Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Measurements

Schedule of assets measured at fair value on a recurring basis

As of September 30, 2016 and December 31, 2015, 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 September 30, 2016
	Total		Level 1		Level 2		Level 3
Marketable Securities
Bonds and bond funds	$	506,155	$	—	$	506,155	$	—
Commercial paper		15		—		15		—
Asset backed securities	$	506,170	$	—	$	506,170	$	—
Cash, Cash Equivalents and Restricted Cash		58,002		58,002		—		—
Auction Rate Securities(1)		2,394		—		—		2,394
Total Assets Measured at Fair Value	$	566,566	$	58,002	$	506,170	$	2,394

	Fair Value Measurements as of December 31, 2015
	Total		Level 1		Level 2		Level 3
Marketable Securities
Bonds and bond funds	$	286,637	$	—	$	286,637	$	—
Commercial paper		31		—		31		—
Asset backed securities	$	286,668	$	—	$	286,668	$	—
Cash, Cash Equivalents and Restricted Cash		211,251		211,251		—		—
Auction Rate Securities(1)		2,321		—		—		2,321
Total Assets Measured at Fair Value	$	500,240	$	211,251	$	286,668	$	2,321

(1) Auction rate securities are included in long-term “Other assets” in the Company’s unaudited condensed consolidated balance sheets

Schedule of fair value measurements using significant unobservable inputs

The following table presents the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2016 (in thousands):

Fair Value Measurements Using Significant Unobservable Inputs

(Level 3)

	Auction Rate
	Securities
Balance at January 1, 2016	$	2,321
Total realized and unrealized gains or (losses)
Included in earnings		—
Included in other comprehensive income		73
Transferred out		—
Settlements		—
Balance at September 30, 2016	$	2,394