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FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2012

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

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

March 31, 2012		Level 1			Level 2			Level 3			Total
Cash		$	112,725		$	-		$	-		$	112,725
Money market funds		258,096			-			-			258,096
U.S. Treasuries		402			-			-			402
Certificates of deposit		-			42,197			-			42,197
Municipal securities		-			346,560			-			346,560
U.S. government agency securities		-			19,988			-			19,988
Variable rate demand notes		-			31,058			-			31,058
Auction rate securities		-			-			21,864			21,864
Put option related to auction rate securities		-			-			1,649			1,649
Total		$	371,223		$	439,803		$	23,513		$	834,539
Amounts included in:
Cash and cash equivalents		$	370,821		$	20,617		$	-		$	391,438
Short-term investments		402			419,186			-			419,588
Investments		-			-			21,864			21,864
Other assets		-			-			1,649			1,649
Total		$	371,223		$	439,803		$	23,513		$	834,539
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		0.02%-6.68% (1.04%)
				Principal returned probability		81.84%-95.79% (87.93%)
				Default probability		4.08%-12.29% (11.03%)
				Liquidity risk		3.50%-3.50% (3.50%)
				Recovery rate		60-80 (60.76)
Auction Rate Securities:
Available-for-sale		Market comparable bonds		Market price		51-64 (55)
Put Options		Discounted cash flow		Counterparty risk		1.79%-2.50% (2.15%)

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

		March 31, 2012						March 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		1,787			(1,392)			278			20
Included in other comprehensive income		-			-			164			-
Settlements		(15,775)			-			(1,050)			-
Closing Balance		$	21,864		$	1,649		$	67,644		$	3,788

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- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

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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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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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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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-Publisher FASB

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-Paragraph 32

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