Note 19 - Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2011

The following tables summarize the valuation of our financial instruments that were determined by using the following inputs as of December 31, 2011 and 2010:



			Fair Value Measurements as of December 31, 2011
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets:
Cash equivalents: ⁽¹⁾
Money market funds	$	3,189,462	$	3,189,462	$	—
U.S. agency securities	750		—		750
Corporate securities	16,599		10,999		5,600
Total ⁽¹⁾	3,206,811		3,200,461		6,350

Short-term marketable securities:
U.S treasury securities	6,199		6,199		—
U.S agency securities	25,890		—		25,890
Non-U.S. government securities	8,213		—		8,213
Corporate securities	24,920		2,000		22,920
Total	65,222		8,199		57,023

Long-term marketable securities:
U.S agency securities	14,531		—		14,531
Municipal bond	753		—		753
Corporate securities	58,749		—		58,749
Total	74,033		—		74,033

Deferred compensation plan assets: ⁽²⁾
Restricted cash equivalents	17,938		17,938		—
Equity securities	23,530		23,530		—
Fixed income securities	5,136		—		5,136
Mutual funds	25,375		25,375		—
Total	$	71,979	$	66,843	$	5,136

Total	$	3,418,045	$	3,275,503	$	142,542



			Fair Value Measurements as of December 31, 2010
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets:
Cash equivalents: ⁽¹⁾
Money market funds	$	2,690,752	$	2,690,752	$	—
Deferred compensation plan assets: ⁽²⁾
Restricted cash equivalents	19,817		19,817		—
Equity securities	22,235		22,235		—
Fixed income securities	5,062		—		5,062
Mutual funds	27,122		27,122		—
Total	$	2,764,988	$	2,759,926	$	5,062


(1)	Included in Cash and cash equivalents in the accompanying consolidated balance sheets as of December 31, 2011 and 2010.


(2)	Included in Deferred compensation plan - marketable securities and Deferred compensation plan - restricted cash equivalents in the accompanying consolidated balance sheets as of December 31, 2011 and 2010.

- 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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