Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value, Assets Measured on Recurring Basis

Assets measured at fair value on a recurring basis at December 31, 2014, summarized by measurement input category, were as follows:



	Total			Level 1			Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits⁽¹⁾	$	51,910		$	51,910		$	—	$	—
Restricted cash
Mutual funds⁽²⁾	20,970			20,970			—		—
Corporate securities⁽²⁾	87,850			72,798			—		15,052
Corporate obligations⁽²⁾	29,637			—			10,793		18,844
Investments in certain funds⁽³⁾	525			—			—		525
	$	190,892		$	145,678		$	10,793	$	34,421

Liabilities
Financial instrument obligations	$	(21,311	)	$	(21,311	)	$	—	$	—


(1)	Reported within "Cash and cash equivalents."


(2)	Reported within “Marketable securities.”


(3)	Reported within "Other investments."

Assets and liabilities measured at fair value on a recurring basis at December 31, 2013, summarized by measurement input category, were as follows:



	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits⁽¹⁾	$	72,602	$	72,602	$	—	$	—
Mutual funds⁽²⁾	20,783		20,783		—		—
United States government securities⁽²⁾	50,379		50,379		—		—
Corporate securities⁽²⁾	74,559		68,624		—		5,935
Commercial paper⁽³⁾	1,799		—		1,799		—
Corporate obligations⁽²⁾	31,965		—		14,535		17,430
Investments in certain funds⁽⁴⁾	844		—		—		844
	$	252,931	$	212,388	$	16,334	$	24,209


(1)	Reported within "Cash and cash equivalents."


(2)	Reported within “Marketable securities.”


(3)	$1.0 million reported within "Cash and cash equivalents" and $0.8 million reported within "Marketable securities."


(4)	Reported within "Other investments".

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in the fair value of assets valued using Level 3 measurement inputs during the years ended December 31, 2014 and 2013, were as follows:



	Year Ended December 31,
	2014			2013
	(in thousands)
Balance, beginning of period	$	24,209		$	2,804
Purchases	13,294			45,383
Sales	(5,001		)	(23,034		)
Realized gain on sale	(129		)	1,556
Change in fair value	2,048			(2,500		)
Balance, end of period	$	34,421		$	24,209

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

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