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This excerpt taken from the VZ 10-K filed Feb 26, 2010. Fair Value of Short-term and Long-term Debt The fair value of our short-term and long-term debt, excluding capital leases, is determined based on market quotes for similar terms and maturities or future cash flows discounted at current rates. The fair value and carrying value of our long-term and short-term debt, excluding capital leases, were as follows:
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