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FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2014

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

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

June 30, 2014		Level 1			Level 2			Level 3			Total
Cash		$	218,121		$	-		$	-		$	218,121
Money market funds		134,278			-			-			134,278
Certificates of deposit		-			6,007			-			6,007
Commercial paper		-			9,996			-			9,996
Municipal securities		-			497,481			-			497,481
Auction rate securities		-			-			12,819			12,819
Put option related to auction rate securities		-			-			994			994
Foreign currency derivatives		-			38			-			38
Total		$	352,399		$	513,522		$	13,813		$	879,734
Amounts included in:
Cash and cash equivalents		$	352,399		$	20,652		$	-		$	373,051
Short-term investments		-			447,600			6,369			453,969
Accounts receivable, net		-			185			-			185
Investments		-			45,232			6,450			51,682
Prepaid expenses and other current assets		-			-			515			515
Other assets		-			-			479			479
Accrued liabilities		-			(147		)	-			(147		)
Total		$	352,399		$	513,522		$	13,813		$	879,734
December 31, 2013		Level 1			Level 2			Level 3			Total
Cash		$	139,300		$	-		$	-		$	139,300
Money market funds		60,102			-			-			60,102
Certificates of deposit		-			22,045			-			22,045
Commercial paper		-			5,991			-			5,991
Municipal securities		-			379,766			-			379,766
Auction rate securities		-			-			16,184			16,184
Put option related to auction rate securities		-			-			1,092			1,092
Total		$	199,402		$	407,802		$	17,276		$	624,480
Amounts included in:
Cash and cash equivalents		$	199,402		$	11,947		$	-		$	211,349
Short-term investments		-			395,855			6,392			402,247
Investments		-			-			9,792			9,792
Prepaid expenses and other current assets		-			-			486			486
Other assets		-			-			606			606
Total		$	199,402		$	407,802		$	17,276		$	624,480

Schedule of quantitative information related to the significant unobservable inputs utilized in 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 June 30, 2014.

		Valuation Technique		Unobservable Input		Range (Weighted-Average)
Auction Rate Securities:
Trading		Discounted cash flow		Maximum rate probability		0.66%-2.60% (1.77%)
				Principal returned probability		85.40%-94.51% (86.66%)
				Default probability		4.37%-12.28% (11.57%)
				Liquidity risk		3.00%-3.00% (3.00%)
				Recovery rate		60-60 (60)
Put Options		Discounted cash flow		Counterparty risk		0.33%-0.70% (0.59%)

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

		Three-Months Ended June 30, 2014						Three-Months Ended June 30, 2013
		Auction Rate Securities			Put Options			Auction Rate Securities			Put Options
Opening Balance		$	14,526		$	1,024		$	17,370		$	2,011
Transfers into Level 3		-			-			-			-
Transfers out of Level 3		-			-			-			-
Total gains (losses) for the period:
Included in earnings		17			(30)			392			(325)
Included in other comprehensive income		-			-			-			-
Settlements		(1,724)			-			-			-
Closing Balance		$	12,819		$	994		$	17,762		$	1,686
		Six-Months Ended June 30, 2014						Six-Months Ended June 30, 2013
		Auction Rate Securities			Put Options			Auction Rate Securities			Put Options
Opening Balance		$	16,184		$	1,092		$	23,156		$	1,929
Transfers into Level 3		-			-			-			-
Transfers out of Level 3		-			-			-			-
Total gains (losses) for the period:
Included in earnings		84			(98)			2,881			(243)
Included in other comprehensive income		-			-			(2,483)			-
Settlements		(3,449)			-			(5,792)			-
Closing Balance		$	12,819		$	994		$	17,762		$	1,686

X

- Definition

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 (loss), 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, issues, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



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-Name Accounting Standards Codification

-Topic 820

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-Paragraph 2

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258

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