| 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 that prioritizes the inputs used in measuring fair value as follows:
Level 1 — observable inputs such as quoted prices for identical assets or liabilities in active liquid markets;
Level 2 — inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume or infrequent transactions; and
Level 3 — unobservable inputs for which there is little or no market data available, that require the reporting entity to develop its own assumptions.
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2017 are as follows (in thousands):
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Assets: |
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Cash equivalents: |
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Money market funds |
$ |
236,909 |
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$ |
— |
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$ |
— |
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$ |
236,909 |
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Time deposits |
52,719 |
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|
— |
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— |
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52,719 |
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U.S. Government-backed municipal bonds |
— |
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|
3,072 |
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— |
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|
3,072 |
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Available-for-sale short-term investments (1):
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U.S. Government-backed municipal bonds |
— |
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16,828 |
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— |
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16,828 |
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Other short-term investments: |
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Mutual fund shares |
1,641 |
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— |
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— |
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|
1,641 |
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Other current assets: |
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Derivative financial instruments (Note 10) |
— |
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2,889 |
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— |
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2,889 |
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Other non-current assets: |
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Derivative financial instruments (Note 10) |
— |
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|
509 |
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— |
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|
509 |
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Mutual fund shares |
8,772 |
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— |
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— |
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|
8,772 |
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Total assets measured at fair value |
$ |
300,041 |
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$ |
23,298 |
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$ |
— |
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$ |
323,339 |
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Liabilities: |
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Accrued liabilities: |
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Derivative financial instruments (Note 10) |
$ |
— |
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$ |
10,559 |
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$ |
— |
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$ |
10,559 |
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Other long-term liabilities: |
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Derivative financial instruments (Note 10) |
— |
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3,048 |
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— |
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|
3,048 |
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Total liabilities measured at fair value |
$ |
— |
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$ |
13,607 |
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$ |
— |
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$ |
13,607 |
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Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 are as follows (in thousands):
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Assets: |
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Cash equivalents: |
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Money market funds |
$ |
299,769 |
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$ |
— |
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$ |
— |
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$ |
299,769 |
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Time deposits |
73,127 |
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— |
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— |
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|
73,127 |
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Other short-term investments: |
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Mutual fund shares |
472 |
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— |
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— |
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|
472 |
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Other current assets: |
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Derivative financial instruments (Note 10) |
— |
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11,166 |
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— |
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11,166 |
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Other non-current assets: |
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Derivative financial instruments (Note 10) |
— |
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|
1,969 |
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— |
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|
1,969 |
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Mutual fund shares |
8,411 |
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— |
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|
— |
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|
8,411 |
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Total assets measured at fair value |
$ |
381,779 |
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$ |
13,135 |
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|
$ |
— |
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$ |
394,914 |
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Liabilities: |
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|
|
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Accrued liabilities: |
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Derivative financial instruments (Note 10) |
$ |
— |
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$ |
286 |
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$ |
— |
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$ |
286 |
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Total liabilities measured at fair value |
$ |
— |
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$ |
286 |
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$ |
— |
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$ |
286 |
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Assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 are as follows (in thousands):
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Assets: |
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|
|
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Cash equivalents: |
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Money market funds |
$ |
96,994 |
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|
$ |
— |
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|
$ |
— |
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$ |
96,994 |
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Time deposits |
42,248 |
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— |
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— |
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|
42,248 |
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Other short-term investments: |
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Mutual funds shares |
467 |
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— |
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— |
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|
467 |
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Other current assets: |
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Derivative financial instruments (Note 10) |
— |
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1,979 |
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— |
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|
1,979 |
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Other non-current assets: |
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Derivative financial instruments (Note 10) |
— |
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|
344 |
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— |
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|
344 |
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Mutual fund shares |
8,245 |
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— |
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— |
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|
8,245 |
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Total assets measured at fair value |
$ |
147,954 |
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$ |
2,323 |
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$ |
— |
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$ |
150,277 |
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Liabilities: |
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Accrued liabilities: |
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Derivative financial instruments (Note 10) |
$ |
— |
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$ |
4,145 |
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$ |
— |
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$ |
4,145 |
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Other long-term liabilities |
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Derivative financial instruments (Note 10) |
— |
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|
559 |
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— |
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|
559 |
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Total liabilities measured at fair value |
$ |
— |
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$ |
4,704 |
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$ |
— |
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$ |
4,704 |
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(1) Investments have remaining maturities of less than one year.
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, which are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.
Non-recurring Fair Value Measurements
There were no material assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2017, December 31, 2016 or September 30, 2016.
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