Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of assets measured at fair value on a recurring basis

As of September 30, 2014 and December 31, 2013, the Company held certain assets that are required to be measured at fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized below (in thousands):

	Fair Value Measurements as of September 30, 2014
	Total			Level 1		Level 2		Level 3

Marketable Securities
Bonds and bond funds	$	392,565		$	—	$	392,565	$	—
Asset backed securities	125			—		125		—
	392,690			—		392,690		—

Cash, Cash Equivalents and Restricted Cash	162,975			162,975		—		—
Other Assets	2,272		(a)	—		—		2,272
Total Assets Measured at Fair Value	$	557,937		$	162,975	$	392,690	$	2,272

	Fair Value Measurements as of December 31, 2013
	Total			Level 1		Level 2		Level 3

Marketable Securities
Bonds and bond funds	$	487,049		$	—	$	487,049	$	—
Asset backed securities	190			—		190		—
	487,239			—		487,239		—

Cash, Cash Equivalents and Restricted Cash	182,855			182,855		—		—
Other Assets	2,245		(a)	—		—		2,245
Total Assets Measured at Fair Value	$	672,339		$	182,855	$	487,239	$	2,245

(a) Comprised of auction rate securities which are reflected in “Other assets” in the Company’s unaudited condensed consolidated balance sheets

Schedule of fair value measurements using significant unobservable inputs

The following table presents the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2014 (in thousands):

Fair Value Measurements Using Significant Unobservable Inputs

(Level 3)

	Auction Rate Securities
Balance at January 1, 2014	$	2,245
Total realized and unrealized gains or (losses)
Included in earnings	—
Included in other comprehensive income	27
Transferred out	—
Settlements	—
Balance at September 30, 2014	$	2,272

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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