| Fair Value Measurements |
Fair Value Measurements
Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the extent to which the fair value estimates are based upon observable or unobservable inputs. Level inputs are as follows: | | | | Level Input: | | Input Definition: | Level I | | Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. | | | | Level II | | Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. | | | | Level III | | Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. |
The following table summarizes fair value measurements by level at September 30, 2014, for assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | Level I | | Level II | | Level III | | Total | Assets | | | | | | | | Cash and cash equivalents | $ | 1,523,596 |
| | $ | — |
| | $ | — |
| | $ | 1,523,596 |
| Investments available for sale: | |
| | |
| | |
| | |
| U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 270,857 |
| | $ | 39,715 |
| | $ | — |
| | $ | 310,572 |
| Corporate securities | — |
| | 491,129 |
| | — |
| | 491,129 |
| Municipal securities: | |
| | |
| | |
| | | General obligation | — |
| | 49,875 |
| | — |
| | 49,875 |
| Pre-refunded | — |
| | 4,985 |
| | — |
| | 4,985 |
| Revenue | — |
| | 101,022 |
| | — |
| | 101,022 |
| Variable rate demand notes | — |
| | 11,700 |
| | — |
| | 11,700 |
| Asset backed securities | — |
| | 185,516 |
| | — |
| | 185,516 |
| Mortgage backed securities | — |
| | 46,776 |
| | — |
| | 46,776 |
| Total investments | $ | 270,857 |
| | $ | 930,718 |
| | $ | — |
| | $ | 1,201,575 |
| Restricted deposits available for sale: | |
| | |
| | |
| | |
| Cash and cash equivalents | $ | 78,995 |
| | $ | — |
| | $ | — |
| | $ | 78,995 |
| Certificates of deposit | 5,892 |
| | — |
| | — |
| | 5,892 |
| U.S. Treasury securities and obligations of U.S. government corporations and agencies | 14,840 |
| | — |
| | — |
| | 14,840 |
| Total restricted deposits | $ | 99,727 |
| | $ | — |
| | $ | — |
| | $ | 99,727 |
| Other long-term assets: Interest rate swap agreements | $ | — |
| | $ | 6,796 |
| | $ | — |
| | $ | 6,796 |
| Total assets at fair value | $ | 1,894,180 |
| | $ | 937,514 |
| | $ | — |
| | $ | 2,831,694 |
| Liabilities | | | | | | | | Other long-term liabilities: Interest rate swap agreements | $ | — |
| | $ | 1,250 |
| | $ | — |
| | $ | 1,250 |
| Total liabilities at fair value | $ | — |
| | $ | 1,250 |
| | $ | — |
| | $ | 1,250 |
|
The following table summarizes fair value measurements by level at December 31, 2013, for assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | Level I | | Level II | | Level III | | Total | Assets | | | | | | | | Cash and cash equivalents | $ | 974,304 |
| | $ | — |
| | $ | — |
| | $ | 974,304 |
| Investments available for sale: | |
| | |
| | |
| | |
| U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 212,185 |
| | $ | 12,238 |
| | $ | — |
| | $ | 224,423 |
| Corporate securities | — |
| | 296,086 |
| | — |
| | 296,086 |
| Municipal securities: | |
| | |
| | |
| | | General obligation | — |
| | 54,422 |
| | — |
| | 54,422 |
| Pre-refunded | — |
| | 10,917 |
| | — |
| | 10,917 |
| Revenue | — |
| | 69,054 |
| | — |
| | 69,054 |
| Variable rate demand notes | — |
| | 28,575 |
| | — |
| | 28,575 |
| Asset backed securities | — |
| | 139,050 |
| | — |
| | 139,050 |
| Mortgage backed securities | — |
| | 33,891 |
| | — |
| | 33,891 |
| Total investments | $ | 212,185 |
| | $ | 644,233 |
| | $ | — |
| | $ | 856,418 |
| Restricted deposits available for sale: | |
| | |
| | |
| | |
| Cash and cash equivalents | $ | 26,642 |
| | $ | — |
| | $ | — |
| | $ | 26,642 |
| Certificates of deposit | 5,891 |
| | — |
| | — |
| | 5,891 |
| U.S. Treasury securities and obligations of U.S. government corporations and agencies | 14,413 |
| | — |
| | — |
| | 14,413 |
| Total restricted deposits | $ | 46,946 |
| | $ | — |
| | $ | — |
| | $ | 46,946 |
| Other long-term assets: Interest rate swap agreements | $ | — |
| | $ | 9,576 |
| | $ | — |
| | $ | 9,576 |
| Total assets at fair value | $ | 1,233,435 |
| | $ | 653,809 |
| | $ | — |
| | $ | 1,887,244 |
|
The Company periodically transfers U.S. Treasury securities and obligations of U.S. government corporations and agencies between Level I and Level II fair value measurements dependent upon the level of trading activity for the specific securities at the measurement date. The Company’s policy regarding the timing of transfers between Level I and Level II is to measure and record the transfers at the end of the reporting period. At September 30, 2014, there were $38,347 of transfers from Level I to Level II and $621 of transfers from Level II to Level I. The Company utilizes matrix pricing services to estimate fair value for securities which are not actively traded on the measurement date. The Company designates these securities as Level II fair value measurements. The aggregate carrying amount of the Company’s life insurance contracts and other non-majority owned investments, which approximates fair value, was $73,679 and $37,608 as of September 30, 2014 and December 31, 2013, respectively. |