Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Investments and Fair Value Measurements [Abstract]

Fair value of investments

The below tables summarize the composition of our investments at September 30, 2015 and December 31, 2014 (in thousands).  For both periods, all investments have been recorded to short-term available-for-sale securities on the consolidated balance sheet.

September 30, 2015	Amortized Cost		Unrealized Losses			Aggregate Fair Value
Short term municipal securities funds1	$	54,443	$	(285	)	$	54,158
Total	$	54,443	$	(285	)	$	54,158

December 31, 2014	Amortized Cost		Unrealized Losses			Aggregate Fair Value
Short term municipal securities funds1	$	59,520	$	(18	)	$	59,502
Total	$	59,520	$	(18	)	$	59,502

¹ Do not have a set maturity date.

Fair value by balance sheet grouping

The following tables detail the fair value measurements of assets and liabilities within the three levels of the fair value hierarchy at September 30, 2015 and December 31, 2014 (in thousands):

September 30, 2015	Fair Market Value		Level 1		Level 2		Level 3
Financial assets:
Municipal securities1		54,158		54,158		-		-
Total financial assets	$	54,158	$	54,158	$	-	$	-

December 31, 2014	Fair Market Value		Level 1		Level 2		Level 3
Financial assets:
Municipal securities1		59,502		59,502		-		-
Foreign currency exchange contracts		14		-		14		-
Total financial assets	$	59,516	$	59,502	$	14	$	-
Financial liabilities:
Foreign currency exchange contracts		1,359		-		1,359		-
Total financial liabilities	$	1,359	$	-	$	1,359	$	-

¹ At September 30, 2015 and December 31, 2014, municipal securities consisted solely of holdings in short-term municipal security funds.