FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Measurements

 FAIR VALUE MEASUREMENTS

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

	Fair value		Fair Value Measurements as of
	as of		December 31, 2011
	December 31, 2011		Using Fair Value Hierarchy
			Level 1		Level 2		Level 3
Noncontrolling interest puts	$	20.2	$	—	$	20.2	$	—
Derivatives
Embedded derivatives related to the zero-coupon subordinated notes	$	—	$	—	$	—	$	—
Total fair value of derivatives	$	—	$	—	$	—	$	—

	Fair value		Fair Value Measurements as of
	as of		December 31, 2010
	December 31, 2010		Using Fair Value Hierarchy
			Level 1		Level 2		Level 3
Noncontrolling interest put	$	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 $190.2 and $419.5 as of December 31, 2011 and 2010, respectively. The fair market value of the senior notes, based on market pricing, was approximately $1,624.4 and $1,549.8 as of December 31, 2011 and 2010, respectively. As of December 31, 2011 and 2010, the estimated fair market value of the Company’s variable rate debt of $0.0 and $370.1, respectively, was estimated by calculating the net present value of related cash flows, discounted at current market rates.