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Cash, Cash Equivalents and Marketable Securities (Tables)
12 Months Ended
Dec. 31, 2013
Cash, Cash Equivalents and Marketable Securities [Abstract]  
Summary of investments in cash, cash equivalents and marketable securities
The following table summarizes our investments in cash equivalents and marketable securities held by investment managers and overnight investments:

 
 
December 31,
 
 
2013
 
2012
 
 
(in thousands)
Overnight holdings:
 
 
 
 
Money market funds (cash equivalents)
 
$
192,040

 
$
255,000

Investment holdings:
 
 

 
 

Money market funds (cash equivalents)
 
42,913

 
26,087

Marketable securities
 
46,340

 
16,904

 
 
281,293

 
297,991

Cash held in demand accounts
 
23,054

 
21,732

Outstanding checks
 
(32,252
)
 
(38,275
)
Total cash, cash equivalents and marketable securities
 
$
272,095

 
$
281,448

 
 
 
 
 
Cash and cash equivalents
 
$
225,755

 
$
264,544

Marketable securities
 
46,340

 
16,904

 
 
$
272,095

 
$
281,448

Summary of fair value measurements of financial assets
The following tables summarize the levels of fair value measurements of our financial assets:
 
 
 
Fair Value Measurements
 
 
 
 
(in thousands)
 
 
 
 
December 31,
2013
 
Level 1
 
Level 2
 
Level 3
Money market funds
 
$
234,953

 
$
234,953

 
$

 
$

Municipal bonds
 
46,340

 

 
46,340

 

Total
 
$
281,293

 
$
234,953

 
$
46,340

 
$


 
 
Fair Value Measurements
 
 
 
 
(in thousands)
 
 
 
 
December 31,
2012
 
Level 1
 
Level 2
 
Level 3
Money market funds
 
$
281,087

 
$
281,087

 
$

 
$

Municipal bonds
 
16,904

 

 
16,904

 

Total
 
$
297,991

 
$
281,087

 
$
16,904

 
$

Summary of available-for-sale securities
The following is a summary of our available-for-sale marketable securities:
 
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
 
 
 
(in thousands)
 
 
December 31, 2013
 
 
 
 
 
 
 
 
Municipal bonds
 
$
46,290

 
$
51

 
$
(1
)
 
$
46,340

 
 
 
 
 
 
 
 
 
December 31, 2012
 
 

 
 

 
 

 
 

Municipal bonds
 
$
16,878

 
$
29

 
$
(3
)
 
$
16,904

Contractual maturities of marketable securities
As of December 31, 2013, the contractual maturities of our marketable securities were as follows:

 
 
Amortized
Cost
 
Estimated
Fair Value
 
 
(in thousands)
Less than one year
 
$
29,077

 
$
29,098

One to five years
 
17,213

 
17,242

Total
 
$
46,290

 
$
46,340