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Fair Value Measurements
6 Months Ended
Jun. 30, 2011
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements


The provisions of the accounting standard for fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This standard classifies the inputs used to measure fair value into the following hierarchy:


Level 1     Unadjusted quoted prices in active markets for identical assets or liabilities


Level 2     Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability


Level 3    Unobservable inputs for the asset or liability


The following table provides the financial assets and financial liabilities reported at fair value and measured on a recurring basis:
 
 
 
Fair Value Measurements Using
Description
Total
 
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
June 30, 2011
 
 
 
 
 
 
 
Asset derivatives
$
520


 
$


 
$
520


 
$


Liability derivatives
(316
)
 


 
(316
)
 


Rabbi trust assets
1,337


 
1,337


 


 


 
$
1,541


 
$
1,337


 
$
204


 
$


 
 
 
 
 
 
 
 
December 31, 2010
 
 
 
 
 
 
 
Asset derivatives
$
1,617


 
$


 
$
1,617


 
$


Liability derivatives
(667
)
 


 
(667
)
 


Rabbi trust assets
1,350


 
1,350


 


 


 
$
2,300


 
$
1,350


 
$
950


 
$






The derivative contracts are valued using observable current market information as of the reporting date such as the prevailing LIBOR-based and U.S. treasury interest rates and foreign currency spot and forward rates. The fair values of rabbi trust assets are based on quoted market prices from various financial exchanges.


As disclosed within the Company's Annual Report on Form 10-K for the year ended December 31, 2010, the fair value of the 3.375% Convertible Notes was approximately $57,244. As of June 30, 2011, the fair value of the 3.375% Convertible Notes was approximately $60,780. The par value for both periods was $55,636.