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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2012
FAIR VALUE MEASUREMENTS | NOTE 4:- FAIR VALUE MEASUREMENTS In accordance with ASC 820, the Company measures its cash equivalents, short-term deposits, marketable securities, auction rate securities and foreign currency derivative contracts at fair value. Cash equivalents, short-term deposits, and marketable securities, except investments in auction rate securities are classified within Level 1 or Level 2. This is because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Foreign currency derivative contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. Investments in auction rate securities are classified within Level 3. The Company values the Level 3 investments based on an externally developed valuation using discounted cash flow model, whose inputs include interest rate curves, credit spreads, bond prices, volatilities and illiquidity considerations and/or existing market pricing. Unobservable inputs used in these models are significant to the fair value of the investments. The Company’s financial assets measured at fair value on a recurring basis, excluding accrued interest components, consisted of the following types of instruments as of the following dates:
|  | December 31, 2011 |
|  | Fair value measurements using input type |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 303,780 |  |  | $ | — |  |  | $ | — |  |  | $ | 303,780 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and corporate debentures - fixed interest rate |  |  | — |  |  |  | 1,624,096 |  |  |  | — |  |  |  | 1,624,096 |
Government-sponsored enterprises |  |  | — |  |  |  | 337,471 |  |  |  | — |  |  |  | 337,471 |
Government and corporate debentures - floating interest rate |  |  | — |  |  |  | 195,759 |  |  |  | — |  |  |  | 195,759 |
Auction rate securities |  |  | — |  |  |  | — |  |  |  | 6,078 |  |  |  | 6,078 |
Foreign currency derivative contracts |  |  | — |  |  |  | (351 | ) |  |  | — |  |  |  | (351 | )
Total financial assets |  | $ | 303,780 |  |  | $ | 2,156,975 |  |  | $ | 6,078 |  |  | $ | 2,466,833 |
|  | December 31, 2012 |
|  | Fair value measurements using input type |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 169,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 169,894 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and corporate debentures - fixed interest rate |  |  | — |  |  |  | 1,941,781 |  |  |  | — |  |  |  | 1,941,781 |
Government-sponsored enterprises |  |  | — |  |  |  | 444,879 |  |  |  | — |  |  |  | 444,879 |
Government and corporate debentures - floating interest rate |  |  | — |  |  |  | 98,148 |  |  |  | — |  |  |  | 98,148 |
Auction rate securities |  |  | — |  |  |  | — |  |  |  | 2,697 |  |  |  | 2,697 |
Foreign currency derivative contracts |  |  | — |  |  |  | 1,469 |  |  |  | — |  |  |  | 1,469 |
Total financial assets |  | $ | 169,894 |  |  | $ | 2,486,277 |  |  | $ | 2,697 |  |  | $ | 2,658,868 |
The following table presents the changes in Level 3 instruments measured on a recurring basis for the year ended December 31, 2012:
|  | Auction rate securities |
Balance at January 1, 2011 |  | $ | 7,990 |
Recognized gains in income |  |  | 2,017 |
Securities sold during 2011 |  |  | (3,929 | )
Balance at December 31, 2011 |  |  | 6,078 |
Securities sold during 2012 |  |  | (3,381 | )
Balance at December 31, 2012 |  | $ | 2,697 |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + 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=7578670&loc=d3e19279-110258 Reference 2: 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=7578670&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -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. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -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. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -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. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -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. + Details
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