Cash and Cash Equivalents, Short-term Investments and Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2012

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents, Short-term Investments and Fair Value of Financial Instruments

Cash and Cash Equivalents, Short-term Investments and Fair Value of Financial Instruments

Cash and cash equivalents and short-term investments consist of the following significant investment asset classes, with disclosure of amortized cost, gross unrealized gains and losses, and fair value as of December 31, 2012 and December 31, 2011 (in thousands):

	December 31, 2012
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash / Cash Equivalents		Short-term Investments		Security Classification
Cash	$	23,422	$	—	$	—	$	23,422	$	23,422	$	—	N/A
Money market funds	38,892		—		1		38,891		38,891		—		Available for sale
Total cash, cash equivalents and short-term investments	$	62,314	$	—	$	1	$	62,313	$	62,313	$	—

	December 31, 2011
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash / Cash Equivalents		Short-term Investments		Security Classification
Cash	$	14,452	$	—	$	—	$	14,452	$	14,452	$	—	N/A
Money market funds	177,310		—		—		177,310		177,310		—		Available for sale
Non-U.S. government securities	8,106		1		—		8,107		—		8,107		Available for sale
Total cash, cash equivalents and short-term investments	$	199,868	$	1	$	—	$	199,869	$	191,762	$	8,107

The money market fund is a daily-traded cash equivalent with a price of $1.00, making it a Level 1 asset class, and its carrying cost closely approximates fair value. As demand deposit (cash) balances vary with the timing of collections and payments, the money market fund can cover any surplus or deficit, and thus is considered Available-for-sale.

The short term investments purchased in September 2011 were comprised of California revenue anticipation notes, which matured in June 2012. As this is the initial investment in a broader portfolio strategy for yield management, these are considered Available-for-sale. The notes were considered a Level 2 asset class, because their pricing is drawn from multiple market-related inputs, but in general not from same-day, same-security trades.

The following table displays the financial assets measured at fair value, on a recurring basis, with money market funds recorded within cash and cash equivalents and non-U.S Government securities in short-term investments (in thousands):

	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)	Total Fair Value
At December 31, 2012
Money market funds	$	38,891	$	—	—	$	38,891
Total	$	38,891	$	—	—	$	38,891
At December 31, 2011
Money market funds	$	177,310	—		—	$	177,310
Non U.S. Government securities	—		$	8,107	—	8,107
Total	$	177,310	$	8,107	—	$	185,417

Current assets and current liabilities are recorded at amortized cost, which approximates fair value due to the short-term maturities implied.