Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements

Fair Value Measurements

(8) Fair Value Measurements

        The Company holds certain assets that are required to be measured at fair value in accordance with United States GAAP. The Company determined fair value of these assets based on the following three levels of inputs:

Level 1	—	Quoted prices in active markets for identical assets or liabilities.
Level 2	—	Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Some of the Company's marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities.
Level 3	—	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, therefore requiring an entity to develop its own assumptions.

        As of December 31, 2011, the Company held certain assets that are required to be measured at fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized below (in thousands):

	Fair Value Measurements as of December 31, 2011
	Total		Level 1		Level 2		Level 3
Marketable Securities
Bonds	$	492,517	$	—	$	492,517	$	—
Commercial paper		4,557		—		4,557		—
Asset backed securities		478		—		478		—
		497,552		—		497,552		—
Cash, Cash Equivalents and Restricted Cash		148,960		148,960		—		—
Other Assets(a)		3,793		—		—		3,793
Total Assets Measured at Fair Value	$	650,305	$	148,960	$	497,552	$	3,793

	Fair Value Measurements as of December 31, 2010
	Total		Level 1		Level 2		Level 3
Marketable Securities
Bonds	$	665,023	$	—	$	665,023	$	—
Commercial paper		4,998		—		4,998		—
Asset backed securities		718		—		718		—
		670,739		—		670,739		—
Cash, Cash Equivalents and Restricted Cash		134,113		134,113		—		—
Other Assets(a)		4,002		—		—		4,002
Total Assets Measured at Fair Value	$	808,854	$	134,113	$	670,739	$	4,002

(a)

Auction rate securities included in "Other assets" in the Consolidated Balance Sheet

        Based on market conditions, the Company uses a discounted cash flow valuation methodology for auction rate securities. Accordingly, for purposes of the foregoing consolidated financial statements, these securities were categorized as Level 3 securities. The Company's "Marketable Securities" classified as Level 2 primarily utilize broker quotes in a non-active market for valuation of these securities.

        No significant transfers between Level 1, Level 2 and Level 3 occurred during the year ended December 31, 2011. The Company's policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period.

        The following table presents the Company's assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at December 31, 2011 (in thousands):

Fair Value Measurements Using Significant Unobservable Inputs
(Level 3)

	Auction Rate Securities
Balance at January 1, 2011	$	4,002
Total realized and unrealized gains or (losses)
Included in earnings		—
Included in other comprehensive income		(209	)
Transferred out		—
Settlements		—
Balance at December 31, 2011	$	3,793