Fair Value Measurements

9 Months Ended

Sep. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

4.    FAIR VALUE MEASUREMENTS

Assets Measured at Fair Value on a Recurring Basis

The Company's assets and liabilities measured at fair value on a recurring basis are classified within the fair value hierarchy as follows:

Level 1 -	Quoted prices in active markets for identical assets or liabilities.
Level 2 -	Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

The Company's cash equivalents and marketable securities are classified within Level 1 or Level 2 of the fair value hierarchy because they are valued using quoted market prices, or broker dealer quotations and matrix pricing compiled by third party pricing vendors, respectively. The Company's marketable securities and forward foreign currency contracts are valued based on a market approach in which all significant inputs are observable or can be derived from or corroborated by observable market data such as interest rates, yield curves, and credit risk.

Assets measured at fair value on a recurring basis were as follows:

			Fair Value Measurements at Reporting Date Using
(in thousands)	September 30, 2011		Quoted Prices in  Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Cash equivalents	$	12,345	$	10,845	$	1,500
Marketable securities:
Municipal bonds	$	24,216	$	8,618	$	15,598
Corporate bonds		15,068		15,068		—
Government sponsored enterprise bonds		6,086		4,090		1,996
Commercial paper		1,000		—		1,000
Certificates of deposit		301		—		301
Total marketable securities	$	46,671	$	27,776	$	18,895

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Money market funds	$	14,342	$	14,342	$	—
Marketable securities:
Government sponsored enterprise bonds	$	5,593	$	—	$	5,593
Corporate bonds		5,419		5,419		—
Commercial paper		2,998		—		2,998
Municipal bonds		2,114		—		2,114
Total marketable securities	$	16,124	$	5,419	$	10,705

Assets Measured at Fair Value on a Nonrecurring Basis

Assets not recorded at fair value on a recurring basis, such as property and equipment and intangible assets, are recognized at fair value when they are impaired. During the first nine months of 2011 and 2010, the Company did not recognize any nonrecurring fair value measurements from impairments. The Company recorded assets acquired and liabilities assumed related to its acquisition of Chordiant at fair value as described in Note 6 "Acquisition, Goodwill, and Other Intangible Assets."