Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures

v3.2.0.727
Fair Value Measures
6 Months Ended
Jun. 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 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 fund shares
656

 

 

 
656

Other current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)

 
8,943

 

 
8,943

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

 
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 11)
$

 
$
766

 
$

 
$
766

Total liabilities measured at fair value
$

 
$
766

 
$

 
$
766

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 June 30, 2014 are as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Money market funds
$
147,953

 
$

 
$

 
$
147,953

Time deposits
25,148

 
14,824

 

 
39,972

U.S. Government-backed repurchase agreements

 
40,000

 

 
40,000

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

 
3,429

 

 
3,429

Variable-rate demand notes

 
18,675

 

 
18,675

U.S. Government-backed municipal bonds

 
4,584

 

 
4,584

Other short-term investments
 
 
 
 
 
 
 
Mutual funds shares
550

 

 

 
550

Other current assets
 
 
 
 
 
 
 
Derivative financial instruments (Note 11)


 
1,288

 


 
1,288

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

 
155

 

 
155

Mutual fund shares
5,749

 

 

 
5,749

Total assets measured at fair value
$
179,400

 
$
82,955

 
$

 
$
262,355

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

 
$
1,731

 
$

 
$
1,731

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

 
12

 

 
12

Total liabilities measured at fair value
$

 
$
1,743

 
$

 
$
1,743

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