Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Assets and Liabilities Measured at Fair Value on Recurring Basis

The fair value of these certain financial assets and liabilities was determined using the following inputs at September 30, 2016:

	Fair Value Measurements at Reporting Date Using
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets
Money market securities ⁽¹⁾	$	28,901	$	28,901	$	-	$	-

Fixed income available- for-sale securities ⁽²⁾		51,993		-		51,993		-

Fixed income trading securities held in deferred compensation plan ⁽³⁾		12,020		12,020		-		-

Equity trading securities held in deferred compensation plan ⁽³⁾		34,528		34,528		-		-

Total	$	127,442	$	75,449	$	51,993	$	-

Liabilities
Deferred compensation plan ⁽⁴⁾		51,845		51,845		-		-

Total	$	51,845	$	51,845	$	-	$	-

⁽¹⁾

Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.

⁽²⁾

Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet.

⁽³⁾

Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.

⁽⁴⁾

Included in accrued payroll and employee benefits and deferred compensation on the Company’s unaudited condensed consolidated balance sheet.

The fair value of these certain financial assets and liabilities was determined using the following inputs at January 1, 2016:

	Fair Value Measurements at Reporting Date Using
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets
Money market securities ⁽¹⁾	$	10,530	$	10,530	$	-	$	-

Fixed income available- for-sale securities ⁽²⁾		45,842		-		45,842		-

Fixed income trading securities held in deferred compensation plan ⁽³⁾		9,295		9,295		-		-

Equity trading securities held in deferred compensation plan ⁽³⁾		33,645		33,645		-		-

Total	$	99,312	$	53,470	$	45,842	$	-

Liabilities
Deferred compensation plan ⁽⁴⁾		46,740		46,740		-		-

Total	$	46,740	$	46,740	$	-	$	-

⁽¹⁾

Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.

⁽²⁾

Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet.

⁽³⁾

Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.

⁽⁴⁾

Included in accrued payroll and employee benefits and deferred compensation on the Company’s unaudited condensed consolidated balance sheet.

Cash, cash equivalents and short-term investments

Cash, cash equivalents and short-term investments consisted of the following as of September 30, 2016:

	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value

Classified as current assets:
Cash	$	69,524	$	-	$	-	$	69,524

Cash equivalents:
Money market securities		28,901		-		-		28,901
Total cash equivalents		28,901		-		-		28,901
Total cash and cash equivalents		98,425		-		-		98,425

Short-term investments:
U.S. agency securities		51,994		14		(15)		51,993
Total short-term investments		51,994		14		(15)		51,993

Total cash, cash equivalents and short-term investments	$	150,419	$	14	$	(15)	$	150,418

Cash, cash equivalents and short-term investments consisted of the following as of January 1, 2016:

	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value

Classified as current assets:
Cash	$	115,221	$	-	$	-	$	115,221

Cash equivalents:
Money market securities		10,530		-		-		10,530
Total cash equivalents		10,530		-		-		10,530
Total cash and cash equivalents		125,751		-		-		125,751

Short-term investments:
U.S. agency securities		41,946		1		(106)		41,841
State and municipal bonds		4,002		-		(1)		4,001
Total short-term investments		45,948		1		(107)		45,842

Total cash, cash equivalents and short-term investments	$	171,699	$	1	$	(107)	$	171,593

Summary of Cost and Estimated Fair Value of Short Term Fixed Income Securities

The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated effective maturities as of September 30, 2016:

	Amortized		Estimated
(In thousands)	Cost		Fair Value

Due within one year	$	7,994	$	8,003
Due between one and two years		44,000		43,990
Total	$	51,994	$	51,993