Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v2.4.0.8
Fair Value Measures
9 Months Ended
Sep. 30, 2014
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 at 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

Short-term investments
 
 
 
 
 
 
 
Mutual fund shares
537

 

 

 
537

Other current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 12)

 
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

Assets and liabilities measured at fair value on a recurring basis at December 31, 2013 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Money market funds
$
175,624

 
$

 
$

 
$
175,624

Time deposits
25,111

 
9,526

 

 
34,637

Certificates of deposit

 
735

 

 
735

Reverse repurchase agreements

 
45,000

 

 
45,000

U.S. Government-backed municipal bonds

 
9,898

 

 
9,898

Available-for-sale short-term investments (1)
 
 
 
 
 
 
 
Short-term municipal bond fund
15,004

 

 

 
15,004

Certificates of deposit

 
9,546

 

 
9,546

Variable-rate demand notes

 
52,105

 

 
52,105

U.S. Government-backed municipal bonds

 
14,764

 

 
14,764

Other short-term investments
 
 
 
 
 
 
 
Mutual fund shares
336

 

 

 
336

Other current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 12)

 
4,892

 

 
4,892

Non-current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 12)

 
24

 

 
24

Mutual fund shares
4,855

 

 

 
4,855

Total assets measured at fair value
$
220,930

 
$
146,490

 
$

 
$
367,420

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities
 
 
 
 
 
 
 
Derivative financial instruments (Note 12)
$

 
$
1,152

 
$

 
$
1,152

Other long-term liabilities
 
 
 
 
 
 
 
Derivative financial instruments (Note 12)

 
95

 

 
95

Total liabilities measured at fair value
$

 
$
1,247

 
$

 
$
1,247

Assets and liabilities measured at fair value on a recurring basis at September 30, 2013 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Money market funds
$
153,382

 
$

 
$

 
$
153,382

Time deposits
25,092

 

 

 
25,092

U.S. Government-backed repurchase agreements

 
25,000

 

 
25,000

U.S. Government-backed municipal bonds

 
3,218

 

 
3,218

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

 
1,470

 

 
1,470

Variable-rate demand notes

 
27,320

 

 
27,320

Other short-term investments
 
 
 
 
 
 
 
Mutual funds shares
259

 

 

 
259

Other current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 12)

 
1,929

 

 
1,929

Other non-current assets
 
 
 
 
 
 
 
Mutual fund shares
4,560

 

 

 
4,560

Total assets measured at fair value
$
183,293

 
$
58,937

 
$

 
$
242,230

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities
 
 
 
 
 
 
 
Derivative financial instruments (Note 12)
$

 
$
599

 
$

 
$
599

Total liabilities measured at fair value
$

 
$
599

 
$

 
$
599

 
(1) 
Investments have remaining maturities greater than three months but less than two years and are available for use in current operations.
 
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.
Non-recurring fair value measurements:
During the fourth quarter of 2013, the Company recorded an impairment in its EMEA segment for its European distribution center in Cambrai, France, writing the assets down to their estimated fair value of $19,300,000. Significant factors and estimates used in the evaluation and fair value determination include management's plans for future operations, recent operating results, projected cash flows and third-party valuation estimates. This nonrecurring fair value measurement was developed using significant unobservable inputs (Level 3). Third-party valuation estimates were developed using local market data for sales transactions of similar facilities.
There were no material assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2014 or 2013.