Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v3.5.0.2
Fair Value Measures
6 Months Ended
Jun. 30, 2016
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 June 30, 2016 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
166,000

 
$
—

 
$
—

 
$
166,000

Time deposits
105,212

 
—

 
—

 
105,212

Reverse repurchase agreements
—

 
30,000

 
—

 
30,000

U.S. Government-backed municipal bonds
—

 
12,149

 
—

 
12,149

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

 
12,410

 
—

 
12,410

Other short-term investments:
 
 
 
 
 
 
 
Mutual fund shares
449

 
—

 
—

 
449

Other current assets:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)
—

 
2,686

 
—

 
2,686

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

 
1,079

 
—

 
1,079

Mutual fund shares
7,874

 
—

 
—

 
7,874

Total assets measured at fair value
$
279,535

 
$
58,324

 
$
—

 
$
337,859

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

 
$
7,714

 
$
—

 
$
7,714

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

 
1,456

 
—

 
1,456

Total liabilities measured at fair value
$
—

 
$
9,170

 
$
—

 
$
9,170

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
114,247

 
$
—

 
$
—

 
$
114,247

Time deposits
63,327

 
—

 
—

 
63,327

Other short-term investments:
 
 
 
 
 
 
 
Mutual fund shares
629

 
—

 
—

 
629

Other current assets:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)
—

 
6,722

 
—

 
6,722

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

 
566

 
—

 
566

Mutual fund shares
6,887

 
—

 
—

 
6,887

Total assets measured at fair value
$
185,090

 
$
7,288

 
$
—

 
$
192,378

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

 
$
1,917

 
$
—

 
$
1,917

Total liabilities measured at fair value
$
—

 
$
1,917

 
$
—

 
$
1,917

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
116,316

 
$
—

 
$
—

 
$
116,316

Time deposits
102,756

 
—

 
—

 
102,756

Reverse repurchase agreements
—

 
20,000

 
—

 
20,000

U.S. Government-backed municipal bonds
—

 
6,775

 
—

 
6,775

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

 
10,291

 
—

 
10,291

U.S. Government-backed municipal bonds
—

 
35,481

 
—

 
35,481

Other short-term investments:
 
 
 
 
 
 
 
Mutual funds shares
656

 
—

 
—

 
656

Other current assets:
 
 
 
 
 
 
 
Derivative financial instruments (Note 10)
—

 
8,943

 
—

 
8,943

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

 
320

 
—

 
320

Mutual fund shares
6,874

 
—

 
—

 
6,874

Total assets measured at fair value
$
226,602

 
$
81,810

 
$
—

 
$
308,412

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

 
$
766

 
$
—

 
$
766

Total liabilities measured at fair value
$
—

 
$
766

 
$
—

 
$
766

 
(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 June 30, 2016, December 31, 2015 or June 30, 2015.