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Fair Value Measurements
 12 Months Ended
Dec. 31, 2011
Fair Value Measurements
NOTE 15

Fair Value Measurements

The estimated fair values of our financial instruments at the dates presented below are as follows:

 

       2011        2010  
(In thousands)      Carrying
Amount		       

Fair

Value

        Carrying
Amount		       

Fair

Value

  

Cash, restricted cash and short-term investments
(Level 1)

      $ 64,209         $ 64,209         $ 148,660         $ 148,660   

Foreign exchange forward contracts (Level 2)

        —           —           95           95   

Long-term debt (Level 1)

        523,694           556,313           539,074           571,158   

 

  

Accounting guidance establishes a framework for measuring the fair value of financial instruments, providing a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities, or “Level 1” measurements, and the lowest priority to unobservable inputs, or “Level 3” measurements.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should seek to maximize the use of observable inputs and minimize the use of unobservable inputs.

Cash, restricted cash and short-term investments and foreign exchange forward contracts are the only items measured at fair value on a recurring basis. The carrying amount of our short-term investments approximates fair value due to their very short maturity periods, and such investments are at or near market yields.

We do not have any financial assets measured at fair value on a nonrecurring basis. Nonfinancial assets measured at fair value on a nonrecurring basis include items such as long-lived assets that are measured at fair value resulting from impairment, if deemed necessary. There were no fair value adjustments to these nonfinancial assets during 2011, 2010 or 2009.