Annual report pursuant to Section 13 and 15(d)

Fair Value Measures

v3.8.0.1
Fair Value Measures
12 Months Ended
Dec. 31, 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 December 31, 2017 are as follows (in thousands):
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
Money market funds
 
$
282,860

 
$

 
$

 
$
282,860

Time deposits
 
52,808

 

 

 
52,808

U.S. Government treasury bills
 

 
4,995

 

 
4,995

U.S. Government-backed municipal bonds
 

 
25,338

 

 
25,338

Available-for-sale short-term investments
 
 
 
 
 
 
 
 
U.S. Government treasury bills
 

 
19,963

 

 
19,963

U.S. Government-backed municipal bonds
 

 
73,582

 

 
73,582

Other short-term investments:
 
 
 
 
 
 
 
 
Mutual fund shares
 
1,438

 

 

 
1,438

Other current assets:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 

 
2,331

 

 
2,331

Non-current assets:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 

 
335

 

 
335

Mutual fund shares
 
9,319

 

 

 
9,319

Total assets measured at fair value
 
$
346,425

 
$
126,544

 
$

 
$
472,969

Liabilities:
 
 
 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 
$

 
$
10,565

 
$

 
$
10,565

Other long-term liabilities
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 

 
3,820

 

 
3,820

Total liabilities measured at fair value
 
$

 
$
14,385

 
$

 
$
14,385


Assets and liabilities measured at fair value on a recurring basis at 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 19)
 

 
11,166

 

 
11,166

Non-current assets:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 19)
 

 
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 19)
 
$

 
$
286

 
$

 
$
286

Total liabilities measured at fair value
 
$

 
$
286

 
$

 
$
286


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 at December 31, 2017 or 2016.