FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2012

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, 2012 and December 31, 2011:

	As of March 31, 2012						As of December 31, 2011
	Carrying Value			Fair Value			Carrying Value			Fair Value
Cash equivalents	$	171,970		$	171,970		$	27,711		$	27,711
Marketable securities		1,049			1,049			6,338			6,338
Long-term debt (as described in note 10)(a)		(6,996,075	)		(7,133,755	)		(6,651,011	)		(6,732,568	)

(a)

Fair value measurement of long-term debt was estimated using the quoted market prices for the same issues and other pertinent information available to management (Level 1).

• The following table summarizes the Company's marketable securities by major security type as of March 31, 2012 and December 31, 2011:

	As of March 31, 2012									As of December 31, 2011
					Gross Unrealized									Gross Unrealized
	Cost Basis		Fair Value							Cost Basis		Fair Value
					Gains		Losses							Gains		Losses
Corporate bonds	$	1,062	$	1,049	$	—	$	(13	)	$	2,983	$	2,974	$	—	$	(9	)
Equity securities		—		—		—		—			1,730		3,364		1,634		—
	$	1,062	$	1,049	$	—	$	(13	)	$	4,713	$	6,338	$	1,634	$	(9	)

• All marketable debt securities held as of March 31, 2012 mature within one year. Gross gains and losses realized on the sale of marketable debt securities were not material in the three-month periods ended March 31, 2012 and 2011.