Fair Value Measurements Fair Value Measurements (Notes)

9 Months Ended

Sep. 30, 2012

Fair Value Measurements

The following tables present the financial assets measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011 (in thousands):



	September 30, 2012
	Fair Value		Level 1		Level 2
Cash equivalents
Money market funds	$	38	$	38	$	—
Commercial paper	46,897		—		46,897
Municipal bonds	1,400		—		1,400
	$	48,335	$	38	$	48,297

Short-term investments
Commercial paper	$	4,499	$	—	$	4,499
Municipal bonds	109,611		—		109,611
Corporate bonds	11,087		—		11,087
	$	125,197	$	—	$	125,197



	December 31, 2011
	Fair Value		Level 1		Level 2
Cash equivalents
Money market funds	$	21,504	$	21,504	$	—
Commercial paper	24,405		—		24,405
Municipal bonds	8,385		—		8,385
Corporate bonds	2,045		—		2,045
	$	56,339	$	21,504	$	34,835

Short-term investments
Commercial paper	$	4,850	$	—	$	4,850
Municipal bonds	65,675		—		65,675
Corporate bonds	6,828		—		6,828
U.S. government and agency securities	49,623		—		49,623
	$	126,976	$	—	$	126,976

As of September 30, 2012 and December 31, 2011, the Company did not use level 3 inputs to measure financial assets or liabilities at fair value.

- 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

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+ Details