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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Fair value of assets measured on recurring basis
Our financial instruments measured at fair value on a recurring basis at June 30, 2013, were as follows:
 
Total
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
Corporate debt securities
$
463,723

 
$

 
$
463,723

 
$

GSEs
84,101

 
84,101

 

 

Municipal securities
105,936

 

 
105,936

 

U.S. treasury notes
26,495

 
26,495

 

 

Certificates of deposit
38,289

 

 
38,289

 

Auction rate securities
12,527

 

 

 
12,527

1.125% Call Option derivative asset
207,123

 

 

 
207,123

Total assets measured at fair value on a recurring basis
$
938,194

 
$
110,596

 
$
607,948

 
$
219,650

 
 
 
 
 
 
 
 
Embedded cash conversion option derivative liability
$
207,017

 
$

 
$

 
$
207,017

Our financial instruments measured at fair value on a recurring basis at December 31, 2012, were as follows:
 
Total
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
Corporate debt securities
$
191,008

 
$

 
$
191,008

 
$

GSEs
29,525

 
29,525

 

 

Municipal securities
75,848

 

 
75,848

 

U.S. treasury notes
35,740

 
35,740

 

 

Certificates of deposit
10,724

 

 
10,724

 

Auction rate securities
13,419

 

 

 
13,419

Total assets measured at fair value on a recurring basis
$
356,264

 
$
65,265

 
$
277,580

 
$
13,419

 
 
 
 
 
 
 
 
Interest rate swap derivative liability
$
1,307

 
$

 
$
1,307

 
$

Fair value of assets measured on recurring basis using unobservable inputs
The following tables present activity relating to our assets (liabilities) measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
 
Changes in Level 3 Instruments for the Six Months Ended June 30, 2013
 
Total
 
Auction Rate Securities
 
Derivatives, Net
 
 
 
(In thousands)
 
 
Balance at December 31, 2012
$
13,419

 
$
13,419

 
$

Net unrealized gains included in other comprehensive income
358

 
358

 

Net unrealized gains (losses) included in other expense
(3,817
)
 

 
(3,817
)
Issuances
(75,074
)
 

 
(75,074
)
Settlements and derivative redesignation
77,747

 
(1,250
)
 
78,997

Balance at June 30, 2013
$
12,633

 
$
12,527

 
$
106

The amount of total unrealized gains for the period included in other comprehensive income attributable to the change in accumulated other comprehensive losses relating to assets still held at June 30, 2013
$
290

 
$
290

 
$

 
Changes in Level 3 Instruments for the Year Ended December 31, 2012
 
Total
 
Auction Rate Securities
 
Derivatives, Net
 
(In thousands)
Balance at December 31, 2011
$
16,134

 
$
16,134

 
$

Net unrealized gains included in other comprehensive income
1,635

 
1,635

 

Settlements
(4,350
)
 
(4,350
)
 

Balance at December 31, 2012
$
13,419

 
$
13,419

 
$

The amount of total unrealized gains for the period included in other comprehensive income attributable to the change in accumulated other comprehensive losses relating to assets still held at December 31, 2012
$
1,059

 
$
1,059

 
$

Schedule of fair value, asset and liabilities measured on recurring basis - disclosure only
Fair Value Measurements – Disclosure Only
The carrying amounts and estimated fair values of our long-term debt, as well as the applicable fair value hierarchy tiers, are contained in the tables below. Our convertible senior notes are classified as Level 2 financial instruments. Fair value for these securities is determined using a market approach based on quoted prices for similar securities in active markets or quoted prices for identical securities in inactive markets. As described in greater detail Note 10, "Long-Term Debt," we recorded lease financing obligations in connection with sale-leaseback transactions executed in the first half of 2013. The lease financing obligations are classified as Level 3 financial instruments because certain inputs used to determine their fair value are unobservable. At June 30, 2013, the carrying amount of the lease financing obligations approximate their fair value because of the short period of time between the origination of the obligations in 2013, and June 30, 2013. The credit facility was repaid and terminated effective February 15, 2013, and the term loan was repaid on June 13, 2013. 
 
June 30, 2013
 
Carrying
Value
 
Total
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
1.125% Notes
$
407,215

 
$
608,416

 
$

 
$
608,416

 
$

3.75% Notes
178,610

 
242,466

 

 
242,466

 

Lease financing obligations
175,666

 
175,666

 

 

 
175,666

 
$
761,491

 
$
1,026,548

 
$

 
$
850,882

 
$
175,666

 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
Carrying
 
Total
 
 
 
 
 
 
 
Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
3.75% Notes
$
175,468

 
$
208,460

 
$

 
$
208,460

 
$

Term loan
47,471

 
47,471

 

 

 
47,471

Credit facility
40,000

 
40,000

 

 

 
40,000

 
$
262,939

 
$
295,931

 
$

 
$
208,460

 
$
87,471