Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

(8)   Fair Value Measurements

Assets and liabilities are required to be categorized into three levels of fair value based upon the assumptions used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3, if applicable, generally would require significant management judgment. The three levels for categorizing the fair value measurement of assets and liabilities are as follows:

•  Level 1: Fair valuing the asset or liability using observable inputs, such as quoted prices in active markets for identical assets or liabilities;

•  Level 2: Fair valuing the asset or liability using inputs other than quoted prices that are observable for the applicable asset or liability, either directly or indirectly, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

•  Level 3: Fair valuing the asset or liability using unobservable inputs that reflect the Company’s own assumptions regarding the applicable asset or liability.

As of June 30, 2011, the fair values of the Company’s financial assets and liabilities, namely its FX Contracts (as hereinafter defined) are categorized in the table below:

	Total		Level 1		Level 2		Level 3
Assets:
Derivatives:
FX Contracts(a)	$	0.1	$	—	$	0.1	$	—
Total assets at fair value	$	0.1	$	—	$	0.1	$	—
Liabilities:
Derivatives:
FX Contracts(a)	$	2.0	$	—	$	2.0	$	—
Total liabilities at fair value	$	2.0	$	—	$	2.0	$	—

As of December 31, 2010, the fair values of the Company’s financial assets and liabilities, namely its FX Contracts (as hereinafter defined), are categorized in the table below:

	Total		Level 1		Level 2		Level 3
Assets
Derivatives:
FX Contracts(a)	$	0.2	$	—	$	0.2	$	—
Total assets at fair value	$	0.2	$	—	$	0.2	$	—
Liabilities
Derivatives:
FX Contracts(a)	$	2.1	$	—	$	2.1	$	—
Total liabilities at fair value	$	2.1	$	—	$	2.1	$	—

^(a) The fair value of the Company’s FX Contracts (as hereinafter defined) was measured based on observable market transactions of spot and forward rates at June 30, 2011 and December 31, 2010. (See Note 9, “Financial Instruments,” in this Form 10-Q.)