text: **(20) Financial Instruments**
  
  Most of Euro n e t ’s financial instruments (cash and cash equivalents, trade accounts receivable, investment securities, prepaid expenses and 
  other current assets, trade accounts payable, accrued expenses and other current liabilities, advance payments on contracts, billings in excess 
  of costs and estimated earnings on software installation contracts, costs and estimated earnings in excess of billings on software installation 
  contracts) are short - t e rm in nature. Accord i n g l y, the carrying value of these instruments approximates their fair values. The fair value of 
  notes payable was determined based on quoted market prices for the same issue and amounted to $37.5 million (carrying value of $77.2 
  million) at December 31, 2000 and $52.0 million (carrying value of $72.8 million) at December 31, 1999. See Note 14 for details of the 
  Company's foreign exchange contracts. 