Financial assets (excluding cash held in operating accounts and time deposits) and liabilities measured at fair value on a recurring basis, as of the date indicated below, were presented on the Company’s Condensed Consolidated Balance Sheet as follows:



As of December 31, 2014 (In thousands)	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents:
U.S. Government agency securities	$	28,022		$	12,022	$	16,000
Corporate debt securities	14,997			—		14,997
Money market and other	414,875			414,875		—
Marketable securities:
U.S. Treasury securities	314,722			314,722		—
U.S. Government agency securities	666,327			644,336		21,991
Municipal securities	33,032			—		33,032
Corporate debt securities	709,692			—		709,692
Sovereign securities	51,538			13,651		37,887
Total cash equivalents and marketable securities⁽¹⁾	2,233,205			1,399,606		833,599
Other current assets:
Derivative assets	11,584			—		11,584
Other non-current assets:
Executive Deferred Savings Plan	166,305			95,404		70,901
Total financial assets⁽¹⁾	$	2,411,094		$	1,495,010	$	916,084
Liabilities
Other current liabilities:
Derivative liabilities	$	(1,816	)	$	—	$	(1,816	)
Total financial liabilities	$	(1,816	)	$	—	$	(1,816	)

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(1) Excludes cash of $111.7 million held in operating accounts and time deposits of $21.9 million as of December 31, 2014.



As of June 30, 2014 (In thousands)	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents:
U.S. Government agency securities	$	28,000		$	8,000	$	20,000
Municipal securities	2,891			—		2,891
Corporate debt securities	68,992			—		68,992
Money market and other	397,517			397,517		—
Marketable securities:
U.S. Treasury securities	384,400			365,401		18,999
U.S. Government agency securities	839,843			811,841		28,002
Municipal securities	93,325			—		93,325
Corporate debt securities	1,155,176			—		1,155,176
Sovereign securities	42,264			9,253		33,011
Total cash equivalents and marketable securities⁽¹⁾	3,012,408			1,592,012		1,420,396
Other current assets:
Derivative assets	666			—		666
Other non-current assets:
Executive Deferred Savings Plan	159,995			105,311		54,684
Total financial assets⁽¹⁾	$	3,173,069		$	1,697,323	$	1,475,746
Liabilities
Other current liabilities:
Derivative liabilities	$	(898	)	$	—	$	(898	)
Total financial liabilities	$	(898	)	$	—	$	(898	)

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(1) Excludes cash of $106.7 million held in operating accounts and time deposits of $33.5 million as of June 30, 2014.