Fair Value Measurement

9 Months Ended

Sep. 30, 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 September 30, 2012, December 31, 2011, and September 30, 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: 

September 30, 2012	Fair Value Measurement at Reporting Date Using
(in thousands)	Level 11		Level 22		Level 33		Total
Cash equivalents
Money market funds	$	185,586	$	—	$	—	$	185,586
Held-to-maturity commercial paper	14,495		—		—		14,495
Marketable securities
Held-to-maturity marketable securities	85,133		—		—		85,133
Total assets	$	285,214	$	—	$	—	$	285,214
Long-term debt (including current maturities)
Senior notes payable	$	—	$	—	$	243,219	$	243,219
Total liabilities	$	—	$	—	$	243,219	$	243,219

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
Held-to-maturity commercial paper	4,999		—		—		4,999
Marketable securities
Held-to-maturity marketable securities	149,979		—		—		149,979
Total assets	$	333,152	$	—	$	—	$	333,152
Long-term debt (including current maturities)
Senior notes payable	$	—	$	—	$	250,541	$	250,541
Total liabilities	$	—	$	—	$	250,541	$	250,541

September 30, 2011	Fair Value Measurement at Reporting Date Using
(in thousands)	Level 11		Level 22		Level 33		Total
Cash equivalents
Money market funds	$	149,966	$	—	$	—	$	149,966
Held-to-maturity commercial paper	4,997		—		—		4,997
Marketable securities
Held-to-maturity marketable securities	137,194		—		—		137,194
Total assets	$	292,157	$	—	$	—	$	292,157
Long-term debt (including current maturities)
Senior notes payable	$	—	$	—	$	242,698	$	242,698
Total liabilities	$	—	$	—	$	242,698	$	242,698

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)	September 30, 2012		December 31, 2011		September 30, 2011
Money market funds	$	185,586	$	178,174	$	149,966
Held-to-maturity commercial paper	14,495		4,999		4,997
Cash	87,241		73,817		38,136
Total cash and cash equivalents	$	287,322	$	256,990	$	193,099

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, the fair value measured using Level 3 inputs of non-recourse debt approximates its carrying value due to 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 $208.3 million, $216.7 million and $216.7 million as of September 30, 2012, December 31, 2011 and September 30, 2011, respectively. See Note 4 for the carrying amount of held-to-maturity marketable securities as of September 30, 2012, December 31, 2011 and September 30, 2011.

We measure certain nonfinancial assets and liabilities at fair value on a nonrecurring basis. During the nine months ended September 30, 2012, the only significant fair value adjustment was a $2.8 million non-cash impairment charge to write-off our cost method investment in the preferred stock of a corporation that designs and manufactures power generation equipment. The fair value was estimated based on Level 3 inputs using the expected future cash flows attributable to the asset and on other assumptions that market participants would use in determining fair value, such as liquidation preferences, market discount rates, transaction prices for other comparable assets, and other market data. No other significant fair value adjustments related to nonfinancial assets and liabilities measured at fair value on a nonrecurring basis were recorded during the three and nine months ended September 30, 2012 and 2011.