Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v3.19.1
Fair Value Measures
3 Months Ended
Mar. 31, 2019
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 March 31, 2019 were as follows:
(in thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
Money market funds
 
$
125,073

 
$

 
$

 
$
125,073

Available-for-sale short-term investments (1):
 
 
 
 
 
 
 
 
U.S. Government treasury bills
 

 
270,625

 

 
270,625

Other short-term investments:
 
 
 
 
 
 
 
 
Mutual fund shares
 
1,978

 

 

 
1,978

Other current assets:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 15)
 

 
15,337

 

 
15,337

Other non-current assets:
 
 
 
 
 
 
 
 
Money market funds
 
1,331

 

 

 
1,331

Mutual fund shares
 
9,575

 

 

 
9,575

Derivative financial instruments (Note 15)
 

 
10,014

 

 
10,014

Total assets measured at fair value
 
$
137,957

 
$
295,976

 
$

 
$
433,933

Liabilities:
 
 
 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 15)
 
$

 
$
498

 
$

 
$
498

Total liabilities measured at fair value
 
$

 
$
498

 
$

 
$
498

(1) Investments have remaining maturities of less than one year.
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 were as follows:
(in thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
Money market funds
 
$
122,237

 
$

 
$

 
$
122,237

U.S. Government treasury bills
 

 
39,952

 

 
39,952

Available-for-sale short-term investments (1)
 
 
 
 
 
 
 
 
U.S. Government treasury bills
 

 
261,602

 

 
261,602

Other short-term investments:
 
 
 
 
 
 
 
 
Mutual fund shares
 
1,200

 

 

 
1,200

Other current assets:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 15)
 

 
13,615

 

 
13,615

Other non-current assets:
 
 
 
 
 
 
 
 
Money market funds
 
869

 

 

 
869

Mutual fund shares
 
8,606

 

 

 
8,606

Derivative financial instruments (Note 15)
 

 
9,922

 

 
9,922

Total assets measured at fair value
 
$
132,912

 
$
325,091

 
$

 
$
458,003

Liabilities:
 
 
 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 15)
 
$

 
$
1,017

 
$

 
$
1,017

Other long-term liabilities:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 15)
 

 
1

 

 
1

Total liabilities measured at fair value
 
$

 
$
1,018

 
$

 
$
1,018

(1) Investments have remaining maturities of less than one year.
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 were as follows:
(in thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
Money market funds
 
$
380,136

 
$

 
$

 
$
380,136

Time deposits
 
55,825

 

 

 
55,825

U.S. Government treasury bills
 

 
34,983

 

 
34,983

U.S. Government-backed municipal bonds
 

 
4,879

 

 
4,879

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

 
89,567

 

 
89,567

Other short-term investments:
 
 
 
 
 
 
 
 
Mutual funds shares
 
1,411

 

 

 
1,411

Other current assets:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 15)
 

 
2,119

 

 
2,119

Other non-current assets:
 
 
 
 
 
 
 
 
Mutual fund shares
 
8,679

 

 

 
8,679

Derivative financial instruments (Note 15)
 

 
2,492

 

 
2,492

Total assets measured at fair value
 
$
446,051

 
$
134,040

 
$

 
$
580,091

Liabilities:
 
 
 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 15)
 
$

 
$
11,372

 
$

 
$
11,372

Other long-term liabilities:
 
 
 
 
 
 
 
 
Derivative financial instruments (Note 15)
 

 
7,294

 

 
7,294

Total liabilities measured at fair value
 
$

 
$
18,666

 
$

 
$
18,666


(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, 2019, December 31, 2018 or March 31, 2018.