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Cash, Cash Equivalents and Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2012
Cash, Cash Equivalents and Marketable Securities [Abstract]  
Summary of investments in cash, cash equivalents and marketable securities
The following table summarizes our investments in cash equivalents and marketable securities held by investment managers and overnight investments:

 
December 31,
 
 
2012
 
 
2011
 
 
(in thousands)
 
Overnight holdings:
 
 
 
 
 
 
Money market funds (cash equivalents)
 
$
255,000
 
 
$
71,350
 
Investment holdings:
 
 
 
 
 
 
 
 
Money market funds (cash equivalents)
 
 
26,087
 
 
 
59,587
 
Marketable securities
 
 
16,904
 
 
 
56,987
 
 
 
297,991
 
 
 
187,924
 
Cash held in demand accounts
 
 
21,732
 
 
 
113,968
 
Outstanding checks
 
 
(38,275
)
 
 
(33,697
)
Total cash, cash equivalents and marketable securities
 
$
281,448
 
 
$
268,195
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
264,544
 
 
$
211,208
 
Marketable securities
 
 
16,904
 
 
 
56,987
 
 
$
281,448
 
 
$
268,195
 
Summary of fair value measurements of financial assets
The following tables summarize the levels of fair value measurements of our financial assets:
 
 
Fair Value Measurements
 
 
 
 
 
(in thousands)
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market funds
 
$
281,087
 
 
$
281,087
 
 
$
—
 
 
$
—
 
Municipal bonds
 
 
16,904
 
 
 
—
 
 
 
16,904
 
 
 
—
 
Total
 
$
297,991
 
 
$
281,087
 
 
$
16,904
 
 
$
—
 

 
Fair Value Measurements
 
 
 
 
 
(in thousands)
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
 
2011
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market funds
 
$
130,937
 
 
$
130,937
 
 
$
—
 
 
$
—
 
Municipal bonds
 
 
56,987
 
 
 
—
 
 
 
56,987
 
 
 
—
 
Total
 
$
187,924
 
 
$
130,937
 
 
$
56,987
 
 
$
—
 
Summary of available-for-sale securities
The following is a summary of our available-for-sale marketable securities:
 
 
 
 
 
Gross
 
 
Gross
 
 
 
 
 
Amortized
 
 
Unrealized
 
 
Unrealized
 
 
Estimated
 
 
Cost
 
 
Gains
 
 
Losses
 
 
Fair Value
 
 
 
 
 
(in thousands)
 
 
 
 
December 31, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds                                                    
 
$
16,878
 
 
$
29
 
 
$
(3
)
 
$
16,904
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds                                                    
 
$
56,945
 
 
$
90
 
 
$
(48
)
 
$
56,987
 
Contractual maturities of marketable securities
As of December 31, 2012, the contractual maturities of our marketable securities were as follows:

 
Amortized
Cost
 
 
Estimated
Fair Value
 
 
(in thousands)
 
 
 
 
 
 
 
Less than one year                                                   
 
$
9,301
 
 
$
9,309
 
One to five years                                                   
 
 
7,577
 
 
 
7,595
 
Total                                                   
 
$
16,878
 
 
$
16,904