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Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2011
Fair Value of Financial Instruments [Abstract]  
Fair Value of Financial Instruments
Note 9. Fair Value of Financial Instruments
At June 30, 2011, we held $451 million of non-cash equivalents in United States Treasury securities with maturities that extend through February 2012. These securities are accounted for as available-for-sale and recorded at fair value, based on quoted market prices, in "Investments in marketable securities" on our condensed consolidated balance sheets. The carrying amount of cash and equivalents, investments in marketable securities, receivables, and accounts payable, as reflected in the condensed consolidated balance sheets, approximates fair value due to the short maturities of these instruments. We have no financial instruments measured at fair value using unobservable inputs.
The fair value of our long-term debt was $4.6 billion as of both June 30, 2011 and December 31, 2010, which differs from the carrying amount of $3.8 billion as of both June 30, 2011 and December 31, 2010, on our condensed consolidated balance sheets. The fair value of our long-term debt was calculated using either quoted market prices or significant observable inputs for similar liabilities for the respective periods.
We maintain an interest rate management strategy that is intended to mitigate the exposure to changes in interest rates in the aggregate for our investment portfolio. We utilize interest rate swaps to effectively convert a portion of our fixed rate debt to floating rates. The fair value of the swap agreements was not material at June 30, 2011. See Note 4 for further discussion of our interest rate swaps.
At June 30, 2011, we had fixed rate debt aggregating $2.8 billion and variable rate debt aggregating $1 billion, after taking into account the effects of the interest rate swaps.