Annual report pursuant to Section 13 and 15(d)

Fair Value Measures

v2.4.0.6
Fair Value Measures
 12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Fair Value Measures
FAIR VALUE MEASURES
Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:
Level 1
–     observable inputs such as quoted prices in active liquid markets;
Level 2
–     inputs, other than the quoted market prices in active markets, which are observable, either directly or indirectly; or observable market prices in markets with insufficient volume and/or infrequent transactions; and
Level 3
–     unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its own assumptions.
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 are as follows (in thousands):
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
 
Money market funds
 
$
70,857

 
$
—

 
$
—

 
$
70,857

Time deposits
 
25,035

 
—

 
—

 
25,035

Certificates of deposit
 
—

 
2,450

 
—

 
2,450

U.S. Government-backed repurchase agreements
 
—

 
25,000

 
—

 
25,000

U.S. Government-backed municipal bonds
 
—

 
5,348

 
—

 
5,348

Available-for-sale short-term investments
 
 
 
 
 
 
 
 
Certificates of deposit
 
—

 
7,596

 
—

 
7,596

Variable-rate demand notes
 
—

 
22,640

 
—

 
22,640

U.S. Government-backed municipal bonds
 
—

 
14,425

 
—

 
14,425

Other current assets
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 
—

 
6,219

 
—

 
6,219

Non-current assets
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 
—

 
489

 
—

 
489

Mutual fund shares
 
4,080

 
—

 
—

 
4,080

Total assets measured at fair value
 
$
99,972

 
$
84,167

 
$
—

 
$
184,139

Liabilities:
 
 
 
 
 
 
 
 
Accrued liabilities
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 
$
—

 
$
1,322

 
$
—

 
$
1,322

Total liabilities measured at fair value
 
$
—

 
$
1,322

 
$
—

 
$
1,322


Assets and liabilities measured at fair value on a recurring basis at December 31, 2011 are as follows (in thousands):
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
 
Money market funds
 
$
55,542

 
$
—

 
$
—

 
$
55,542

Time deposits
 
10,000

 
—

 
—

 
10,000

Available-for-sale short-term investments
 
 
 
 
 
 
 
 
Time deposits
 
2,878

 
—

 
—

 
2,878

Other current assets
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 
—

 
7,236

 
—

 
7,236

Non-current assets
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 
—

 
1,117

 
—

 
1,117

Mutual fund shares
 
2,521

 
—

 
—

 
2,521

Total assets measured at fair value
 
$
70,941

 
$
8,353

 
$
—

 
$
79,294

Liabilities:
 
 
 
 
 
 
 
 
Accrued liabilities
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 
$
—

 
$
3,786

 
$
—

 
$
3,786

Other long-term liabilities
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 
—

 
91

 
—

 
91

Total liabilities measured at fair value
 
$
—

 
$
3,877

 
$
—

 
$
3,877


Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.
There were no material assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2012 or 2011.