XML 70 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.8

FINANCIAL INSTRUMENTS | 6 Months Ended
--- | ---
Jun. 30, 2014
Fair Value Disclosures [Abstract] |
FINANCIAL INSTRUMENTS | 5. FINANCIAL INSTRUMENTS Cash and Cash Equivalents and Investments Cash and cash equivalents from our continuing operations consist of the following as of June 30, 2014 and December 31, 2013 (dollars in thousands):
|  | June 30, 2014 |  |  | December 31, 2013 |
Cash |  | $ | 131,546 |  |  | $ | 155,466 |
Cash equivalents |  |  | 7,062 |  |  |  | 163,005 |
Cash and cash equivalents, unrestricted |  |  | 138,608 |  |  |  | 318,471 |
Restricted cash |  |  | 11,929 |  |  |  | 12,564 |
Total cash and cash equivalents |  | $ | 150,537 |  |  | $ | 331,035 |
Restricted cash balances provide securitization for our outstanding letters of credit. Investments from our continuing operations consist of the following as of June 30, 2014 and December 31, 2013 (dollars in thousands):
|  | June 30, 2014 |
|  |  |  |  | Gross Unrealized |  |  |  |
|  | Cost |  |  | Gain |  |  | (Loss) |  |  | Fair Value |
Short-term investments (available for sale): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 6,907 |  |  | $ | 1 |  |  | $ | (27 | ) |  | $ | 6,881 |
Non-governmental debt securities |  |  | 98,828 |  |  |  | 18 |  |  |  | (109 | ) |  |  | 98,737 |
Treasury and federal agencies |  |  | 18,469 |  |  |  | 5 |  |  |  | (12 | ) |  |  | 18,462 |
Total short-term investments |  |  | 124,204 |  |  |  | 24 |  |  |  | (148 | ) |  |  | 124,080 |
Long-term investments (available for sale): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bond |  |  | 7,850 |  |  |  | — |  |  |  | (476 | ) |  |  | 7,374 |
Total investments |  | $ | 132,054 |  |  | $ | 24 |  |  | $ | (624 | ) |  | $ | 131,454 |
|  | December 31, 2013 |
|  |  |  |  | Gross Unrealized |  |  |  |
|  | Cost |  |  | Gain |  |  | (Loss) |  |  | Fair Value |
Short-term investments (available for sale): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | 31,591 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 31,592 |
Long-term investments (available for sale): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bond |  |  | 7,850 |  |  |  | — |  |  |  | (476 | ) |  |  | 7,374 |
Total investments |  | $ | 39,441 |  |  | $ | 1 |  |  | $ | (476 | ) |  | $ | 38,966 |
In the table above, unrealized holding gains/(losses) as of June 30, 2014 relate to short-term investments that have been in a continuous unrealized gain/(loss) position for less than one year. The table also includes unrealized holding losses, greater than one year, that relate to our long-term investment in a municipal bond, which is an auction rate security (“ARS”). When evaluating our investments for possible impairment, we review factors such as the length of time and extent to which fair value has been less than the cost basis, the financial condition of the investee, and our ability and intent to hold the investment for a period of time that may be sufficient for anticipated recovery in fair value. The unrealized loss attributable to our municipal bond at June 30, 2014 is attributable to the continued lack of activity in the ARS market, exposing this investment to liquidity risk. Our municipal bonds are comprised of debt obligations issued by states, cities, counties and other governmental entities, which earn federally tax-exempt interest. Our investment in ARS has a stated term to maturity of greater than one year, and as such, we classify our investment in ARS as non-current on our unaudited consolidated balance sheets within other assets. An auction can “fail” when the number of sellers of the security exceeds the buyers for that particular auction period. In the event that an auction fails, the interest rate resets at a rate based on a formula determined by the individual security. The ARS for which auctions have failed continues to accrue interest and is auctioned on a set interval until the auction succeeds, the issuer calls the security, or it matures. As of June 30, 2014, we have determined this investment is at risk for impairment due to the nature of the liquidity of the market over the past year. Cumulative unrealized losses as of June 30, 2014 amount to $0.5 million and are reflected within accumulated other comprehensive loss as a component of stockholders’ equity. We believe this impairment is temporary, as we do not intend to sell the investment and it is unlikely we will be required to sell the investment before recovery of its amortized cost basis. Our non-governmental debt securities primarily consist of corporate bonds and commercial paper. We do not intend to sell our investments in non-governmental debt securities and it is not more likely than not that we will be required to sell these investments before recovery of the amortized cost basis, which may be maturity. Fair Value Measurements FASB ASC Topic 820 — Fair Value Measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of June 30, 2014, we held investments that are required to be measured at fair value on a recurring basis. These investments (available-for-sale) consist of non-governmental debt securities, treasury and federal agencies and municipal bonds that are publicly traded and for which market prices are readily available, and our investment in an ARS. Available for sale securities included in Level 2 are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. During the first quarter of 2014, we reclassified our investments in U.S Treasury bills from Level 1 classification to Level 2. The fair value for these investments was not based on identical assets as of March 31, 2014 which resulted in this reclassification. Our investment in an ARS is categorized as Level 3 and fair value is estimated utilizing a discounted cash flow analysis as of June 30, 2014 which considers, among other items, the collateralization underlying the security investment, the credit worthiness of the counterparty, the timing of expected future cash flows, and the expectation of the next time the security is expected to have a successful auction. The auction event for our ARS investment has failed for multiple years. This security was also compared, when possible, to other observable market data with similar characteristics. Investments measured at fair value on a recurring basis subject to the disclosure requirements of FASB ASC Topic 820 — Fair Value Measurements at June 30, 2014 and December 31, 2013 were as follows (dollars in thousands):
|  | As of June 30, 2014 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Municipal bonds |  | $ | — |  |  | $ | 6,881 |  |  | $ | 7,374 |  |  | $ | 14,255 |
Non-governmental debt securities |  |  | — |  |  |  | 98,737 |  |  |  | — |  |  |  | 98,737 |
Treasury and federal agencies |  |  | — |  |  |  | 18,462 |  |  |  | — |  |  |  | 18,462 |
Totals |  | $ | — |  |  | $ | 124,080 |  |  | $ | 7,374 |  |  | $ | 131,454 |
|  | As of December 31, 2013 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
U.S. Treasury bills |  | $ | 31,592 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,592 |
Municipal bond |  |  | — |  |  |  | — |  |  |  | 7,374 |  |  |  | 7,374 |
Totals |  | $ | 31,592 |  |  | $ | — |  |  | $ | 7,374 |  |  | $ | 38,966 |
The following table presents a rollforward of our assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as defined in FASB ASC Topic 820 for the year to date ended June 30, 2014 (dollars in thousands):
Balance at December 31, 2013 |  | $ | 7,374 |
Unrealized gain (loss) |  |  | — |
Balance at June 30, 2014 |  | $ | 7,374 |
See Note 8 “Goodwill and Other Intangible Assets” for further information regarding non-recurring fair value measurements. Credit Agreement During the fourth quarter of 2013, we entered into a $70.0 million Amended and Restated Credit Agreement (the “Credit Agreement”) with BMO Harris Bank N.A., in its capacities as the initial lender and letter of credit issuer thereunder and the administrative agent for the lenders which from time to time may be parties to the Credit Agreement. The revolving credit facility under the Credit Agreement is scheduled to mature on June 30, 2016. As of June 30, 2014, there were no outstanding borrowings under the revolving credit facility and we remain in compliance with the covenants of the Credit Agreement.

X
- Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 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=36462937&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13504-108611 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration