This excerpt taken from the ELN 6-K filed Mar 30, 2007.
e Fair values
Fair value is the amount at which a financial instrument could be exchanged in an arms-length transaction between informed and willing parties, other than in a forced or liquidation sale. Cash and cash equivalents and available-for-sale investments are held at fair value on the Consolidated Balance Sheets.
Elan Corporation, plc 2006 Annual Report 121