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FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2012

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

Schedule of financial assets recorded at fair value on a recurring basis

September 30, 2012		Level 1				Level 2				Level 3				Total
Cash		$	165,754			$	-			$	-			$	165,754
Money market funds		116,684				-				-				116,684
Certificates of deposit		-				17,015				-				17,015
Municipal securities		-				253,899				-				253,899
U.S. government agency securities		-				29,982				-				29,982
Variable rate demand notes		-				6,501				-				6,501
Auction rate securities		-				-				20,755				20,755
Put option related to auction rate securities		-				-				1,931				1,931
Total		$	282,438			$	307,397			$	22,686			$	612,521

Amounts included in:
Cash and cash equivalents		$	282,438			$	616			$	-			$	283,054
Short-term investments		-				306,781				873				307,654
Investments		-				-				19,882				19,882
Prepaid expenses and other current assets		-				-				121				121
Other assets		-				-				1,810				1,810
Total		$	282,438			$	307,397			$	22,686			$	612,521

December 31, 2011		Level 1				Level 2				Level 3				Total
Cash		$	81,879			$	-			$	-			$	81,879
Money market funds		230,029				-				-				230,029
U.S. Treasuries		8,034				-				-				8,034
Certificates of deposit		-				69,078				-				69,078
Corporate bonds		-				2,022				-				2,022
Municipal securities		-				291,984				-				291,984
U.S. government agency securities		-				16,005				-				16,005
Variable rate demand notes		-				58,924				-				58,924
Auction rate securities		-				-				35,852				35,852
Put options related to auction rate securities		-				-				3,041				3,041
Total		$	319,942			$	438,013			$	38,893			$	796,848

Amounts included in:
Cash and cash equivalents		$	311,908			$	47,423			$	-			$	359,331
Short-term investments		8,034				390,590				12,658				411,282
Investments		-				-				23,194				23,194
Prepaid expenses and other current assets		-				-				873				873
Other assets		-				-				2,168				2,168
Total		$	319,942			$	438,013			$	38,893			$	796,848

Schedule of quantitative information related to the significant unobservable inputs utilized in Level 3 recurring fair value measurements

		Valuation Technique		Unobservable Input		Range (Weighted-Average)
Auction Rate Securities:
Trading		Discounted cash flow		Maximum rate probability		0.37%-1.67% (0.91%)
				Principal returned probability		86.66%-95.61% (87.72%)
				Default probability		3.88%-11.86% (11.36%)
				Liquidity risk		3.50%-3.50% (3.50%)
				Recovery rate		60-60 (60)
Auction Rate Securities:
Available-for-sale		Market comparable bonds		Comparable price		54-64 (60)

Put Options		Discounted cash flow		Counterparty risk		1.40%-1.99% (1.74%)

Summary of changes in fair value of the Company's Level 3 financial assets

		Three-Months Ended September 30, 2012										Three-Months Ended September 30, 2011
		Auction Rate Securities					Put Options					Auction Rate Securities					Put Options
Opening Balance			$	20,873				$	1,816				$	55,636				$	4,091
Transfers into Level 3		-					-					-					-
Transfers out of Level 3		-					-					-					-
Total gains (losses) for the period:
Included in earnings		107					115					115					(914			)
Included in other comprehensive income		-					-					-					-
Settlements		(225			)		-					(16,375			)		-
Closing Balance			$	20,755				$	1,931				$	39,376				$	3,177

		Nine-Months Ended September 30, 2012										Nine-Months Ended September 30, 2011
		Auction Rate Securities					Put Options					Auction Rate Securities					Put Options
Opening Balance			$	35,852				$	3,041				$	68,252				$	3,768
Transfers into Level 3		-					-					-					-
Transfers out of Level 3		-					-					-					-
Total gains (losses) for the period:
Included in earnings		1,693					(1,110			)		(259			)		(591			)
Included in other comprehensive income		-					-					2,408					-
Settlements		(16,790			)		-					(31,025			)		-
Closing Balance			$	20,755				$	1,931				$	39,376				$	3,177

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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