FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2015

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

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

December 31, 2015	Level 1		Level 2			Level 3		Total
Cash	$	255,723	$	-		$	-	$	255,723
Money market funds	664,005		-			-		664,005
Certificates of deposit	-		85,007			-		85,007
Commercial paper	-		430,605			-		430,605
U.S. Treasuries	-		260,035			-		260,035
Municipal securities	-		731,744			-		731,744
U.S. government agency securities	-		508,256			-		508,256
Foreign currency derivatives	-		(217		)	-		(217		)
Total	$	919,728	$	2,015,430		$	-	$	2,935,158
Amounts included in:
Cash and cash equivalents	$	919,728	$	1,255,689		$	-	$	2,175,417
Short-term investments	-		744,610			-		744,610
Accounts receivable, net	-		371			-		371
Investments	-		15,348			-		15,348
Accrued liabilities	-		(588		)	-		(588		)
Total	$	919,728	$	2,015,430		$	-	$	2,935,158

December 31, 2014	Level 1		Level 2			Level 3		Total
Cash	$	196,090	$	-		$	-	$	196,090
Money market funds	106,928		-			-		106,928
Commercial paper	-		19,482			-		19,482
Municipal securities	-		854,787			-		854,787
U.S. government agency securities	-		9,199			-		9,199
Variable rate demand notes	-		4,001			-		4,001
Auction rate securities	-		-			3,910		3,910
Put option related to auction rate securities	-		-			250		250
Foreign currency derivatives	-		(252		)	-		(252		)
Total	$	303,018	$	887,217		$	4,160	$	1,194,395
Amounts included in:
Cash and cash equivalents	$	303,018	$	67,305		$	-	$	370,323
Short-term investments	-		777,224			3,910		781,134
Accounts receivable, net	-		83			-		83
Investments	-		42,940			-		42,940
Prepaid expenses and other current assets	-		-			250		250
Accrued liabilities	-		(335		)	-		(335		)
Total	$	303,018	$	887,217		$	4,160	$	1,194,395

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

The following table presents quantitative information related to the significant unobservable inputs utilized in the Company’s Level 3 recurring fair value measurements as of December 31, 2014.

	Valuation Technique	Unobservable Input	Range (Weighted-Average)
Auction Rate Securities	Discounted cash flow	Maximum rate probability	1.37%-3.02% (2.58%)
		Principal returned probability	84.78%-94.07% (87.05%)
		Default probability	4.56%-12.21% (10.37%)
		Liquidity risk	2.50%-2.50% (2.50%)
		Recovery rate	60-60 (60)
Put Options	Discounted cash flow	Counterparty risk	0.73%-0.79% (0.74%)

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

	December 31, 2015				December 31, 2014
	Auction Rate Securities		Put Options		Auction Rate Securities		Put Options
Opening Balance	$	3,910	$	250	$	16,184	$	1,092
Transfers into Level 3	-		-		-		-
Transfers out of Level 3	-		-		-		-
Total gains (losses) for the period:
Included in earnings	250		(250)		801		(842)
Included in other comprehensive income	-		-		-		-
Settlements	(4,160)		-		(13,075)		-
Closing Balance	$	-	$	-	$	3,910	$	250