Fair value

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Fair value

Fair Value

ASC 825-10, formerly the FASB Staff Position FAS 107-1 and Accounting Principles Board Opinion 28-1, “Interim Disclosures About Fair Value of Financial Instruments”, requires disclosures about fair value of financial instruments in interim reporting periods of publicly-traded companies.

The fair values and carrying values of our debt instruments are detailed as follows:

	June 30, 2012			December 31, 2011
	Fair Value		Carrying Value	Fair Value	Carrying Value
7.20% senior notes, payable April 15, 2012 interest payable semiannually	$	—	—	336,606	336,270
6.125% notes, payable January 15, 2016 interest payable semiannually	989,100		900,000	963,900	900,000
Five-year senior secured credit facility, due July 8, 2016	676,125		676,125	298,000	298,000
Industrial revenue bonds, capital leases and other	51,563		51,563	52,169	52,169
Total long-term debt	1,716,788		1,627,688	1,650,675	1,586,439
Less current portion	57,158		57,158	386,591	386,255
Long-term debt, less current portion	$	1,659,630	1,570,530	1,264,084	1,200,184

The fair values of the Company’s debt instruments were estimated using market observable inputs, including quoted prices in active markets, market indices and interest rate measurements. Within the hierarchy of fair value measurements, these are Level 2 fair values.

The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate their fair values because of the relatively short-term maturities of these instruments.