NOTE 18—Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes the composition and fair value hierarchy of the Company’s financial assets and liabilities at February 28, 2013 (in thousands):
As of February 28, 2013 |
Quoted Prices
In Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
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Assets: |
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Money markets (1) |
$ | 143,680 | $ | 143,680 | $ | — | $ | — | ||||||||
Available-for-sale securities (1): |
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Interest-bearing deposits |
123,518 | — | 123,518 | — | ||||||||||||
Commercial paper |
54,483 | — | 54,483 | — | ||||||||||||
U.S. agency securities |
359,993 | — | 359,993 | — | ||||||||||||
Corporate securities |
312,691 | — | 312,691 | — | ||||||||||||
Foreign government securities |
26,869 | — | 26,869 | — | ||||||||||||
Equity securities (1) |
274 | 274 | — | — | ||||||||||||
Foreign currency derivatives (2) |
280 | — | 280 | — | ||||||||||||
Liabilities: |
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Foreign currency derivatives (3) |
(219 | ) | — | (219 | ) | — | ||||||||||
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Total |
$ | 1,021,569 | $ | 143,954 | $ | 877,615 | $ | — | ||||||||
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(1) | Included in either cash and cash equivalents or investments in debt and equity securities in the Company’s Consolidated Balance Sheet at February 28, 2013 in addition to $296.9 million of cash. |
(2) | Included in Other current assets in the Company’s Consolidated Balance Sheet at February 28, 2013. |
(3) | Included in Accounts payable and accrued expenses in the Company’s Consolidated Balance Sheet at February 28, 2013. |
The following table summarizes the composition and fair value hierarchy of the Company’s financial assets and liabilities at February 29, 2012 (in thousands):
As of February 29, 2012 |
Quoted Prices
In Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
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Assets: |
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Money markets (1) |
$ | 322,207 | $ | 322,207 | $ | — | $ | — | ||||||||
Available-for-sale securities (1): |
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U.S. Treasury securities |
250 | 250 | — | — | ||||||||||||
Interest-bearing deposits |
445 | — | 445 | — | ||||||||||||
Commercial paper |
46,478 | — | 46,478 | — | ||||||||||||
U.S. agency securities |
354,830 | — | 354,830 | — | ||||||||||||
Municipal bonds |
13,154 | — | 13,154 | — | ||||||||||||
Corporate securities |
323,463 | — | 323,463 | — | ||||||||||||
Foreign government securities |
1,356 | — | 1,356 | — | ||||||||||||
Equity securities (1) |
1,275 | 1,275 | — | — | ||||||||||||
Foreign currency derivatives (2) |
147 | — | 147 | — | ||||||||||||
Liabilities: |
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Foreign currency derivatives (3) |
(473 | ) | — | (473 | ) | — | ||||||||||
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Total |
$ | 1,063,132 | $ | 323,732 | $ | 739,400 | $ | — | ||||||||
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(1) | Included in either cash and cash equivalents or investments in debt and equity securities in the Company’s Consolidated Balance Sheet at February 29, 2012, in addition to $196.9 million of cash. |
(2) | Included in Other current assets in the Company’s Consolidated Balance Sheet at February 29, 2012. |
(3) | Included in Accounts payable and accrued expenses in the Company’s Consolidated Balance Sheet at February 29, 2012. |
The following table represents the Company’s investments measured at fair value as of February 28, 2013 (in thousands):
Amortized Cost |
Gross Unrealized | Aggregate Fair Value |
Balance Sheet Classification | |||||||||||||||||||||||||
Cash Equivalent Marketable Securities |
Short-term Marketable Securities |
Long-term Marketable Securities |
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Gains | Losses(1) | |||||||||||||||||||||||||||
Money markets |
$ | 143,680 | $ | — | $ | — | $ | 143,680 | $ | 143,680 | $ | — | $ | — | ||||||||||||||
Interest-bearing deposits |
123,518 | — | — | 123,518 | — | 123,518 | — | |||||||||||||||||||||
Commercial paper |
54,483 | — | — | 54,483 | 39,498 | 14,985 | — | |||||||||||||||||||||
U.S. agency securities |
360,060 | 136 | (203 | ) | 359,993 | 7,041 | 54,485 | 298,467 | ||||||||||||||||||||
Corporate securities |
311,561 | 1,262 | (132 | ) | 312,691 | — | 172,250 | 140,441 | ||||||||||||||||||||
Foreign government securities |
26,902 | 2 | (35 | ) | 26,869 | — | 26,869 | — | ||||||||||||||||||||
Equity securities |
6 | 268 | — | 274 | — | 274 | — | |||||||||||||||||||||
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Total |
$ | 1,020,210 | $ | 1,668 | $ | (370 | ) | $ | 1,021,508 | $ | 190,219 | $ | 392,381 | $ | 438,908 | |||||||||||||
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(1) | As of February 28, 2013, there were less than $0.1 million of accumulated unrealized losses related to investments that have been in a continuous unrealized loss position for 12 months or longer. |
The following table summarizes the stated maturities of the Company’s investment in available-for-sale securities at February 28, 2013 (in thousands):
Total | Less than 1 Year |
2-3 Years | 4-5 Years | More than 5 Years |
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Maturity of short and long term available-for-sale securities |
$ | 831,015 | $ | 392,107 | $ | 183,928 | $ | 254,980 | $ | — |
The following table represents the Company’s investments measured at fair value as of February 29, 2012 (in thousands):
Amortized Cost |
Gross Unrealized | Aggregate Fair Value |
Balance Sheet Classification | |||||||||||||||||||||||||
Cash Equivalent Marketable Securities |
Short-term Marketable Securities |
Long-term Marketable Securities |
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Gains | Losses(1) | |||||||||||||||||||||||||||
Money markets |
$ | 322,207 | $ | — | $ | — | $ | 322,207 | $ | 322,207 | $ | — | $ | — | ||||||||||||||
U.S. Treasury securities |
250 | — | — | 250 | — | 250 | — | |||||||||||||||||||||
Interest-bearing deposits |
445 | — | — | 445 | — | 445 | — | |||||||||||||||||||||
Commercial paper |
46,475 | 3 | — | 46,478 | 29,496 | 16,982 | — | |||||||||||||||||||||
U.S. agency securities |
354,758 | 172 | (100 | ) | 354,830 | — | 38,943 | 315,887 | ||||||||||||||||||||
Municipal bonds |
13,103 | 51 | — | 13,154 | — | 13,154 | — | |||||||||||||||||||||
Corporate securities |
324,832 | 490 | (1,859 | ) | 323,463 | 619 | 191,893 | 130,951 | ||||||||||||||||||||
Foreign government securities |
1,355 | 1 | — | 1,356 | — | 1,356 | — | |||||||||||||||||||||
Equity securities |
29 | 1,246 | — | 1,275 | — | 1,275 | — | |||||||||||||||||||||
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Total |
$ | 1,063,454 | $ | 1,963 | $ | (1,959 | ) | $ | 1,063,458 | $ | 352,322 | $ | 264,298 | $ | 446,838 | |||||||||||||
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(1) | As of February 29, 2012, there were $0.1 million of accumulated unrealized losses related to investments that have been in a continuous unrealized loss position for 12 months or longer. |