v2.4.0.6
Fair Value
 12 Months Ended
Dec. 31, 2011
Fair Value [Abstract]  
Fair Value

Note 10 — Fair Value

Non-financial assets measured at fair value on a non-recurring basis principally include real estate assets, assets held for sale, goodwill and intangible assets, which are measured for impairment. In 2011 and 2010, certain real estate assets were remeasured and reported at fair value due to events or circumstances that indicated the carrying value may not be recoverable. We determined estimated fair value based on the present value of future probability weighted cash flows expected from the sale of the long-lived asset or based on a third-party appraisal of current value. As a result, we recognized non-cash asset impairments of $11,525,000 in 2011 and $9,042,000 in 2010 associated with our owned and consolidated projects. The carrying value of these assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.

 

                                                                 
    Year-End 2011     Year-End 2010  
    Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total  
    (In thousands)  

Non-Financial Assets and Liabilities:

                                                                

Real estate

   $ —     $ —     $ 24,161     $ 24,161     $ —     $ —     $ 10,386     $ 10,386  

We elected not to use the fair value option for cash and cash equivalents, accounts receivable, other current assets, variable debt, accounts payable and other current liabilities. The carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. We determine the fair value of fixed rate financial instruments using quoted prices for similar instruments in active markets.

Information about our fixed rate financial instruments not measured at fair value follows:

 

                                         
    Year-End 2011     Year-End 2010        
    Carrying
Amount		     Fair
Value		     Carrying
Amount		     Fair
Value		     Valuation
Technique		  
    (In thousands)  

Fixed rate debt

   $ (29,931 )    $ (32,478 )    $ (29,931 )    $ (30,164 )      Level 2