Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v2.4.1.9
Fair Value Measures
3 Months Ended
Mar. 31, 2015
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 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.
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Money market funds
$
101,241

 
$

 
$

 
$
101,241

Time deposits
45,221

 

 

 
45,221

Certificates of deposit

 
2,205

 

 
2,205

Reverse repurchase agreements

 
50,000

 

 
50,000

U.S. Government-backed municipal bonds

 
480

 

 
480

Available-for-sale short-term investments (1)
 
 
 
 
 
 
 
Certificates of deposit

 
13,453

 

 
13,453

U.S. Government-backed municipal bonds

 
39,119

 

 
39,119

Other short-term investments
 
 
 
 
 
 
 
Mutual fund shares
366

 

 

 
366

Other current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)

 
15,787

 

 
15,787

Other non-current assets
 
 
 
 
 
 
 
Mutual fund shares
7,016

 

 

 
7,016

Total assets measured at fair value
$
153,844

 
$
121,044

 
$

 
$
274,888

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)
$

 
$
123

 
$

 
$
123

Total liabilities measured at fair value
$

 
$
123

 
$

 
$
123

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Money market funds
$
94,112

 
$

 
$

 
$
94,112

Time deposits
45,187

 

 

 
45,187

Certificates of deposit

 
1,470

 

 
1,470

Reverse repurchase agreements

 
40,000

 

 
40,000

U.S. Government-backed municipal bonds

 
5,812

 

 
5,812

Available-for-sale short-term investments (1)
 
 
 
 
 
 
 
Certificates of deposit

 
3,184

 

 
3,184

U.S. Government-backed municipal bonds

 
23,598

 

 
23,598

Other short-term investments
 
 
 
 
 
 
 
Mutual fund shares
485

 

 

 
485

Other current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)

 
12,747

 

 
12,747

Other non-current assets
 
 
 
 
 
 
 
Mutual fund shares
6,039

 

 

 
6,039

Total assets measured at fair value
$
145,823

 
$
86,811

 
$

 
$
232,634

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)
$

 
$
924

 
$

 
$
924

Total liabilities measured at fair value
$

 
$
924

 
$

 
$
924

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Money market funds
$
269,786

 
$

 
$

 
$
269,786

Time deposits
25,129

 
14,088

 

 
39,217

U.S. Government-backed repurchase agreements

 
55,000

 

 
55,000

Available-for-sale short-term investments (1)
 
 
 
 
 
 
 
Short-term municipal bond fund
15,028

 

 

 
15,028

Certificates of deposit

 
9,795

 

 
9,795

U.S. Government-backed municipal bonds

 
14,185

 

 
14,185

Other short-term investments
 
 
 
 
 
 
 
Mutual funds shares
529

 

 

 
529

Other current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)

 
2,703

 

 
2,703

Other non-current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)

 
128

 

 
128

Mutual fund shares
5,390

 

 

 
5,390

Total assets measured at fair value
$
315,862

 
$
95,899

 
$

 
$
411,761

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)
$

 
$
1,017

 
$

 
$
1,017

Other long-term liabilities
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)

 
33

 

 
33

Total liabilities measured at fair value
$

 
$
1,050

 
$

 
$
1,050

 
(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 March 31, 2015, December 31, 2014 or March 31, 2014.