Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v3.8.0.1
Fair Value Measures
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
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):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
236,909

 
$

 
$

 
$
236,909

Time deposits
52,719

 

 

 
52,719

U.S. Government-backed municipal bonds

 
3,072

 

 
3,072

Available-for-sale short-term investments (1):
 
 
 
 
 
 
 
U.S. Government-backed municipal bonds

 
16,828

 

 
16,828

Other short-term investments:
 
 
 
 
 
 
 
Mutual fund shares
1,641

 

 

 
1,641

Other current assets:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)

 
2,889

 

 
2,889

Other non-current assets:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)

 
509

 

 
509

Mutual fund shares
8,772

 

 

 
8,772

Total assets measured at fair value
$
300,041

 
$
23,298

 
$

 
$
323,339

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)
$

 
$
10,559

 
$

 
$
10,559

Other long-term liabilities:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)

 
3,048

 

 
3,048

Total liabilities measured at fair value
$

 
$
13,607

 
$

 
$
13,607

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
299,769

 
$

 
$

 
$
299,769

Time deposits
73,127

 

 

 
73,127

Other short-term investments:
 
 
 
 
 
 
 
Mutual fund shares
472

 

 

 
472

Other current assets:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)

 
11,166

 

 
11,166

Other non-current assets:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)

 
1,969

 

 
1,969

Mutual fund shares
8,411

 

 

 
8,411

Total assets measured at fair value
$
381,779

 
$
13,135

 
$

 
$
394,914

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)
$

 
$
286

 
$

 
$
286

Total liabilities measured at fair value
$

 
$
286

 
$

 
$
286

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
96,994

 
$

 
$

 
$
96,994

Time deposits
42,248

 

 

 
42,248

Other short-term investments:
 
 
 
 
 
 
 
Mutual funds shares
467

 

 

 
467

Other current assets:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)

 
1,979

 

 
1,979

Other non-current assets:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)

 
344

 

 
344

Mutual fund shares
8,245

 

 

 
8,245

Total assets measured at fair value
$
147,954

 
$
2,323

 
$

 
$
150,277

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)
$

 
$
4,145

 
$

 
$
4,145

Other long-term liabilities
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)

 
559

 

 
559

Total liabilities measured at fair value
$

 
$
4,704

 
$

 
$
4,704



(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.