$	18.2		$	—	$	18.2		$	—		M
June 2009 trading swap		1.2			—		1.2			—		I
Other long-term assets:
Restricted marketable securities		19.3			—		19.3			—		M
Accrued expenses and other current liabilities:
March 2006 trading swap		(12.1	)		—		(12.1	)		—		I

⁽¹⁾  The three valuation techniques are: market approach (M), cost approach (C), and income approach (I).

In addition to assets and liabilities recorded at fair value on a recurring basis, we are also required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges or similar adjustments made to the carrying value of the applicable assets.

During the three and nine months ended September 30, 2011 and 2010, we did not record any gains or losses related to our nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a nonrecurring basis as part of our continuing operations. During the three and nine months ended September 30, 2011, we recorded impairment charges of $4.6 million and $5.9 million, respectively, as part of our results of discontinued operations. During the nine months ended September 30, 2010, we recorded impairment charges of $0.6 million as part of our results of discontinued operations. These charges related to closed hospitals. We determined the fair value of the impaired long-lived assets at these hospitals primarily based on the assets’ estimated fair value using valuation techniques that included offers we received from third parties to acquire the assets and third-party appraisals.

As discussed in Note 1, Summary of Significant Accounting Policies, to the consolidated financial statements accompanying the 2010 Form 10-K, the carrying value equals fair value for our financial instruments that are not included in the table below and are classified as current in our condensed consolidated balance sheets. The carrying amounts and estimated fair values for all of our other financial instruments are presented in the following table (in millions):

	As of September 30, 2011				As of December 31, 2010
	Carrying Amount		Estimated Fair Value		Carrying Amount			Estimated Fair Value
Interest rate swap agreements:
March 2006 trading swap	$	—	$	—	$	(12.1	)	$	(12.1	)
June 2009 trading swap		—		—		1.2			1.2
Long-term debt:
Advances under $500 million revolving credit facility		178.0		178.0		78.0			78.0
Term Loan Facility		98.8		98.8		—			—
10.75% Senior Notes due 2016		—		—		495.5			543.2
7.25% Senior Notes due 2018		336.8		321.2		275.0			280.5
8.125% Senior Notes due 2020		285.7		276.2		285.5			311.8
7.75% Senior Notes due 2022		312.0		280.6		250.0			258.1
Other bonds payable		1.5		1.5		1.8			1.8
Other notes payable		35.9		35.9		36.4			36.4
Financial commitments:
Letters of credit		—		46.0		—			45.6