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FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2014

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

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

September 30, 2014		Level 1			Level 2			Level 3			Total
Cash		$	216,147		$	-		$	-		$	216,147
Money market funds		150,533			-			-			150,533
Certificates of deposit		-			2,504			-			2,504
Commercial paper		-			1,000			-			1,000
Municipal securities		-			649,757			-			649,757
Auction rate securities		-			-			4,842			4,842
Put option related to auction rate securities		-			-			320			320
Foreign currency derivatives		-			32			-			32
Total		$	366,680		$	653,293		$	5,162		$	1,025,135
Amounts included in:
Cash and cash equivalents		$	366,680		$	41,643		$	-		$	408,323
Short-term investments		-			583,199			4,842			588,041
Accounts receivable, net		-			159			-			159
Investments		-			28,419			-			28,419
Prepaid expenses and other current assets		-			-			320			320
Other assets		-			-			-			-
Accrued liabilities		-			(127		)	-			(127		)
Total		$	366,680		$	653,293		$	5,162		$	1,025,135
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 September 30, 2014.

		Valuation Technique		Unobservable Input		Range (Weighted-Average)
Auction Rate Securities:
Trading		Discounted cash flow		Maximum rate probability		0.70%-2.81% (2.33%)
				Principal returned probability		85.10%-94.30% (87.03%)
				Default probability		4.46%-12.36% (10.64%)
				Liquidity risk		3.00%-3.00% (3.00%)
				Recovery rate		60-60 (60)
Put Options		Discounted cash flow		Counterparty risk		0.43%-0.54% (0.46%)

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

		Three-Months Ended September 30, 2014								Three-Months Ended September 30, 2013
		Auction Rate Securities				Put Options				Auction Rate Securities				Put Options
Opening Balance		$		12,819		$	994			$		17,762		$	1,686
Transfers into Level 3		-				-				-				-
Transfers out of Level 3		-				-				-				-
Total gains (losses) for the period:
Included in earnings		648				(674)				211				(167)
Included in other comprehensive income		-				-				-				-
Settlements		(8,625)				-				(1,250)				-
Closing Balance		$		4,842		$	320			$		16,723		$	1,519
		Nine-Months Ended September 30, 2014								Nine-Months Ended September 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		732				(772)				3,091				(410)
Included in other comprehensive income		-				-				(2,483)				-
Settlements		(12,074)				-				(7,041)				-
Closing Balance		$	4,842			$		320		$	16,723			$	1,519

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 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258



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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=36462937&loc=d3e19190-110258

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