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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
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.

Liabilities Measured at Fair Value Using Level 3 Inputs

 

Contingent acquisition consideration payable at December 31, 2013

 

$

42,672

 

Changes in the fair value of the contingent acquisition

   consideration payable

 

 

12,990

 

Milestone payments to former ZyStor shareholders

 

 

(13,000

)

Contingent acquisition consideration payable at December 31, 2014

 

$

42,662

 

 

Asset Retirement Obligation Liability and Corresponding Capital Asset

 

Asset retirement obligations at December 31, 2013

 

$

4,122

 

Accretion expense

 

 

182

 

Additions

 

 

536

 

Release of ARO accruals related to purchases of previously

   leased office space

 

 

(1,075

)

Asset retirement obligations at December 31, 2014

 

$

3,765