FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2013

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

7.      FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table summarizes the estimated fair values of the Company’s financial instruments as of March 31, 2013 and December 31, 2012:

	As of March 31, 2013						As of December 31, 2012
	Carrying Value			Fair Value			Carrying Value			Fair Value
Cash equivalents	$	78,184		$	78,184		$	306,604		$	306,604
Marketable securities(1)	10,092			10,092			11,577			11,577
Long-term debt (as described in note 10)(2)	(10,617,120		)	(11,211,776		)	(11,015,625		)	(11,691,338		)

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(1) Marketable securities are classified within Prepaid expenses and other current assets and Other long-term assets, net in the consolidated balance sheets.

(2) Fair value measurement of long-term debt was estimated using the quoted market prices for the Company’s debt issuances.

The following table summarizes the Company’s marketable securities by major security type as of March 31, 2013 and December 31, 2012:

	As of March 31, 2013								As of December 31, 2012
	Cost Basis		Fair Value		Gross Unrealized				Cost Basis		Fair Value		Gross Unrealized
					Gains		Losses						Gains		Losses
Auction rate floating securities	$	—	$	—	$	—	$	—	$	7,166	$	7,167	$	1	$	—
Equity securities	4,414		10,092		5,678		—		4,031		4,410		379		—
	$	4,414	$	10,092	$	5,678	$	—	$	11,197	$	11,577	$	380	$	—

Gross gains and losses realized on the sale of marketable debt securities were not material in the three-month periods ended March 31, 2013 and 2012.