v2.4.0.6

FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2011
FINANCIAL INSTRUMENTS |
FINANCIAL INSTRUMENTS |
NOTE 10—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, 2011 |  | December 31, 2010 |
--- | --- | --- | --- | --- | ---
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 704,153 |  | $ | 704,153 |  | $ | 742,099 |  | $ | 742,099 |
Marketable securities |  |  | 165,695 |  |  | 165,695 |  |  | 563,997 |  |  | 563,997 |
Auction rate securities |  |  | 5,870 |  |  | 5,870 |  |  | 13,100 |  |  | 13,100 |
Long-term marketable equity securities |  |  | 74,691 |  |  | 74,691 |  |  | — |  |  | — |
Notes receivable |  |  | 3,424 |  |  | 3,058 |  |  | 3,316 |  |  | 2,818 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration arrangement |  |  | (10,000 | ) |  | (10,000 | ) |  | — |  |  | — |
Long-term debt |  |  | (95,844 | ) |  | (93,339 | ) |  | (95,844 | ) |  | (83,363 | )
Guarantee of an equity method investee's debt |  |  | (5,000 | ) |  | (5,000 | ) |  | — |  |  | — |
Letters of credit and surety bond |  |  | N/A |  |  | (312 | ) |  | 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 carrying value and fair value of the guarantee of the equity method investee's debt represents the amount the Company expects to pay to settle this obligation. 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 2 for discussion of the fair value of marketable securities and long-term marketable equity securities, Note 9 for discussion of the fair value of the auction rate securities and Note 5 for discussion of the fair value of the contingent consideration arrangement related to the OkCupid acquisition.

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- Definition The disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) the methodology and assumptions used in developing such estimates of fair value; and (3) all other required (as defined) and desired information. + References No definition available. + Details
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