Discontinued Operations Cash and Cash Equivalents Marketable and Non-Marketable Securities 2011 Annual Report 39 Effective May 7, 2010, CSCG and CAPC were de-merged from Liberty International PLC, or Liberty. During 2009, we recognized  a non-cash charge of $140.5 million, or $0.44 per diluted share, representing an other-than-temporary impairment in fair value  below the carrying value of our investment in Liberty. As a result, changes in available-for-sale securities and other in the 2009  consolidated statement of operations and comprehensive income include the reclassification of $140.5 million from accumulated  other comprehensive income (loss) to earnings related to this non-cash charge. Effective July 1, 2009, we resumed marking to  market our Liberty investment through other comprehensive income (loss). Our investments in Capital Shopping Centres Group PLC, or CSCG, and Capital & Counties Properties PLC, or CAPC, are  accounted for as available-for-sale securities. These investments are adjusted to their quoted market price, including a related  foreign exchange component, with corresponding adjustment in other comprehensive income (loss). At December 31, 2011, we  owned 35.4 million shares of CSCG and CAPC. At December 31, 2011 the market value of our investments in CSCG and CAPC  was $170.7 million and $100.9 million, respectively, with an aggregate net unrealized gain on these investments of approximately  $39.7 million. The market value of our investments in CSCG and CAPC at December 31, 2010 was $228.4 million and $82.4  million, respectively, with an aggregate net unrealized gain of $79.0 million. The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury  or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These  securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when  quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive  insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of  these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any  unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary  impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is  deemed to have occurred, an impairment charge is recorded and a new cost basis is established. Subsequent changes are then rec- ognized through other comprehensive income (loss) unless another other-than-temporary impairment is deemed to have occurred. Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities,  our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously  secured by investment properties that have been sold. We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents.  Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper,  bankers acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that  potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable.  We place our cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash  equivalents may be in excess of FDIC and SIPC insurance limits. See Notes 4, 8, and 10 for disclosures about non-cash investing  and financing transactions. We reclassify any material operations and gains or losses on disposal related to consolidated properties disposed of during  the period to discontinued operations. During 2011, we reported a net loss of approximately $42.4 million, or $0.12 per diluted  share, on our consolidated property disposition activity. During 2010, we reported a net gain of approximately $5.7 million upon  the disposal of four retail properties. During 2009, we reported a net loss of approximately $9.8 million upon the sale of four  consolidated assets. These gains and losses are reported in gain (loss) upon acquisition of controlling interests, and on sale or  disposal of assets and interests in unconsolidated entities, net in the consolidated statements of operations and comprehensive  income. The gains and losses on the disposition of these assets and the operating results were not significant to our consolidated  results of operations.