Fair Value Of Financial Instruments

9 Months Ended

Sep. 30, 2011

Fair Value Of Financial Instruments

Fair Value Of Financial Instruments

13. Fair Value of Financial Instruments

The Company has categorized its assets and liabilities recorded at fair value based upon a fair value hierarchy in accordance with the applicable accounting standards.

The following table presents information about the Company's assets and liabilities required to be measured at fair value on a recurring basis:

	Level 1		Level 2		Level 3		Total
As of December 31, 2010
Assets
Cash equivalents	$	232,731	$	—	$	—	$	232,731
Short-term investments:
Treasury securities		38,109		—		—		38,109
Municipal debt securities		—		32,707		—		32,707
Corporate debt securities		—		9,160		—		9,160
Long-term investments		—		—		78,747		78,747
Equity method investment		—		—		30,724		30,724
Derivative contracts		—		6,668		—		6,668
Total assets	$	270,840	$	48,535	$	109,471	$	428,846
Liabilities
Derivative contracts	$	—	$	1,373	$	—	$	1,373
Total liabilities	$	—	$	1,373	$	—	$	1,373
	Level 1		Level 2		Level 3		Total
As of September 30, 2011
Assets
Cash equivalents	$	219,669	$	—	$	—	$	219,669
Short-term investments		—		13,206		50,374		63,580
Equity method investments		—		—		58,547		58,547
Derivative contracts		—		1,331		—		1,331
Total assets	$	219,669	$	14,537	$	108,921	$	343,127
Liabilities
Derivative contracts	$	—	$	5,376	$	—	$	5,376
Total liabilities	$	—	$	5,376	$	—	$	5,376

The following table provides a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3, for the nine months ended September 30, 2011:

	Short-term Investments		Long-term Investments			Equity Method Investments
Balance as of December 31, 2010	$	—	$	78,747		$	30,724
Adjustment to previously recognized unrealized loss on investments included in other comprehensive income		—		(1,119	)		—
Income from equity method investment		—		—			2,549
Additional investment in equity method investment		—		—			8,012
Liquidation of investments		—		(75	)
Balance as of March 31, 2011		—		77,553			41,285
Adjustment to previously recognized unrealized loss on investments included in other comprehensive income		—		3,129
Realized loss on investments		—		(842	)
Income from equity method investment		—		—			10,639
Additional investment in equity method investments		—		—			200
Liquidation of investments		—		(10,625	)
Transfers out of Level 3(1)		—		(13,357	)
Balance as of June 30, 2011		—		55,858			52,124
Adjustment to previously recognized unrealized loss on investments included in other comprehensive income		—		12,192
Other-than-temporary impairment on auction rate securities		—		(17,551	)
Liquidation of investments		—		(125	)
Transfers between long term and short term		50,374		(50,374	)
Income from equity method investment		—		—			1,915
Additional investment in equity method investments		—		—			4,508
Balance as of September 30, 2011	$	50,374	$			$	58,547

⁽¹⁾  Transferred from Level 3 to Level 2 which has more observable market data due to increased market activity for asset-backed securities.