Fair Value Measurement

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurement

Fair value accounting standards describe three levels that may be used to measure fair value:

• 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.

• 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.

The following tables summarize assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels:

September 30, 2013	Fair Value Measurement at Reporting Date Using
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	113,220	$	—	$	—	$	113,220
Total assets	$	113,220	$	—	$	—	$	113,220

December 31, 2012	Fair Value Measurement at Reporting Date Using
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	201,542	$	—	$	—	$	201,542
Held-to-maturity commercial paper	5,000		—		—		5,000
Total assets	$	206,542	$	—	$	—	$	206,542

September 30, 2012	Fair Value Measurement at Reporting Date Using
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	185,586	$	—	$	—	$	185,586
Held-to-maturity commercial paper	14,495		—		—		14,495
Total assets	$	200,081	$	—	$	—	$	200,081

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

(in thousands)	September 30, 2013		December 31, 2012		September 30, 2012
Cash equivalents	$	113,220	$	206,542	$	200,081
Cash	99,243		115,448		87,241
Total cash and cash equivalents	$	212,463	$	321,990	$	287,322

The carrying values and estimated fair values of our financial instruments that are not required to be measured at fair value in the condensed consolidated balance sheets are as follows: 

		September 30, 2013				December 31, 2012				September 30, 2012
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Held-to-maturity marketable securities1	Level 1	$	86,906	$	86,594	$	111,430	$	111,525	$	84,987	$	85,133
Liabilities (including current maturities):
Senior notes payable2	Level 3	$	200,000	$	226,110	$	208,333	$	243,118	$	208,333	$	243,219
Credit Agreement loan2	Level 3	70,000		70,166		70,000		70,444		—		—

¹Held-to-maturity marketable securities are periodically assessed for other-than-temporary impairment.

²The fair values of the senior notes payable and Credit Agreement (as defined under “Credit Agreement” in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations”) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk.

The carrying values of receivables, other current assets, and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these instruments. In addition, the fair value of non-recourse debt measured using Level 3 inputs approximates its carrying value due to its relative short-term nature and competitive interest rates. During the three and nine months ended September 30, 2013 and 2012, we did not record any significant fair value adjustments related to nonfinancial assets and liabilities measured at fair value on a nonrecurring basis.