Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2012

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:

	March 31, 2012				December 31, 2011
	Cost		Fair Value		Cost		Fair Value
Cash and Cash Equivalents:
Cash and overnight deposits	$	444,914	$	444,914	$	445,586	$	445,586
Corporate commercial paper	853,302		853,734		791,729		791,902
Time deposits	114,699		114,699		57,041		57,041
Total cash and cash equivalents	1,412,915		1,413,347		1,294,356		1,294,529
Short-Term Investments:
Time deposits	16,277		16,277		472		472
Total	$	1,429,192	$	1,429,624	$	1,294,828	$	1,295,001

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