Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v3.3.0.814
Fair Value Measures
9 Months Ended
Sep. 30, 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 September 30, 2015 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Money market funds
$
82,137

 
$

 
$

 
$
82,137

Time deposits
23,600

 

 

 
23,600

Other short-term investments
 
 
 
 
 
 
 
Mutual fund shares
629

 

 

 
629

Other current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)

 
2,492

 

 
2,492

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

 
309

 

 
309

Mutual fund shares
6,596

 

 

 
6,596

Total assets measured at fair value
$
112,962

 
$
2,801

 
$

 
$
115,763

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

 
$
659

 
$

 
$
659

Total liabilities measured at fair value
$

 
$
659

 
$

 
$
659

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 September 30, 2014 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Money market funds
$
79,266

 
$

 
$

 
$
79,266

Time deposits
25,167

 

 

 
25,167

Other short-term investments
 
 
 
 
 
 
 
Mutual funds shares
537

 

 

 
537

Other current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)

 
8,694

 

 
8,694

Other non-current assets
 
 
 
 
 
 
 
Mutual fund shares
5,247

 

 

 
5,247

Total assets measured at fair value
$
110,217

 
$
8,694

 
$

 
$
118,911

 
(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, 2015, December 31, 2014 or September 30, 2014.