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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2011
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS |
NOTE 9—FAIR VALUE MEASUREMENTS The following tables present the Company's assets and liabilities that are measured at fair value on a recurring basis:
|  | December 31, 2011 |
--- | --- | --- | ---
|  | Quoted Market Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value Measurements |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |
Treasury and government agency money market funds |  | $ | 321,314 |  | $ | — |  | $ | — |  | $ | 321,314 |
Commercial paper |  |  | — |  |  | 237,942 |  |  | — |  |  | 237,942 |
Time deposits |  |  | — |  |  | 4,750 |  |  | — |  |  | 4,750 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | — |  |  | 48,705 |  |  | — |  |  | 48,705 |
States of the U.S. and state political subdivisions |  |  | — |  |  | 112,323 |  |  | — |  |  | 112,323 |
Equity security |  |  | 4,667 |  |  | — |  |  | — |  |  | 4,667 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Auction rate security |  |  | — |  |  | — |  |  | 5,870 |  |  | 5,870 |
Marketable equity securities |  |  | 74,691 |  |  | — |  |  | — |  |  | 74,691 |
Total |  | $ | 400,672 |  | $ | 403,720 |  | $ | 5,870 |  | $ | 810,262 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration arrangement |  | $ | — |  | $ | — |  | $ | (10,000 | ) | $ | (10,000 | )
|  | December 31, 2010 |
--- | --- | --- | ---
|  | Quoted Market Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value Measurements |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |
Treasury and government agency money market funds |  | $ | 275,108 |  | $ | — |  | $ | — |  | $ | 275,108 |
Commercial paper |  |  | — |  |  | 309,183 |  |  | — |  |  | 309,183 |
Time deposits |  |  | — |  |  | 26,050 |  |  | — |  |  | 26,050 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | — |  |  | 238,163 |  |  | — |  |  | 238,163 |
States of the U.S. and state political subdivisions |  |  | — |  |  | 110,621 |  |  | — |  |  | 110,621 |
U.S. Treasury securities |  |  | 199,899 |  |  | — |  |  | — |  |  | 199,899 |
Equity security |  |  | 15,314 |  |  | — |  |  | — |  |  | 15,314 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Auction rate securities |  |  | — |  |  | — |  |  | 13,100 |  |  | 13,100 |
Total |  | $ | 490,321 |  | $ | 684,017 |  | $ | 13,100 |  | $ | 1,187,438 |
The following table presents the changes in the Company's assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
|  | For the Year Ended |
--- | --- | --- | ---
|  | December 31, 2011 |  | December 31, 2010 |
|  | Auction Rate Securities |  | Contingent Consideration Arrangement |  | Auction Rate Securities |
|  | (In thousands) |
Balance at January 1 |  | $ | 13,100 |  | $ | — |  | $ | 12,635 |
Total net (losses) gains (realized and unrealized): |  |  |  |  |  |  |  |  |  |
Included in other comprehensive income |  |  | (2,230 | ) |  | — |  |  | 465 |
Fair value at date of acquisition |  |  | — |  |  | (40,000 | ) |  | — |
Settlements |  |  | (5,000 | ) |  | 30,000 |  |  | — |
Balance at December 31 |  | $ | 5,870 |  | $ | (10,000 | ) | $ | 13,100 |
There are no gains or losses included in earnings for the years ended December 31, 2011 and 2010, relating to the Company's assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs. For the year ended December 31, 2009, a loss of $57.2 million was included in earnings related to the CVR, which was accounted for as a derivative asset and maintained at fair value relying on significant unobservable inputs. This loss is unrealized and included in "Other income (expense), net" in the accompanying consolidated statement of operations. Auction rate securities The Company's auction rate securities are valued by discounting the estimated future cash flow streams of the securities over the lives of the securities. Credit spreads and other risk factors are also considered in establishing fair value. During the first quarter of 2011, one of the auction rate securities was redeemed at its par value of $5.0 million. The cost basis of the auction rate securities is $10.0 million and $15.0 million at December 31, 2011 and December 31, 2010, respectively, with gross unrealized losses of $4.1 million and $1.9 million at December 31, 2011 and December 31, 2010, respectively. The unrealized losses are included in "Accumulated other comprehensive (loss) income" in the accompanying consolidated balance sheet. At December 31, 2011, the remaining auction rate security is rated A/WR and matures in 2035. The Company does not consider the auction rate security to be other-than-temporarily impaired at December 31, 2011, due to its high credit rating and because the Company does not intend to sell this security and it is not more likely than not that the Company will be required to sell this security before the recovery of its amortized cost basis, which may be maturity. Contingent consideration arrangement See Note 5 for information regarding the contingent consideration arrangement related to the OkCupid acquisition.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b -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 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -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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