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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2013
Fair Value Measurements

The following table represents the fair value hierarchy based upon three levels of inputs, of which Levels 1 and 2 are considered observable and Level 3 is unobservable, for financial assets and liabilities measured at fair value on a recurring basis (in thousands):

 

 

 

June 30, 2013

 

  

December 31, 2012

 

 

 

Level 1

 

 

Level 2

 

  

Total

 

  

Level 1

 

  

Level 2

 

  

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds             

 

$

  32,378

 

 

$

 

 

$

  32,378

 

 

$

  23,119

 

  

$

 

  

$

  23,119

 

Commercial paper             

 

 

 

 

 

  14,395

 

 

 

  14,395

 

 

 

 

 

 

  35,856

 

 

 

  35,856

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds             

 

 

 

 

 

  2,351

 

 

 

  2,351

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper             

 

 

 

 

 

  44,290

 

 

 

  44,290

 

 

 

 

  

 

  34,826

  

  

 

  34,826

 

Municipal bonds             

 

 

 

 

 

  29,560

 

 

 

  29,560

 

 

 

 

 

 

 

 

 

 

U.S. government agency bonds             

 

 

 

 

 

  16,244

 

 

 

  16,244

 

 

 

 

 

 

  748

 

 

 

  748

 

Total             

 

$

  32,378

 

 

$

  106,840

 

 

$

  139,218

 

 

$

  23,119

 

 

$

  71,430

 

 

$

  94,549

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

  

 

 

 

Interest rate swap contracts (1)             

 

$

 

 

$

  628

 

 

$

  628

 

 

$

 

  

$

  1,069

  

  

$

  1,069

 

Total             

 

$

 

 

$

  628

 

 

$

  628

 

 

$

 

 

$

  1,069

 

 

$

  1,069

 

 

(1)              As of June 30, 2013, the fair value of the interest rate swap contract was classified on our Balance Sheet in “Other current liabilities”. As of December 31, 2012, the fair value of the interest rate swap contracts were classified on our Balance Sheet in “Other non-current liabilities”.

Carrying Value and Estimated Fair Value of Debt

The following table indicates the carrying value and estimated fair value of our debt as of the indicated periods (in thousands):

 

 

June 30, 2013

 

  

December 31, 2012

 

 

Carrying
Value

 

  

Fair
Value

 

  

Carrying
Value

 

  

Fair
Value

 

Credit Agreement (carrying value including current maturities)             

$

  142,500

  

  

$

  150,468

  

  

$

  150,000

  

  

$

  162,881

  

Convertible debt (par value)             

 

  150,000

  

  

 

  166,932

  

  

 

  150,000

  

  

 

  158,400