Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis include the following as of September 30, 2013 (in thousands):


	Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value as of September 30, 2013
Cash Equivalents:
Money market funds	$	12,485	$	—	$	—	$	12,485
Long-term investments:
Failed Auction Securities		—		—		4,982		4,982
Brokered certificates of deposit		—		1,018		—		1,018
Certificate of deposit		231		—		—		231

Quantitative Information about Level 3 Fair Value Measurements

Quantitative information about Level 3 fair value measurements as of September 30, 2013 are as follows (dollars in thousands):


					Range
			Valuation	Unobservable	(Weighted
	Fair Value		Technique	Input	Average)
Failed Auction Securities	$	4,982	Discounted cash flow	Cumulative probability of earning the maximum rate until maturity	0.01% - 0.05% (0.03%)
				Cumulative probability of principal return prior to maturity	74.24% - 95.60% (84.92%)
				Cumulative probability of default	4.39% - 25.71% (15.05%)
				Liquidity risk premium	5.00% - 5.00% (5.00%)
				Recovery rate in default	40.00% - 40.00% (40.00%)

Change in Estimated Fair Values Calculated for Assets Valued on Recurring Basis Utilizing Level 3 Inputs

The following table summarizes the change in the estimated fair values calculated for those assets valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Securities) for the nine months ended September 30, 2013 (in thousands):


Balance at the beginning of the period	$	4,979
Redemptions, at par		(100	)
Credit loss on available-for-sale securities included in Other income (expense), net		(78	)
Unrealized gain included in Other comprehensive income (loss)		181

Balance at the end of the period	$	4,982