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Fair Value Measurements
 12 Months Ended
Dec. 31, 2011
Fair Value Measurements [Abstract]  
Fair Value Measurements

12. Fair Value Measurements

The following table presents information about our financial assets and liabilities measured at fair value as of December 31, 2011 and 2010 under the fair value hierarchy discussed in Footnote 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements":

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(in millions)

September 30, September 30, September 30, September 30, September 30, September 30, September 30, September 30,
    December 31, 2011     December 31, 2010  
    Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		     Significant
Other
Observable
Inputs (Level 2) 		    Significant
Unobservable
Inputs
(Level 3)		     Total     Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		     Significant
Other
Observable
Inputs (Level 2)		     Significant
Unobservable
Inputs
(Level 3)		     Total  

Assets

                

Deferred compensation plan investments

  $ 41.0      $ —      $ —      $ 41.0      $ 46.7      $ —      $ —      $ 46.7   

Available-for-sale investment

     —        —        —        —        5.0        —        —        5.0   

Derivative financial instruments

     —        0.1        —        0.1        —        —        —        —   

Liabilities

                

Derivative financial instruments

   $ —      $ 16.6      $ —      $ 16.6      $ —      $ 36.9      $ —      $ 36.9   

 

 

Other Fair Value Disclosures. As of December 31, 2011 and 2010, the carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities, and distributions payable approximated fair value based on the short-term nature of these instruments.

In calculating the fair value of our notes receivable and notes payable, interest rates and spreads reflect current creditworthiness and market conditions available for the issuance of notes receivable and notes payable with similar terms and remaining maturities. The following table presents the carrying and estimated fair value of our notes receivable and notes payable for the years ended December 31:

 

September 30, September 30, September 30, September 30,
       December 31, 2011        December 31, 2010  

(in millions)

      Carrying
Value		        Estimated
Fair Value		        Carrying
Value		        Estimated
Fair Value		  

Notes receivable – affiliates

      $ —           $ —           $ 3.2         $ 3.2   

Fixed rate notes payable (1)

        2,186.6           2,304.4           2,333.5           2,386.0   

Floating rate notes payable

        245.5           233.6           230.3           212.7   

 

(1)

December 31, 2010 includes a $500 million term loan entered into in 2007, and a $16.6 million construction loan entered into in 2008 which are effectively fixed by the use of interest rate swaps but evaluated for estimated fair value at the floating rate. The $500 million term loan was repaid in June 2011. The $16.6 million construction loan interest rate swap matured and was not extended in conjunction with the one-year extension of the loan in July 2011.

Nonrecurring Fair Value Disclosures. Nonfinancial assets and nonfinancial liabilities measured on a nonrecurring basis utilizing level 3 inputs, primarily relate to impairment of long-lived assets or investments. There were no events during the years ended December 31, 2011 or 2010 which required fair value adjustments of our nonfinancial assets and nonfinancial liabilities.