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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis include the following as of March 31, 2014 (in thousands):

		Using
		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value as of March 31, 2014
Cash Equivalents:
Money market funds		$	12,176			$	—			$	—			$	12,176
Short-term investments:
Brokered certificates of deposit			—				643				—				643
Long-term investments:
Failed Auction Securities			—				—				4,864				4,864
Brokered certificates of deposit			—				181				—				181

Assets measured at fair value on a recurring basis include the following as of December 31, 2013 (in thousands):

		Using
		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value as of December 31, 2013
Cash Equivalents:
Money market funds		$	12,407			$	—			$	—			$	12,407
Short-term investments:
Brokered certificates of deposit			—				463				—				463
Long-term investments:
Failed Auction Securities			—				—				4,825				4,825
Brokered certificates of deposit			—				363				—				363

Quantitative Information about Level 3 Fair Value Measurements

Quantitative information about Level 3 fair value measurements as of March 31, 2014 are as follows (dollars in thousands):

		Fair Value		Valuation Technique		Unobservable Input		Range (Weighted Average)
Failed Auction Securities		$4,864		Discounted cash flow		Cumulative probability of earning the maximum rate until maturity		0.01% - 0.07% (0.04%)
						Cumulative probability of principal return prior to maturity		70.66% - 94.49% (82.58%)
						Cumulative probability of default		5.50% - 29.27% (17.39%)
						Liquidity risk premium		5.00% - 5.00% (5.00%)
						Recovery rate in default		40.00% - 40.00% (40.00%)

Change in Estimated Fair Values Calculated for Assets Valued on Recurring Basis Utilizing Level 3 Inputs

The following table summarizes the change in the estimated fair values calculated for those assets valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Securities) for the three months ended March 31, 2014 (in thousands):

Balance at the beginning of the period		$	4,825
Unrealized gain included in Other comprehensive income (loss)			39
Balance at the end of the period		$	4,864

X

- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/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 2

-Subparagraph (bbb)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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=25499696&loc=d3e19190-110258



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a),(b)

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- Definition

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=25499696&loc=d3e19190-110258

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