FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Available-For-Sale Securities Measured at Fair Value

The following is a summary of our available-for-sale securities measured at fair value:


	Total at September 30, 2013		Level 1		Level 2		Level 3
	(Unaudited)
	(In thousands)
Mutual funds⁽¹⁾	$	2,115	$	—	$	2,115	$	—
Commercial paper		7,397		—		7,397		—
Asset-backed securities and collateralized mortgage obligations⁽²⁾		7,770		—		2,115		5,655

Total	$	17,282	$	—	$	11,627	$	5,655


	Total at December 31, 2012		Level 1		Level 2		Level 3
	(In thousands)
Mutual funds⁽¹⁾	$	2,023	$	—	$	2,023	$	—
Commercial paper		29,737		—		29,737		—
Asset-backed securities and collateralized mortgage obligations⁽²⁾		8,477		—		2,134		6,343
Corporate notes and bonds⁽³⁾		5,755		—		5,755		—

Total	$	45,992	$	—	$	39,649	$	6,343

(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 months and nine months ended September 30, 2013 and September 30, 2012:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(Unaudited) (In thousands)
Balance at beginning of period	$	5,902		$	6,338		$	6,343		$	6,030
Total realized and unrealized gains		79			459			307			1,357
Principal repayments		(326	)		(340	)		(995	)		(930	)

Balance at end of period	$	5,655		$	6,457		$	5,655		$	6,457

Summary of Available for Sale Securities

The following is a summary of our available-for-sale securities:


	Twelve Months or Greater
	Fair Value		Unrealized Losses
	(Unaudited) (In thousands)
September 30, 2013
Mutual funds	$	2,115	$	—
Commercial paper		7,397		—
Asset-backed securities and collateralized mortgage obligations		7,770		(1,857	)

Total	$	17,282	$	(1,857	)


	Twelve Months or Greater
	Fair Value		Unrealized Losses
	(Unaudited) (In thousands)
December 31, 2012
Mutual funds	$	2,023	$	—
Commercial paper		29,737		—
Asset-backed securities and collateralized mortgage obligations		8,477		(2,376	)
Corporate notes and bonds		5,755		—

Total	$	45,992	$	(2,376	)

Estimated Fair Values of Financial Instruments

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


	September 30, 2013						December 31, 2012
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
	(Unaudited)
	(In thousands)
Balance Sheet Instruments
Cash and cash equivalents	$	282,370		$	282,370		$	640,147		$	640,147
Restricted cash and cash equivalents	$	18,488		$	18,488		$	18,116		$	18,116
Investments	$	17,282		$	17,282		$	45,992		$	45,992
Debt	$	(94,141	)	$	(95,919	)	$	(102,708	)	$	(106,324	)
Forward contracts	$	(17,569	)	$	(17,569	)	$	21,434		$	21,434

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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