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

	March 31, 2011						December 31, 2010

	Carrying Value			Fair Value			Carrying Value			Fair Value
	(In thousands)
Cash and cash equivalents	$	848,595		$	848,595		$	742,099		$	742,099
Marketable securities		468,890			468,890			563,997			563,997
Auction rate securities		9,050			9,050			13,100			13,100
Notes receivable		3,289			2,728			3,316			2,818
Contingent consideration arrangement		(40,000	)		(40,000	)		—			—
Long-term debt		(95,844	)		(85,036	)		(95,844	)		(83,363	)
Guarantee of equity method investee debt		(4,000	)		(4,000	)		—			—
Letters of credit and surety bond		N/A			(346	)		N/A			(362	)

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 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 5 for discussion of the fair value of marketable securities, Note 7 for discussion of the fair value of the auction rate securities and Note 4 for discussion of the fair value of the contingent consideration arrangement.

In connection with the formation of The Newsweek Daily Beast Company joint venture on January 31, 2011, the Company guaranteed, on a recourse basis, 50% of The Newsweek Daily Beast Company's $10.0 million line of credit. At March 31, 2011, $8.0 million had been drawn on this line of credit. The carrying value of the Company's investment in this joint venture is $(5.1) million, which includes the Company's proportionate share of the guarantee. The carrying value of the investment is included in "Accrued expenses and other current liabilities" in the accompanying consolidated balance sheet at March 31, 2011.

At March 31, 2011 and December 31, 2010, the carrying values of the Company's investments accounted for under the cost method totaled $39.2 million and $39.0 million, respectively, and are included in "Long-term investments" in the accompanying consolidated balance sheet. The Company evaluates each cost method investment for impairment on a quarterly basis and recognizes an impairment loss if a decline in value is determined to be other-than-temporary. Such impairment evaluations include, but are not limited to: the current business environment, including competition; going concern considerations such as financial condition, the rate at which the investee company utilizes cash and the investee company's ability to obtain additional financing to achieve its business plan; the need for changes to the investee company's existing business model due to changing business environments and its ability to successfully implement necessary changes; and comparable valuations. If the Company has not identified events or changes in circumstances that may have a significant adverse effect on the fair value of a cost method investment, then the fair value of such cost method investment is not estimated, as it is impracticable to do so.