Fair value

6 Months Ended

Jun. 29, 2013

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 29, 2013			December 31, 2012
	Fair Value		Carrying Value	Fair Value	Carrying Value
3.85% senior notes, payable January 31, 2023; interest payable semiannually	$	573,000	600,000	—	—
6.125% notes, payable January 15, 2016; interest payable semiannually	990,900		900,000	1,011,600	900,000
Five-year senior secured credit facility, due July 8, 2016	625,768		625,768	153,875	153,875
Securitization facility	300,000		300,000	280,000	280,000
Industrial revenue bonds, capital leases and other	107,987		107,987	49,067	49,067
Total long-term debt	2,597,655		2,533,755	1,494,542	1,382,942
Less current portion	83,171		83,171	55,213	55,213
Long-term debt, less current portion	$	2,514,484	2,450,584	1,439,329	1,327,729

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.