Financial Instruments

12 Months Ended

Dec. 31, 2011

Financial Instruments [Abstract]

Financial Instruments

13. Financial Instruments

At December 31, 2011 and 2010, the Company’s financial instruments consisted primarily of cash and cash equivalents, billed receivables, trade accounts payable, Senior Notes, Senior Subordinated Notes, CODES and foreign currency forward contracts. The carrying amounts of cash and cash equivalents, billed receivables and trade accounts payable are representative of their respective fair values because of the short-term maturities or expected settlement dates of these instruments. The fair values of foreign currency forward contracts are based on forward exchange rates. The carrying amounts and estimated fair values of the Company’s financial instruments are presented in the table below.

	December 31, 2011				December 31, 2010
	Carrying Amount		Estimated Fair  Value		Carrying Amount		Estimated Fair  Value
	(in millions)
Senior Notes (1)		2,938		2,940		1,794		1,810
Senior Subordinated Notes (1)		498		513		1,645		1,691
CODES(1)		689		658		698		701
Foreign currency forward contracts ( 2 )		1		1		17		17

⁽¹⁾  The Company measures the fair value of its long-term debt using Level 2 inputs based primarily on current market yields for its existing debt traded in the secondary market.

^{(2 )}  See Note 14 for additional disclosures regarding the notional amounts and fair values of foreign currency forward contracts.