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Fair Value
9 Months Ended
Sep. 30, 2012
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 other intangible assets, which are measured for impairment. In third quarter 2012 and 2011, no non-financial assets were remeasured at fair value.

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:

 

     Third Quarter-End 2012     Year-End 2011        
     Carrying
Amount
    Fair
Value
    Carrying
Amount
    Fair
Value
    Valuation
Technique
 
     (In thousands)        

Loan secured by real estate

   $ 19,063     $ 37,713     $ 20,666     $ —   (a)      Level 2   

Fixed rate debt

   $ (3,431   $ (3,557   $ (29,931   $ (32,478     Level 2   

 

(a) At year-end 2011 not applicable due to its non-performing status.