Fair Value

6 Months Ended

Jul. 02, 2011

Fair Value

Fair Value

14. Fair value

ASC 825-10, formerly the FASB Staff Position FAS 107-1 and Accounting Principles Board 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 value and carrying value of our debt instruments are detailed as follows:

	July 2, 2011				December 31, 2010
	Fair Value		Carrying Value		Fair Value		Carrying Value
5.75% notes, payable January 15, 2011 interest payable semiannually	$	—		—		296,459		298,248
7.20% senior notes, payable April 15, 2012 interest payable semiannually		410,400		400,000		422,400		400,000
6.125% notes, payable January 15, 2016 interest payable semiannually		975,600		900,000		963,000		900,000
Four-year senior secured credit facility, due September 2, 2013		253,000		253,000		—		—
Industrial revenue bonds, capital leases and other		55,335		55,335		55,334		55,334
Total long-term debt		1,694,335		1,608,335		1,737,193		1,653,582
Less current portion		463,585		453,185		348,799		350,588
Long-term debt, less current portion	$	1,230,750		1,155,150		1,388,394		1,302,994

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.