Common use of FAIR VALUE OF FINANCIAL INSTRUMENTS Clause in Contracts

FAIR VALUE OF FINANCIAL INSTRUMENTS. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and approximates fair value. The investments are carried at fair value based upon quoted market prices. Other long-term assets approximate fair value based on cost and the expected useful lives of the assets. The fair value of the Communities’ long-term debt is estimated based on the quoted market prices for the same issue if available, or similar issues, or based on the current rates offered to the Communities for debt of the same remaining maturities with similar collateral requirements.