Notes to CoNsolidated FiNaNCial statemeNts Note 16 – Fair Value (continued) The following table presents those assets measured at fair value on a nonrecurring basis for the year ended December 31, 2011 using  Level 3 inputs: In 2011, the Company made a strategic decision to exit certain non-strategic aerospace aftermarket product lines. The Company plans to  exit these product lines within twelve months. The Company wrote-down inventory with a carrying value of $4.7 million to $1.5 million,  which reflects management’s best estimate of the value it would receive in a sale to a third party given the quantity and timing of the  plan to exit these product lines. Two of the Company’s equity investments, International Component Supply Ltda. (ICS) and Endorsia International AB (Endorsia) were  reviewed for impairment during the first half of 2011. With a combined value of $6.9 million, these equity investments were written  down to their collective fair value of $4.1 million, resulting in an impairment charge of $2.8 million in other (expense) income during the  first half of 2011. The fair value of the investment in ICS was based on the estimated sales proceeds to be received from a third party  if the Company were to sell its interest in the joint venture. During the second quarter of 2011, the Company sold its investment in  ICS for $4.8 million, resulting in a gain of $0.5 million when adjusting for currency. The Company’s equity investment in Endorsia was  completely written down. The fair value of this investment was based on the estimated proceeds to be received by the parties that own  Endorsia from the liquidation of this joint venture. The following table presents those assets measured at fair value on a nonrecurring basis for the year ended December 31, 2010 using  Level 3 inputs: In 2010, machinery and equipment associated with the manufacturing facility in Sao Paulo, Brazil, with a carrying value of $1.1 million,  were written down to their fair value of $0.1 million, resulting in an impairment charge of $1.0 million. Machinery and equipment  associated with a manufacturing facility in Mesa, Arizona, with a carrying value of $2.4 million, were written down to their fair value  of $0.4 million, resulting in an impairment charge of $2.0 million. Other fixed assets at various locations, with a carrying value of $1.6  million, were written down to their fair value of $0.6 million, resulting in an impairment charge of $1.0 million. The fair value for these  assets was based on the price that would be received in a current transaction to sell the assets on a standalone basis, considering the  age and physical attributes of the equipment compared to the cost of similar used machinery and equipment, as these assets have been  idled. Lastly, indefinite-lived intangible assets, with a carrying value of $0.9 million, were written down to their fair value of $0.2 million,  resulting in an impairment charge of $0.7 million. The Company used an income approach (a discounted cash flow model) to arrive at  the fair value of these intangible assets. 82 THE TIMKEN COMPANY carrying  Value  Fair Value  adjustment  Fair Value long-lived assets held and used: Machinery and equipment at Brazil subsidiary $ 1.1 $ (1.0) $ 0.1 Machinery and equipment at Mesa, Arizona subsidiary  2.4   (2.0)  0.4  Other fixed assets   1.6   (1.0)  0.6  Indefinite-lived intangible assets  0.9   (0.7)  0.2  Total long-lived assets held and used $ 6.0 $ (4.7) $ 1.3 carrying  Value  Fair Value adjustment  Fair Value assets held for sale: Inventories $ 4.7 $ (3.2) $ 1.5 Equity Investments  6.9   (2.8)  4.1  Total assets held for sale $ 11.6 $ (6.0) $ 5.6 long-lived assets held and used: Fixed assets $ 0.5 $ (0.5) $  – Total assets $ 12.1 $ (6.5) $ 5.6