FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2012

Available-For-Sale Securities Measured at Fair Value

The following tables summarize our available-for-sale securities measured at fair value:

	September 30, 2012		Level 1		Level 2		Level 3
	(Unaudited) (In thousands)
Mutual funds(1)	$	1,998	$	—	$	1,998	$	—
Commercial paper		42,480		—		42,480		—
Asset-backed securities and collateralized mortgage obligations(2)		8,595		—		2,138		6,457
Corporate notes and bonds(3)		5,761		—		5,761		—
Total	$	58,834	$	—	$	52,377	$	6,457
	December 31, 2011		Level 1		Level 2		Level 3
	(In thousands)
Mutual funds	$	1,923	$	—	$	1,923	$	—
Commercial paper		123,210		—		123,210		—
Asset-backed securities and collateralized mortgage obligations		8,131		—		2,101		6,030
Corporate notes and bonds		5,742		—		5,742		—
Total	$	139,006	$	—	$	132,976	$	6,030

⁽¹⁾  Various U.S. equities and other investments managed under mutual funds.

⁽²⁾  Asset-backed and mortgage-backed securities with maturities of up to 26 years.

⁽³⁾  Corporate notes and bonds with maturities of three years or less.

Changes in Level Three Instrument Measured on Recurring Basis

The following is a summary of the changes in our Level 3 instrument measured on a recurring basis for the three-month and nine-month periods ended September 30, 2012 and 2011:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(Unaudited) (In thousands)
Balance at beginning of period	$	6,338		$	7,072		$	6,030		$	7,372
Total realized and unrealized gains (losses)		459			(318	)		1,357			147
Principal repayments		(340	)		(351	)		(930	)		(1,116	)
Balance at end of period	$	6,457		$	6,403		$	6,457		$	6,403

Available-for-Sale Securities with Unrealized Losses Greater Than Twelve Months

     The following is a summary of our available-for-sale securities with unrealized losses greater than twelve months:

	Twelve Months or Greater
	Fair Value		Unrealized Losses
September 30, 2012	(Unaudited) (In thousands)
Mutual funds	$	1,998	$	—
Commercial paper		42,480		—
Asset-backed securities and collateralized mortgage obligations		8,595		(2,742	)
Corporate notes and bonds		5,761		—
Total	$	58,834	$	(2,742	)
	Twelve Months or Greater
	Fair Value		Unrealized Losses
December 31, 2011	(In thousands)
Mutual funds	$	1,923	$	—
Commercial paper		123,210		—
Asset-backed securities and collateralized mortgage obligations		8,131		(4,358	)
Corporate notes and bonds		5,742		—
Total	$	139,006	$	(4,358	)

Estimated Fair Values of Financial Instruments

The estimated fair values of certain of our financial instruments are as follows:

	September 30, 2012				December 31, 2011
	Carrying Amount		Fair Value		Carrying Amount			Fair Value
	(Unaudited)
			(In thousands)
Balance Sheet Instruments
Cash and cash equivalents	$	638,794	$	638,794	$	570,854		$	570,854
Restricted cash and cash equivalents	$	23,074	$	23,074	$	21,962		$	21,962
Investments	$	58,834	$	58,834	$	139,006		$	139,006
Debt	$	108,286	$	111,901	$	93,735		$	96,187
Forward contracts	$	7,274	$	7,274	$	(5,029	)	$	(5,029	)