FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2015

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

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

June 30, 2015	Level 1		Level 2		Level 3		Total
Cash	$	174,404	$	-	$	-	$	174,404
Money market funds	688,934		-		-		688,934
Commercial paper	-		365,364		-		365,364
U.S. Treasuries	-		74,981		-		74,981
Certificates of deposit	-		84,002		-		84,002
Municipal securities	-		662,874		-		662,874
U.S. government agency securities	-		925,811		-		925,811
Variable rate demand notes	-		3,901		-		3,901
Auction rate securities	-		-		3,246		3,246
Put option related to auction rate securities	-		-		189		189
Foreign currency derivatives	-		-		(139)		(139)
Total	$	863,338	$	2,116,933	$	3,296	$	2,983,567
Amounts included in:
Cash and cash equivalents	$	863,338	$	832,957	$	-	$	1,696,295
Short-term investments	-		1,231,612		3,246		1,234,858
Accounts receivable, net	-		-		139		139
Investments	-		52,364		-		52,364
Prepaid expenses and other current assets	-		-		189		189
Accrued liabilities	-		-		(278)		(278)
Total	$	863,338	$	2,116,933	$	3,296	$	2,983,567
December 31, 2014	Level 1		Level 2		Level 3		Total
Cash	$	196,090	$	-	$	-	$	196,090
Money market funds	106,928		-		-		106,928
Commercial paper	-		19,482		-		19,482
Municipal securities	-		854,787		-		854,787
U.S. government agency securities	-		9,199		-		9,199
Variable rate demand notes	-		4,001		-		4,001
Auction rate securities	-		-		3,910		3,910
Put option related to auction rate securities	-		-		250		250
Foreign currency derivatives	-		(252)		-		(252)
Total	$	303,018	$	887,217	$	4,160	$	1,194,395
Amounts included in:
Cash and cash equivalents	$	303,018	$	67,305	$	-	$	370,323
Short-term investments	-		777,224		3,910		781,134
Accounts receivable, net	-		83		-		83
Investments	-		42,940		-		42,940
Prepaid expenses and other current assets	-		-		250		250
Accrued liabilities	-		(335)		-		(335)
Total	$	303,018	$	887,217	$	4,160	$	1,194,395

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

	Three-Months Ended June 30, 2015						Three-Months Ended June 30, 2014
	Auction Rate Securities			Put Options			Auction Rate Securities			Put Options
Opening Balance	$		3,910	$	250		$		14,526	$	1,024
Transfers into Level 3	-			-			-			-
Transfers out of Level 3	-			-			-			-
Total gains (losses) for the period:
Included in earnings	61			(61)			17			(30)
Included in other comprehensive income	-			-			-			-
Settlements	(725)			-			(1,724)			-
Closing Balance	$		3,246	$	189		$		12,819	$	994
	Six-Months Ended June 30, 2015						Six-Months Ended June 30, 2014
	Auction Rate Securities			Put Options			Auction Rate Securities			Put Options
Opening Balance	$	3,910		$		250	$	16,184		$	1,092
Transfers into Level 3	-			-			-			-
Transfers out of Level 3	-			-			-			-
Total gains (losses) for the period:
Included in earnings	61			(61)			84			(98)
Included in other comprehensive income	-			-			-			-
Settlements	(725)			-			(3,449)			-
Closing Balance	$	3,246		$		189	$	12,819		$	994