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.



	September 30, 2012						December 31, 2011
	Carrying Value			Fair Value			Carrying Value			Fair Value
	(In thousands)
Assets:
Cash and cash equivalents	$	501,779		$	501,779		$	704,153		$	704,153
Marketable securities	138,926			138,926			165,695			165,695
Long-term marketable equity securities	66,078			66,078			74,691			74,691

Liabilities:
Current maturities of long-term debt	(15,844		)	(16,055		)	—			—
Long-term debt, net of current maturities	(80,000		)	(81,561		)	(95,844		)	(93,339		)

The carrying value of cash equivalents approximates fair value due to their short-term maturity. The fair value of long‑term debt, including current maturities, is estimated using quoted market prices or indices for similar liabilities and taking into consideration other factors such as credit quality and maturity. See Note 6 for description of the method used to determine the fair value of marketable securities. The fair value of long-term debt, including current maturities, is determined only for disclosure purposes and is based on Level 3 inputs.

The cost basis of the Company's long-term marketable equity securities at September 30, 2012 was $50.8 million, with gross unrealized gains of $24.2 million and a gross unrealized loss of $8.9 million, included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet. The cost basis of the Company's long-term marketable equity securities at December 31, 2011 was $53.1 million, with gross unrealized gains of $29.8 million and a gross unrealized loss of $8.2 million. The Company evaluated the near-term prospects of the issuer of the equity security with the unrealized loss in relation to the severity and duration of the unrealized loss and based on that evaluation and the Company's ability and intent to hold this investment for a reasonable period of time sufficient for an expected recovery of fair value, the Company does not consider this investment to be other-than-temporarily impaired at September 30, 2012.

At September 30, 2012 and December 31, 2011, the carrying values of the Company's investments accounted for under the cost method totaled $88.1 million and $82.3 million, respectively, and are included in "Long-term investments" in the accompanying consolidated balance sheet. The Company evaluates each cost method investment for possible impairment on a quarterly basis and determines the fair value if indicators of impairment are deemed to be present; the Company recognizes an impairment loss if a decline in value is determined to be other-than-temporary. 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.