| Fair Value Measurements |
| 4. |
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Fair Value Measurements |
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In accordance with authoritative guidance for fair value measurements, certain assets and
liabilities are required to be recorded at fair value and classified within a fair value
hierarchy based on inputs used when measuring fair value. We have investments in equity
securities classified as available-for-sale and an immaterial amount of forward exchange
contracts that are adjusted to fair value on a recurring basis. The fair values of our
investments in available-for-sale securities were determined using quoted market prices from
daily exchange traded markets and are classified within Level 1 of the valuation hierarchy. The
fair values of our available-for-sale securities are $13.5 million and $22.6 million as of
September 30, 2011 and December 31, 2010, respectively, and are included in other non-current
assets in the Consolidated Balance Sheets. |
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Other financial instruments, including cash and equivalents and short-term investments, are
recorded at cost, which approximates fair value. The fair value of our long-term borrowings is
$1.3 billion as of September 30, 2011 and December 31, 2010, and was estimated based on quoted
market prices. |
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