FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2011

Notes To Financial Statements [Abstract]

13. FAIR VALUE MEASUREMENTS

The Company's population of financial assets and liabilities subject to fair value measurements as of June 30, 2011 and December 31, 2010 are as follows:

	Fair value		Fair Value Measurements as of
	as of		June 30, 2011
	June 30,		Using Fair Value Hierarchy
	2011		Level 1		Level 2		Level 3
Noncontrolling interest puts	$	174.8	$	--	$	174.8	$	--

Derivatives
Embedded derivatives related to the zero-coupon subordinated notes	$	--	$	--	$	--	$	--
Interest rate swap liability		--		--		--		--
Total fair value of derivatives	$	--	$	--	$	--	$	--

	Fair value		Fair Value Measurements as of
	as of		December 31, 2010
	December 31,		Using Fair Value Hierarchy
	2010		Level 1		Level 2		Level 3
Noncontrolling interest puts	$	168.7	$	--	$	168.7	$	--

Derivatives
Embedded derivatives related to the zero-coupon subordinated notes	$	--	$	--	$	--	$	--
Interest rate swap liability		2.4		--		2.4		--
Total fair value of derivatives	$	2.4	$	--	$	2.4	$	--

The noncontrolling interest puts are valued at their contractually determined values, which approximate fair values. The fair values for the embedded derivatives and interest rate swap are based on observable inputs or quoted market prices from various banks for similar instruments.

The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature. The fair market value of the zero-coupon subordinated notes, based on market pricing, was approximately $222.6 and $419.5 as of June 30, 2011 and December 31, 2010, respectively. The fair market value of the senior notes, based on market pricing, was approximately $1,594.8 and $1,549.8 as of June 30, 2011 and December 31, 2010, respectively. As of June 30, 2011 and December 31, 2010, the estimated fair market value of the Company's variable rate debt of $336.1 and $370.1, respectively, was estimated by calculating the net present value of related cash flows, discounted at current market rates.

- Definition

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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