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Fair value measurements (Tables)
12 Months Ended
Dec. 31, 2011
Fair value measurements [Abstract]  
Nonrecurring fair value measurements
Information regarding this nonrecurring fair value measurement completed during 2011 was as follows:

 
  
Fair value measurements using
    
 
 
Fair value
as of measurement date
  
Quoted prices
in active
markets for
identical assets
(Level 1)
  
Significant other observable inputs
(Level 2)
  
Significant unobservable inputs
(Level 3)
  
Impairment charge
 
Assets held for sale
 $2,741  $-  $2,741  $-  $1,196 
 

Information regarding these nonrecurring fair value measurements completed during 2009 was as follows:
 
 
 
 
  
Fair value measurements using
  
 
 
 
 
Fair value
as of measurement date
  
Quoted prices
in active
markets for
identical assets
(Level 1)
  
Significant other observable inputs
(Level 2)
  
Significant unobservable inputs
(Level 3)
  
Impairment charge
 
Goodwill(1)
 $20,245  $-  $-  $20,245  $20,000 
Indefinite-lived trade name(2)
  19,100   -   -   19,100   4,900 
Total impairment charges
                 $24,900 

(1) Represents the implied fair value of the goodwill assigned to the reporting unit for which we were required to calculate this amount.

(2) Represents the fair value determined from the event-driven impairment analysis completed during the quarter ended March 31, 2009.
Gain (loss) from derivative instruments
Changes in the fair value of interest rate swaps, as well as changes in the fair value of the hedged debt, are included in interest expense in the consolidated statements of income and were as follows:

   
2011
  
2010
  
2009
 
Gain (loss) from derivatives
 $2,220  $5,608  $(152)
(Loss) gain from change in fair value of hedged debt
  (2,395)  (5,133)  254 
Net (increase) decrease in interest expense
 $(175) $475  $102 
Recurring fair value measurements
Information regarding recurring fair value measurements completed during each period was as follows:

      
Fair value measurements using
 
   
Fair value
as of
December 31, 2011
  
Quoted prices
in active
markets for
identical assets
(Level 1)
  
Significant other
observable inputs
(Level 2)
  
Significant unobservable inputs
(Level 3)
 
Marketable securities – funds held for customers
 $5,418  $-  $5,418  $- 
Marketable securities – corporate investments
  2,001   -   2,001   - 
Long-term investment in mutual funds
  2,165   2,165   -   - 
Derivative assets
  4,539   -   4,539   - 
 
      
Fair value measurements using
 
   
Fair value
as of
December 31, 2010
  
Quoted prices
in active
markets for
identical assets
(Level 1)
  
Significant
other
observable
inputs
(Level 2)
  
Significant unobservable inputs
(Level 3)
 
Marketable securities – funds held for customers
 $10,249  $-  $10,249  $- 
Marketable securities – corporate investments
  2,029   -   2,029   - 
Long-term investment in mutual funds
  2,283   2,283   -   - 
Derivative assets
  5,456   -   5,456   - 
Estimated fair value of other financial instruments
The estimated fair values of these financial instruments were as follows at December 31:

   
2011
  
2010
 
   
Carrying
amount
  
Fair value
  
Carrying
amount
  
Fair value
 
Cash and cash equivalents
 $28,687  $28,687  $17,383  $17,383 
Cash and cash equivalents - funds held for customers
  38,976   38,976   25,471   25,471 
Short-term debt
  -   -   7,000   7,000 
Long-term debt, including portion due within one year
  741,706   738,157   748,122   751,978