XML 123 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value
6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Fair Value
FAIR VALUE
The Company follows the authoritative guidance for fair value measurements and the fair value option for financial assets and financial liabilities. The guidance for fair value measurements establishes a consistent framework for measuring fair value and expands disclosure requirements about fair value measurements. The guidance for the fair value option for financial assets and financial liabilities provides companies the irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:
 
Level 1
  
Quoted prices in active markets for identical assets.
Level 2
  
Observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets.
Level 3
  
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
The following is a list of the Company’s assets required to be measured at fair value on a recurring basis and where they were classified within the hierarchy as of June 30, 2013 (in thousands):
 
 
Fair Value
 
Quoted
Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Marketable Securities
 
 
 
 
 
 
 
Money market funds (1)
$
15,834

 
$
15,834

 
$
—

 
$
—

Corporate bonds and notes (2)
132,948

 
—

 
132,948

 
—

Municipal bonds and notes (2)
118,256

 
—

 
118,256

 
—

Treasury and agency notes and bills (2)
17,391

 
—

 
17,391

 
—

Certificate of deposit (2)
3,501

 
—

 
3,501

 
—

Commercial paper (3)
44,806

 
—

 
44,806

 
—

Total Assets
$
332,736

 
$
15,834

 
$
316,902

 
$
—

The following footnotes indicate where the noted items were recorded in the Condensed Consolidated Balance Sheet at June 30, 2013:
(1)
Reported as cash and cash equivalents.
(2)
Reported as short-term investments.
(3)
Reported as either cash and cash equivalents or short-term investments.
The following is a list of the Company’s assets required to be measured at fair value on a recurring basis and where they were classified within the hierarchy as of December 31, 2012 (in thousands):
 
 
Fair Value
 
Quoted
Prices in
Active Markets
for Identical
Assets
(Level  1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Marketable Securities
 
 
 
 
 
 
 
Money market funds (1)
$
34,106

 
$
34,106

 
$
—

 
$
—

Corporate bonds and notes (2)
171,564

 
—

 
171,564

 
—

Municipal bonds and notes (2)
110,208

 
—

 
110,208

 
—

Treasury and agency notes and bills (2)
29,058

 
—

 
29,058

 
—

Certificate of deposit (2)
4,504

 
—

 
4,504

 
—

Commercial paper (3)
46,143

 
—

 
46,143

 
—

Total Assets
$
395,583

 
$
34,106

 
$
361,477

 
$
—

 
The following footnotes indicate where the noted items were recorded in the Condensed Consolidated Balance Sheet at December 31, 2012:
(1)
Reported as cash and cash equivalents.
(2)
Reported as short-term investments.
(3)
Reported as either cash and cash equivalents or short-term investments.
Non-Recurring Fair Value Measurements

At June 30, 2013, the Company had the following assets valued at level 3:

*    $3.3 million in assets as a result of the planned closure of the Zhuhai Facility. These assets are considered held for sale at the end of June 30, 2013 and are included in the current assets of discontinued operations caption on the balance sheet. These assets are carried at fair value as determined by using market quotes for these specific assets.
*    $11.0 million in assets as a result of the planned sale of our Charlotte business. See Note 6 - "Discontinued Operations" for more information. These assets are considered held for sale as of June 30, 2013 and are included in current assets of discontinued operations caption on the balance sheet. The Company determined these assets were not impaired and are carried at their current net book value.
*    $1.0 million in assets were recorded as held for sale at June 30, 2013 and are included in the other current assets caption on the balance sheet. These assets are carried at fair value as determined by using market quotes for these specific assets.

The company did not have any assets held for sale in 2012.