FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2014

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Schedule of financial instruments and the methods and assumptions used in estimating fair value disclosures

	September 30		December 31
	2014		2013
	(in thousands)
Cash and cash equivalents
Cash deposits(1)	$	108,473	$	63,547
Variable rate demand notes(1)(2)	16,307		29,706
Money market funds(3)	34,602		12,101
	$	159,382	$	105,354
Short-term investments
Certificates of deposit(1)	$	43,858	$	35,906
Restricted cash, cash equivalents, and short-term investments(4)
Cash deposits(1)	$	1,385	$	1,902

(1) Recorded at cost plus accrued interest, which approximates fair value.

(2) Amounts may be redeemed on a daily basis with the original issuer.

(3) Recorded at fair value as determined by quoted market prices (see amounts presented in the table of financial assets measured at fair value within this Note).

(4) Amounts restricted for use are subject to change based on the requirements of the Company’s collateralized facilities (see Note E).

Schedule of financial instruments disclosed at fair value

	September 30				December 31
	2014				2013
	(in thousands)
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Term Loan(1)	$	73,750	$	73,750	$	83,750	$	83,750
Notes payable(2)	49,387		49,327		22,082		22,092
	$	123,137	$	123,077	$	105,832	$	105,842

(1) The Term Loan, which was entered into on June 15, 2012, carries a variable interest rate based on LIBOR, plus a margin, that is considered to be priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy).

(2) Fair value of the notes payable was determined using a present value income approach based on quoted interest rates from lending institutions with which the Company would enter into similar transactions (Level 2 of the fair value hierarchy).

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

	September 30		December 31
	2014		2013
	(in thousands)
Money market funds(1)	$	34,602	$	12,101
Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2)	2,815		3,063
	$	37,417	$	15,164

(1) Included in cash and cash equivalents.

(2) Nonqualified deferred compensation plan investments consist of U.S. and international equity mutual funds, government and corporate bond mutual funds, and money market funds which are held in a trust with a third-party brokerage firm. Quoted market prices are used to determine fair values of the investments which are included in other long-term assets, with a corresponding liability reported within other long-term liabilities.