Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v2.4.0.6
Fair Value Measures
 3 Months Ended
Mar. 31, 2012
Fair Value Measures [Abstract]  
Fair Value Measures

NOTE 12 – 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 at March 31, 2012 are as follows (in thousands):

 

Level 1      Level 2      Level 3      Total  

Assets:

            

Cash equivalents

            

Money market funds

    $ 59,853       $ —         $ —         $ 59,853   

Time deposits

      10,000         5,295         —           15,295   

Available-for-sale short-term investments(1)

           

Time deposits

      —           2,438         —           2,438   

U.S Government-backed municipal bonds

      —           9,590         —           9,590   

Other current assets

            

Derivative financial instruments (Note 10)

      —           5,443         —           5,443   

Other non-current assets

            

Derivative financial instruments (Note 10)

      —           565         —           565   

Mutual fund shares

      3,552         —           —           3,552   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets measured at fair value

    $ 73,405       $ 23,331       $ —         $ 96,736   
  

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities:

            

Accrued liabilities

            

Derivative financial instruments (Note 10)

    $ —         $ 488       $ —         $ 488   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities measured at fair value

    $ —         $ 488       $ —         $ 488   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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 (1)

           

Time deposits

      2,878         —           —           2,878   

Other current assets

            

Derivative financial instruments (Note 10)

      —           7,236         —           7,236   

Other non-current assets

            

Derivative financial instruments (Note 10)

      —           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 10)

    $ —         $ 3,786       $ —         $ 3,786   

Other long-term liabilities

            

Derivative financial instruments (Note 10)

      —           91         —           91   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities measured at fair value

    $ —         $ 3,877       $ —         $ 3,877   
  

 

 

     

 

 

     

 

 

     

 

 

  

Assets and liabilities measured at fair value on a recurring basis at March 31, 2011 are as follows (in thousands):

 

     Level 1      Level 2      Level 3      Total  

Assets:

            

Cash equivalents

            

Money market funds

    $ 139,925       $ —         $ —         $ 139,925   

Time deposits

      7,516         —           —           7,516   

U.S. Government-backed municipal bonds

      —           1,008         —           1,008   

Available-for-sale short-term investments(1 )

           

Short-term municipal bond fund

      25,711         —           —           25,711   

U.S. Government-backed municipal bonds

      —           74,620         —           74,620   

Other current assets

            

Derivative financial instruments (Note 10)

      —           4,458         —           4,458   

Other non-current assets

            

Mutual fund shares

      2,302         —           —           2,302   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets measured at fair value

    $ 175,454       $ 80,086       $ —         $ 255,540   
  

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities:

            

Accrued liabilities

            

Derivative financial instruments (Note 10)

    $ —         $ 7,849       $ —         $ 7,849   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities measured at fair value

    $ —         $ 7,849       $ —         $ 7,849   
  

 

 

     

 

 

     

 

 

     

 

 

  

(1 ) 

Investments have remaining maturities greater than three months but less than two years and are available for use in current operations.

 

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 as of March 31, 2012, December 31, 2011, or March 31, 2011.