FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2010

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

NOTE 9—FINANCIAL INSTRUMENTS

        The fair values of the financial instruments listed below have been determined by the Company using available market information and appropriate valuation methodologies.

	December 31, 2010						December 31, 2009
	Carrying Value			Fair Value			Carrying Value			Fair Value
	(In thousands)
Cash and cash equivalents	$	742,099		$	742,099		$	1,245,997		$	1,245,997
Marketable securities		563,997			563,997			487,591			487,591
Long-term marketable equity security		—			—			15,608			15,608
Auction rate securities		13,100			13,100			12,635			12,635
Notes receivable		3,316			2,818			3,271			2,426
Long-term debt		(95,844	)		(83,363	)		(95,844	)		(77,123	)
Guarantee, letters of credit and surety bond		N/A			(362	)		N/A			(535	)

        The carrying value of cash equivalents approximates fair value due to their short-term maturity. The fair value of notes receivable is based on discounting the expected future cash flow streams using yields of the underlying credit. The fair value of long-term debt is estimated using quoted market prices or indices for similar liabilities and taking into consideration other factors such as credit quality and maturity. The fair value of the guarantee, letters of credit and surety bond are based on the present value of the costs associated with maintaining these instruments over their expected term. See Note 2 for discussion of the fair value of marketable securities and the long-term marketable equity security and Note 8 for discussion of the fair value of the auction rate securities.