Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v2.3.0.15
Fair Value Measurements
 9 Months Ended
Sep. 30, 2011
Fair Value Measurements [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the extent to which the fair value estimates are based upon observable or unobservable inputs. Level inputs are as follows:

 

Level Input:

   

Input Definition:

Level I

    Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.

Level II

    Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.

Level III

    Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.

 

The following table summarizes fair value measurements by level at September 30, 2011, for assets measured at fair value on a recurring basis:

 

     Level I      Level II      Level III      Total  

Assets

            

Cash and cash equivalents

    $ 451,657       $ —         $ —         $ 451,657  
  

 

 

     

 

 

     

 

 

     

 

 

  

Investments available for sale:

            

U.S. Treasury securities and obligations of U.S. government corporations and agencies

    $ 17,019       $ 5,325       $ —         $ 22,344   

Corporate securities

      —           192,448         —           192,448   

Municipal securities:

            

General obligation

      —           120,654         —           120,654   

Pre-refunded

      —           33,295         —           33,295   

Revenue

      —           117,427         —           117,427   

Variable rate demand notes

      —           108,723         —           108,723   

Asset backed securities

      —           19,206         —           19,206   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investments

    $ 17,019       $ 597,078       $ —         $ 614,097   
  

 

 

     

 

 

     

 

 

     

 

 

  

Restricted deposits available for sale:

            

Cash and cash equivalents

    $ 13,488       $ —         $ —         $ 13,488   

Certificates of deposit

      5,890         —           —           5,890   

U.S. Treasury securities and obligations of U.S. government corporations and agencies

      7,390         —           —           7,390   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total restricted deposits

    $ 26,768       $ —         $ —         $ 26,768   
  

 

 

     

 

 

     

 

 

     

 

 

  

Interest rate swap contract

    $ —         $ 10,489       $ —         $ 10,489  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets at fair value

    $ 495,444       $ 607,567       $ —         $ 1,103,011  
  

 

 

     

 

 

     

 

 

     

 

 

  

The following table summarizes fair value measurements by level at December 31, 2010, for assets and liabilities measured at fair value on a recurring basis:

 

     Level I      Level II      Level III      Total  

Assets

            

Cash and cash equivalents

    $ 433,914       $ —         $ —         $ 433,914  
  

 

 

     

 

 

     

 

 

     

 

 

  

Investments available for sale:

            

U.S. Treasury securities and obligations of U.S. government corporations and agencies

    $ 14,809       $ 7,096       $ —         $ 21,905   

Corporate securities

      —           200,115         —           200,115   

Municipal securities:

            

General obligation

      —           113,461         —           113,461   

Pre-refunded

      —           33,198         —           33,198   

Revenue

      —           102,964         —           102,964   

Variable rate demand notes

      —           106,540         —           106,540   

Asset backed securities

      —           17,591         —           17,591   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investments

    $ 14,809       $ 580,965       $ —         $ 595,774   
  

 

 

     

 

 

     

 

 

     

 

 

  

Restricted deposits available for sale:

            

Cash and cash equivalents

    $ 8,814       $ —         $ —         $ 8,814   

Certificates of deposit

      6,814         —           —           6,814   

U.S. Treasury securities and obligations of U.S. government corporations and agencies

      7,130         —           —           7,130   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total restricted deposits

    $ 22,758       $ —         $ —         $ 22,758  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets at fair value

    $ 471,481       $ 580,965       $ —         $ 1,052,446  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

The Company periodically transfers U.S. Treasury securities and obligations of U.S. government corporations and agencies between Level I and Level II fair value measurements dependent upon the level of trading activity for the specific securities at the measurement date. The Company utilizes matrix pricing services to estimate fair value for securities which are not actively traded on the measurement date. The Company designates these securities as Level II fair value measurements. The aggregate carrying amount of the Company's life insurance contracts and cost-method investments, which approximates fair value, was $22,699 and $21,451 as of September 30, 2011 and December 31, 2010, respectively.