FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2013

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

Schedule of financial assets recorded at fair value on a recurring basis

September 30, 2013	Level 1		Level 2		Level 3		Total
Cash	$	187,984	$	-	$	-	$	187,984
Money market funds	56,750		-		-		56,750
Certificates of deposit	-		6,515		-		6,515
Municipal securities	-		344,344		-		344,344
Auction rate securities	-		-		16,723		16,723
Put option related to auction rate securities	-		-		1,519		1,519
Total	$	244,734	$	350,859	$	18,242	$	613,835

Amounts included in:
Cash and cash equivalents	$	244,734	$	42,285	$	-	$	287,019
Short-term investments	-		308,574		6,998		315,572
Investments	-		-		9,725		9,725
Prepaid expenses and other current assets	-		-		729		729
Other assets	-		-		790		790
Total	$	244,734	$	350,859	$	18,242	$	613,835

December 31, 2012	Level 1		Level 2		Level 3		Total
Cash	$	147,113	$	-	$	-	$	147,113
Money market funds	63,974		-		-		63,974
U.S. Treasuries	-		24,065		-		24,065
Certificates of deposit	-		5,603		-		5,603
Municipal securities	-		77,038		-		77,038
Auction rate securities	-		-		23,156		23,156
Put option related to auction rate securities	-		-		1,929		1,929
Total	$	211,087	$	106,706	$	25,085	$	342,878

Amounts included in:
Cash and cash equivalents	$	211,087	$	11,427	$	-	$	222,514
Short-term investments	-		95,279		1,763		97,042
Investments	-		-		21,393		21,393
Prepaid expenses and other current assets	-		-		225		225
Other assets	-		-		1,704		1,704
Total	$	211,087	$	106,706	$	25,085	$	342,878

Schedule of quantitative information related to the significant unobservable inputs utilized in Level 3 recurring fair value measurements

	Valuation Technique	Unobservable Input	Range (Weighted-Average)
Auction Rate Securities	Discounted cash flow	Maximum rate probability	0.34%-2.17% (1.21%)
		Principal returned probability	76.72%-95.14% (86.75%)
		Default probability	4.07%-22.94% (12.04%)
		Liquidity risk	3.50%-3.50% (3.50%)
		Recovery rate	60-60 (60)

Put Options	Discounted cash flow	Counterparty risk	0.73%-1.04% (0.83%)

Summary of changes in fair value of the Company's Level 3 financial assets

	Three-Months Ended September 30, 2013				Three-Months Ended September 30, 2012
	Auction Rate Securities		Put Options		Auction Rate Securities		Put Options
Opening Balance	$	17,762	$	1,686	$	20,873	$	1,816
Transfers into Level 3	-		-		-		-
Transfers out of Level 3	-		-		-		-
Total gains (losses) for the period:
Included in earnings	211		(167)		107		115
Included in other comprehensive income	-		-		-		-
Settlements	(1,250)		-		(225)		-
Closing Balance	$	16,723	$	1,519	$	20,755	$	1,931

	Nine-Months Ended September 30, 2013				Nine-Months Ended September 30, 2012
	Auction Rate Securities		Put Options		Auction Rate Securities		Put Options
Opening Balance	$	23,156	$	1,929	$	35,852	$	3,041
Transfers into Level 3	-		-		-		-
Transfers out of Level 3	-		-		-		-
Total gains (losses) for the period:
Included in earnings	3,091		(410)		1,693		(1,110)
Included in other comprehensive income	(2,483)		-		-		-
Settlements	(7,041)		-		(16,790)		-
Closing Balance	$	16,723	$	1,519	$	20,755	$	1,931

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- 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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