Fair Value Measurements

12 Months Ended

Dec. 31, 2014

The fair value hierarchy of the Company's financial assets carried at fair value and measured on a recurring basis was as follows (in thousands):



	December 31, 2014		Fair value measurements at the reporting date using
	December 31, 2014		Quoted prices in active markets using identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash equivalents:
Money market and other funds	$	8,490	$	—	$	8,490	$	—
Time deposits	1,242		—		1,242		—
Taxable municipal bonds	4,754		—		4,754		—
Total cash equivalents	14,486		—		14,486		—
Available-for-sale investments:
Debt securities:
U.S. government securities	100,818		—		100,818		—
International government securities	6,560		—		6,560		—
Commercial paper	24,589		—		24,589		—
Time deposits	30,759		—		30,759		—
Corporate bonds	1,528		—		1,528		—
Taxable municipal bonds	87,366		—		87,366		—
Total debt securities	251,620		—		251,620		—
Equity securities	3,234		3,234		—		—
Total available-for-sale investments	254,854		3,234		251,620		—
Total assets at fair value	$	269,340	$	3,234	$	266,106	$	—



	December 31, 2013		Fair value measurements at the reporting date using
	December 31, 2013		Quoted prices in active markets using identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash equivalents:
U.S. government securities	$	6,400	$	—	$	6,400	$	—
Money market and other funds	9,391		—		9,391		—
Commercial paper	17,999		—		17,999		—
Time deposits	499		—		499		—
Taxable municipal bonds	21,215		—		21,215		—
Total cash equivalents	55,504		—		55,504		—
Available-for-sale investments:
U.S. government securities	58,114		—		58,114		—
Commercial paper	14,496		—		14,496		—
Time deposits	9,880		—		9,880		—
Taxable municipal bonds	120,990		—		120,990		—
Total available-for-sale investments	203,480		—		203,480		—
Total assets at fair value	$	258,984	$	—	$	258,984	$	—

The Company also had financial instruments that were not measured at fair value. See "Note 7: Debt" for details.

The Company had non-recurring Level 3 fair value measurements in 2014 related to its reporting units and various intangible assets as part of goodwill and intangible asset impairment reviews. See "Note 4: Goodwill and Other Intangible Assets" for details.

The contractual maturities of the debt securities classified as available-for-sale at December 31, 2014 and 2013 were less than one year. Available-for-sale investments as of December 31, 2013 included only debt securities.

The cost and fair value of available-for-sale investments were as follows (in thousands):



	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Balance as of December 31, 2014
Debt securities	$	251,673	$	16	$	(69	)	$	251,620
Equity securities	4,312		—		(1,078		)	3,234
Total	$	255,985	$	16	$	(1,147	)	$	254,854
Balance as of December 31, 2013	$	203,479	$	24	$	(23	)	$	203,480

As of December 31, 2014, the Company's equity securities, which consist of a single holding in a publicly-traded company, were in an unrealized loss position for less than 12 months. The Company has determined that such position is temporary.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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