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Fair Value of Financial Instruments
12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company had $5.9 million and $192.6 million of cash equivalents at December 31, 2012 and 2011, respectively, which were primarily investments in money market funds. The Company has categorized its cash equivalents as a Level 1 financial asset, measured at fair value based on quoted prices in active markets of identical assets, in accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures.” All cash equivalents are in instruments that are convertible to cash daily. The fair value of the Company’s forward currency contracts as of December 31, 2012 and 2011 are disclosed in Note 3 below and based on Level 2 inputs. The fair value of the Company’s long-term debt is approximately $254.8 million based upon Level 2 inputs at December 31, 2012. The Company does not have any other material financial assets or liabilities that are measured at fair value.
The carrying amount of accounts receivable, accounts payable and accrued payroll and related liabilities approximates the fair value of those instruments due to their short-term nature.