Fair Value of Financial Assets and Liabilities |
The tables below present the fair value of these financial assets and liabilities determined using the following input levels.
|
|
Fair Value Measurements at December 31, 2014 |
|
|
|
Quoted Price in
Active Markets
For Identical
Assets
(Level 1) |
|
|
Significant Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overnight deposits |
|
$ |
225,159 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
225,159 |
|
Money market instruments |
|
|
— |
|
|
|
650,327 |
|
|
|
— |
|
|
|
650,327 |
|
Total cash and cash equivalents |
|
$ |
225,159 |
|
|
$ |
650,327 |
|
|
$ |
— |
|
|
$ |
875,486 |
|
Available-for-sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
$ |
— |
|
|
$ |
54,174 |
|
|
$ |
— |
|
|
$ |
54,174 |
|
Corporate debt securities |
|
|
— |
|
|
|
15,532 |
|
|
|
— |
|
|
|
15,532 |
|
Long-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
|
— |
|
|
|
18,129 |
|
|
|
— |
|
|
|
18,129 |
|
Corporate debt securities |
|
|
— |
|
|
|
79,604 |
|
|
|
— |
|
|
|
79,604 |
|
Greek government-issued bonds |
|
|
— |
|
|
|
123 |
|
|
|
— |
|
|
|
123 |
|
Total available-for-sale securities |
|
$ |
— |
|
|
$ |
167,562 |
|
|
$ |
— |
|
|
$ |
167,562 |
|
Other Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan assets |
|
$ |
— |
|
|
$ |
514 |
|
|
$ |
— |
|
|
$ |
514 |
|
Forward foreign currency exchange contract(1) |
|
|
— |
|
|
|
10,513 |
|
|
|
— |
|
|
|
10,513 |
|
Restricted investments (2) |
|
|
— |
|
|
|
2,354 |
|
|
|
— |
|
|
|
2,354 |
|
Embedded derivative (3) |
|
|
— |
|
|
|
— |
|
|
|
2,386 |
|
|
|
2,386 |
|
Total other current assets |
|
$ |
— |
|
|
$ |
13,381 |
|
|
$ |
2,386 |
|
|
$ |
15,767 |
|
Other Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan assets |
|
$ |
— |
|
|
$ |
5,112 |
|
|
$ |
— |
|
|
$ |
5,112 |
|
Forward foreign currency exchange contract(1) |
|
|
— |
|
|
|
5,387 |
|
|
|
— |
|
|
|
5,387 |
|
Strategic investment (4) |
|
|
30,811 |
|
|
|
— |
|
|
|
— |
|
|
|
30,811 |
|
Total other assets |
|
$ |
30,811 |
|
|
$ |
10,499 |
|
|
$ |
— |
|
|
$ |
41,310 |
|
Total assets |
|
$ |
255,970 |
|
|
$ |
841,769 |
|
|
$ |
2,386 |
|
|
$ |
1,100,125 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan liability |
|
$ |
1,790 |
|
|
$ |
514 |
|
|
$ |
— |
|
|
$ |
2,304 |
|
Forward foreign currency exchange contract (1) |
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
12 |
|
Contingent acquisition consideration payable |
|
|
— |
|
|
|
— |
|
|
|
3,895 |
|
|
|
3,895 |
|
Total current liabilities |
|
$ |
1,790 |
|
|
$ |
526 |
|
|
$ |
3,895 |
|
|
$ |
6,211 |
|
Other long-term liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan liability |
|
$ |
18,453 |
|
|
$ |
5,112 |
|
|
$ |
— |
|
|
$ |
23,565 |
|
Contingent acquisition consideration payable |
|
|
— |
|
|
|
— |
|
|
|
38,767 |
|
|
|
38,767 |
|
Total other long-term liabilities |
|
$ |
18,453 |
|
|
$ |
5,112 |
|
|
$ |
38,767 |
|
|
$ |
62,332 |
|
Total liabilities |
|
$ |
20,243 |
|
|
$ |
5,638 |
|
|
$ |
42,662 |
|
|
$ |
68,543 |
|
|
|
Fair Value Measurements at December 31, 2013 |
|
|
|
Quoted Price in
Active Markets
For Identical
Assets
(Level 1) |
|
|
Significant Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overnight deposits |
|
$ |
156,228 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
156,228 |
|
Money market instruments |
|
|
— |
|
|
|
412,553 |
|
|
|
— |
|
|
|
412,553 |
|
Total cash and cash equivalents |
|
$ |
156,228 |
|
|
$ |
412,553 |
|
|
$ |
— |
|
|
$ |
568,781 |
|
Available-for-sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
$ |
— |
|
|
$ |
30,513 |
|
|
$ |
— |
|
|
$ |
30,513 |
|
Corporate debt securities |
|
|
— |
|
|
|
99,251 |
|
|
|
— |
|
|
|
99,251 |
|
Commercial paper |
|
|
— |
|
|
|
86,178 |
|
|
|
— |
|
|
|
86,178 |
|
Long-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
|
— |
|
|
|
16,497 |
|
|
|
— |
|
|
|
16,497 |
|
Corporate debt securities |
|
|
— |
|
|
|
242,158 |
|
|
|
— |
|
|
|
242,158 |
|
U.S. Government agency securities |
|
|
— |
|
|
|
8,901 |
|
|
|
— |
|
|
|
8,901 |
|
Greek government-issued bonds |
|
|
— |
|
|
|
144 |
|
|
|
— |
|
|
|
144 |
|
Total available-for-sale securities |
|
$ |
— |
|
|
$ |
483,642 |
|
|
$ |
— |
|
|
$ |
483,642 |
|
Other Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan assets |
|
$ |
— |
|
|
$ |
136 |
|
|
$ |
— |
|
|
$ |
136 |
|
Forward foreign currency exchange contract(1) |
|
|
— |
|
|
|
59 |
|
|
|
— |
|
|
|
59 |
|
Restricted investments (2) |
|
|
— |
|
|
|
5,670 |
|
|
|
— |
|
|
|
5,670 |
|
Total other current assets |
|
$ |
— |
|
|
$ |
5,865 |
|
|
$ |
— |
|
|
$ |
5,865 |
|
Other Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan assets |
|
$ |
— |
|
|
$ |
3,459 |
|
|
$ |
— |
|
|
$ |
3,459 |
|
Restricted investments (2) |
|
|
— |
|
|
|
412 |
|
|
|
— |
|
|
|
412 |
|
Strategic investment (4) |
|
|
13,000 |
|
|
|
— |
|
|
|
— |
|
|
|
13,000 |
|
Total other assets |
|
$ |
13,000 |
|
|
$ |
3,871 |
|
|
$ |
— |
|
|
$ |
16,871 |
|
Total assets |
|
$ |
169,228 |
|
|
$ |
905,931 |
|
|
$ |
— |
|
|
$ |
1,075,159 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan liability |
|
$ |
1,227 |
|
|
$ |
136 |
|
|
$ |
— |
|
|
$ |
1,363 |
|
Forward foreign currency exchange contract(1) |
|
|
— |
|
|
|
2,186 |
|
|
|
— |
|
|
|
2,186 |
|
Contingent acquisition consideration payable |
|
|
— |
|
|
|
— |
|
|
|
11,882 |
|
|
|
11,882 |
|
Total current liabilities |
|
$ |
1,227 |
|
|
$ |
2,322 |
|
|
$ |
11,882 |
|
|
$ |
15,431 |
|
Other long-term liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan liability |
|
$ |
12,345 |
|
|
$ |
3,459 |
|
|
$ |
— |
|
|
$ |
15,804 |
|
Contingent acquisition consideration payable |
|
|
— |
|
|
|
— |
|
|
|
30,790 |
|
|
|
30,790 |
|
Total other long-term liabilities |
|
$ |
12,345 |
|
|
$ |
3,459 |
|
|
$ |
30,790 |
|
|
$ |
46,594 |
|
Total liabilities |
|
$ |
13,572 |
|
|
$ |
5,781 |
|
|
$ |
42,672 |
|
|
$ |
62,025 |
|
(1) |
See Note 11 to these Consolidated Financial Statements for further information regarding the derivative instruments. |
(2) |
The restricted investments at December 31, 2014 secure the Company’s irrevocable standby letter of credit obtained in connection with certain commercial agreements. The restricted investments at December 31, 2013 secure the Company’s irrevocable standby letter of credit obtained in connection with the Company’s SRCC lease and certain commercial agreements. |
(3) |
The embedded derivative represents the fair value of the conversion feature of a promissory note which may be settled in the issuer’s underlying shares. |
(4) |
The Company has investments in marketable equity securities measured using quoted prices in an active market that are considered strategic investments. See Note 5 to these Consolidated Financial Statements for additional discussion regarding the Company’s strategic investments. | |