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FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)
12 Months Ended
Dec. 31, 2012
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES  
Schedule of financial assets recorded at fair value on a recurring basis

 

 

December 31, 2012

 

 

Level 1

 

 

 

Level 2

 

 

 

Level 3

 

 

 

Total

 

 

Cash

 

 

$

147,113

 

 

 

$

-

 

 

 

$

-

 

 

 

$

147,113

 

 

Money market funds

 

 

63,974

 

 

 

-

 

 

 

-

 

 

 

63,974

 

 

U.S. Treasuries

 

 

-

 

 

 

24,065

 

 

 

-

 

 

 

24,065

 

 

Certificates of deposit

 

 

-

 

 

 

5,603

 

 

 

-

 

 

 

5,603

 

 

Municipal securities

 

 

-

 

 

 

77,038

 

 

 

-

 

 

 

77,038

 

 

Auction rate securities

 

 

-

 

 

 

-

 

 

 

23,156

 

 

 

23,156

 

 

Put option related to auction rate securities

 

 

-

 

 

 

 

 

 

 

1,929

 

 

 

1,929

 

 

Total

 

 

$

211,087

 

 

 

$

106,706

 

 

 

$

25,085

 

 

 

$

342,878

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

$

211,087

 

 

 

$

11,427

 

 

 

$

-

 

 

 

$

222,514

 

 

Short-term investments

 

 

-

 

 

 

95,279

 

 

 

1,763

 

 

 

97,042

 

 

Investments

 

 

-

 

 

 

-

 

 

 

21,393

 

 

 

21,393

 

 

Prepaid expenses and other current assets

 

 

-

 

 

 

-

 

 

 

225

 

 

 

225

 

 

Other assets

 

 

-

 

 

 

-

 

 

 

1,704

 

 

 

1,704

 

 

Total

 

 

$

211,087

 

 

 

$

106,706

 

 

 

$

25,085

 

 

 

$

342,878

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

0.38%-1.74% (0.94%)

 

 

 

 

Principal returned probability

 

86.88%-95.69% (87.98%)

 

 

 

 

Default probability

 

3.77%-11.57% (11.08%)

 

 

 

 

Liquidity risk

 

3.50%-3.50% (3.50%)

 

 

 

 

Recovery rate

 

60-60 (60)

Auction Rate Securities:

 

 

 

 

 

 

Available-for-sale

 

Market comparable bonds

 

Comparable price

 

71-76 (74)

 

 

 

 

 

 

 

Put Options

 

Discounted cash flow

 

Counterparty risk

 

1.01%-1.61% (1.20%)

 

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

 

 

 

 

December 31, 2012

 

December 31, 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

 

1,897

 

(1,112)

 

(44)

 

(727)

Included in other comprehensive income

 

2,482

 

-

 

2,409

 

-

Settlements

 

(17,075)

 

-

 

(34,765)

 

-

Closing Balance

 

  $

23,156

 

  $

1,929

 

  $

35,852

 

  $

3,041