Annual report pursuant to Section 13 and 15(d)

Fair Value Measures

v2.4.0.6
Fair Value Measures
 12 Months Ended
Dec. 31, 2011
Fair Value Measures [Abstract]  
Fair Value Measures

NOTE 20—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, 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   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

Assets and liabilities measured at fair value on a recurring basis at December 31, 2010 are as follows (in thousands):

 

     Level 1      Level 2      Level 3      Total  

Assets:

            

Cash equivalents

            

Money market funds

    $ 177,104       $ —         $ —         $ 177,104   

Time deposits

      7,510         —           —           7,510   

U.S. Government-backed municipal bonds

      —           5,560         —           5,560   

Available-for-sale short-term investments

            

Short-term municipal bond fund

      15,624         —           —           15,624   

U.S. Government-backed municipal bonds

      —           53,188         —           53,188   

Other current assets

            

Derivative financial instruments (Note 19)

      —           1,166         —           1,166   

Non-current assets

            

Mutual fund shares

      1,670         —           —           1,670   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets measured at fair value

    $ 201,908       $ 59,914       $ —         $ 261,822   
  

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities:

            

Accrued liabilities

            

Derivative financial instruments (Note 19)

    $ —         $ 7,003       $ —         $ 7,003   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities measured at fair value

    $ —         $ 7,003       $ —         $ 7,003   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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, 2011 or 2010.