| 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:
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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 and/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.
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Assets and liabilities measured at fair value on a recurring basis at September 30, 2013 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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|
|
|
|
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Money market funds |
$ |
153,382 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
153,382 |
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Time deposits |
25,092 |
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|
— |
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|
— |
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|
25,092 |
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Reverse repurchase agreements |
— |
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|
25,000 |
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|
— |
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|
25,000 |
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U.S. Government-backed municipal bonds |
— |
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|
3,218 |
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|
— |
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|
3,218 |
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Available-for-sale short-term investments (1)
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Certificates of deposit |
— |
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|
1,470 |
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|
— |
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|
1,470 |
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Variable-rate demand notes |
— |
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|
27,320 |
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|
— |
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|
27,320 |
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Other short-term investments |
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|
|
|
|
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Mutual fund shares |
259 |
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|
— |
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— |
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|
259 |
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Other current assets |
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|
|
|
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Derivative financial instruments (Note 11) |
— |
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|
1,929 |
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— |
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|
1,929 |
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Other non-current assets |
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|
|
|
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Mutual fund shares |
4,560 |
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— |
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|
— |
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4,560 |
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Total assets measured at fair value |
$ |
183,293 |
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|
$ |
58,937 |
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|
$ |
— |
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|
$ |
242,230 |
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Liabilities: |
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|
|
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Accrued liabilities |
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Derivative financial instruments (Note 11) |
$ |
— |
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|
$ |
599 |
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|
$ |
— |
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|
$ |
599 |
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Total liabilities measured at fair value |
$ |
— |
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|
$ |
599 |
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|
$ |
— |
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|
$ |
599 |
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Assets and liabilities measured at fair value on a recurring basis at December 31, 2012 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 |
$ |
70,857 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
70,857 |
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Time deposits |
25,035 |
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— |
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— |
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|
25,035 |
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Certificates of deposit |
— |
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|
2,450 |
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— |
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2,450 |
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U.S. Government-backed repurchase agreements |
— |
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|
25,000 |
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— |
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|
25,000 |
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U.S. Government-backed municipal bonds |
— |
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|
5,348 |
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— |
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5,348 |
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Available-for-sale short-term investments (1)
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Certificates of deposit |
— |
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|
7,596 |
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— |
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|
7,596 |
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Variable-rate demand notes |
— |
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|
22,640 |
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— |
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|
22,640 |
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U.S. Government-backed municipal bonds |
— |
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|
14,425 |
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— |
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|
14,425 |
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Other current assets |
|
|
|
|
|
|
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Derivative financial instruments (Note 11) |
— |
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|
6,219 |
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— |
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6,219 |
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Other non-current assets |
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|
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|
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Derivative financial instruments (Note 11) |
— |
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|
489 |
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— |
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|
489 |
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Mutual fund shares |
4,080 |
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— |
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— |
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|
4,080 |
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Total assets measured at fair value |
$ |
99,972 |
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$ |
84,167 |
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$ |
— |
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$ |
184,139 |
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Liabilities: |
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|
|
|
|
|
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Accrued liabilities |
|
|
|
|
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Derivative financial instruments (Note 11) |
$ |
— |
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|
$ |
1,322 |
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|
$ |
— |
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|
$ |
1,322 |
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Total liabilities measured at fair value |
$ |
— |
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|
$ |
1,322 |
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|
$ |
— |
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|
$ |
1,322 |
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Assets and liabilities measured at fair value on a recurring basis at September 30, 2012 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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|
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|
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Money market funds |
$ |
13,700 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
13,700 |
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Time deposits |
10,016 |
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|
— |
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|
— |
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|
10,016 |
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Available-for-sale short-term investments (1)
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Time deposits |
— |
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|
2,128 |
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— |
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|
2,128 |
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Other current assets |
|
|
|
|
|
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Derivative financial instruments (Note 11) |
— |
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|
2,752 |
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— |
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|
2,752 |
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Other non-current assets |
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|
|
|
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Mutual fund shares |
3,879 |
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— |
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|
— |
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|
3,879 |
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Total assets measured at fair value |
$ |
27,595 |
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$ |
4,880 |
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$ |
— |
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$ |
32,475 |
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Liabilities: |
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|
|
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Accrued liabilities |
|
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|
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Derivative financial instruments (Note 11) |
$ |
— |
|
|
$ |
2,220 |
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|
$ |
— |
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|
$ |
2,220 |
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Total liabilities measured at fair value |
$ |
— |
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|
$ |
2,220 |
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|
$ |
— |
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|
$ |
2,220 |
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(1) |
Investments have remaining maturities greater than three months but less than two years and are available for use in current operations.
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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 as of September 30, 2013, December 31, 2012, or September 30, 2012.
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