Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2011

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company’s financial instruments, other than cash, consist primarily of cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. Cash equivalents consist of highly liquid investments with a maturity of three months or less at date of purchase. Short term investments have a maturity of greater than three months at date of purchase. Cash, cash equivalents and short-term investments consist of the following:

	September 30, 2011				December 31, 2010
	Cost		Fair Value		Cost		Fair Value
Cash and Cash Equivalents:
Cash and overnight deposits	$	456,389	$	456,389	$	443,716	$	443,716
Corporate commercial paper	743,388		743,488		571,260		571,373
Time deposits	61,037		61,037		69,489		69,489
Total cash and cash equivalents	1,260,814		1,260,914		1,084,465		1,084,578
Short-Term Investments:
Time deposits	483		483		524		524
Total	$	1,261,297	$	1,261,397	$	1,084,989	$	1,085,102

The fair value of corporate commercial paper is based on the use of market interest rates for identical or similar assets.