Fair Value Measurement

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Measurement

Effective in 2012, we adopted a new accounting standard that expands the disclosure of our assets and liabilities disclosed but not recorded at fair value. As of March 31, 2012, December 31, 2011 and March 31, 2011, these assets and liabilities were our held-to-maturity marketable securities and senior notes payable. The following tables summarize each class of assets and liabilities measured at fair value on a recurring basis as well as assets and liabilities that are disclosed but not recorded at fair value: 

March 31, 2012	Fair Value Measurement at Reporting Date Using
(in thousands)	Level 11		Level 22		Level 33		Total
Cash equivalents
Money market funds	$	157,034	$	—	$	—	$	157,034
Marketable securities
Held-to-maturity marketable securities	140,728		—		—		140,728
Total assets	$	297,762	$	—	$	—	$	297,762
Long-term debt (including current maturities)
Senior notes payable	$	—	$	—	$	246,600	$	246,600
Total liabilities	$	—	$	—	$	246,600	$	246,600

December 31, 2011	Fair Value Measurement at Reporting Date Using
(in thousands)	Level 11		Level 22		Level 33		Total
Cash equivalents
Money market funds	$	178,174	$	—	$	—	$	178,174
Marketable securities
Held-to-maturity marketable securities	149,979		—		—		149,979
Total assets	$	328,153	$	—	$	—	$	328,153
Long-term debt (including current maturities)
Senior notes payable	$	—	$	—	$	250,541	$	250,541
Total liabilities	$	—	$	—	$	250,541	$	250,541

March 31, 2011	Fair Value Measurement at Reporting Date Using
(in thousands)	Level 11		Level 22		Level 33		Total
Cash equivalents
Money market funds	$	197,714	$	—	$	—	$	197,714
Marketable securities
Held-to-maturity marketable securities	129,815		—		—		129,815
Total assets	$	327,529	$	—	$	—	$	327,529
Long-term debt (including current maturities)
Senior notes payable	$	—	$	—	$	242,524	$	242,524
Total liabilities	$	—	$	—	$	242,524	$	242,524

¹Quoted prices in active markets for identical assets or liabilities.

²Observable 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.

³Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A reconciliation of money market funds to consolidated cash and cash equivalents is as follows:

(in thousands)	March 31, 2012		December 31, 2011		March 31, 2011
Money market funds	$	157,034	$	178,174	$	197,714
Held-to-maturity commercial paper	4,997		4,999		14,993
Cash	64,195		73,817		28,061
Total cash and cash equivalents	$	226,226	$	256,990	$	240,768

We believe the carrying values of receivables, other current assets, and accrued expenses and other current liabilities approximate their fair values because of the short-term nature of these instruments. In addition, we believe the carrying value of non-recourse debt approximates its fair value due its relative short-term nature and competitive interest rates. The fair value of the senior notes payable was based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. The carrying amount of senior notes payable, including current maturities, was $216.7 million, $225.0 million and $225.0 million as of March 31, 2012, December 31, 2011 and March 31, 2011, respectively. See Note 3 for the carrying amount of held-to-maturity marketable securities as of March 31, 2012, December 31, 2011 and March 31, 2011.

We measure certain nonfinancial assets and liabilities at fair value on a nonrecurring basis. During the three months ended March 31, 2012 and 2011, we did not record any significant fair value adjustments related to nonfinancial assets and liabilities measured at fair value on a nonrecurring basis.