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, 2017 |
|
|
|
Quoted Price in
Active Markets
For Identical
Assets
(Level 1) |
|
|
Significant Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents (including available-for-sale debt securities): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market instruments |
|
|
— |
|
|
|
215,441 |
|
|
|
— |
|
|
|
215,441 |
|
Corporate debt securities |
|
|
— |
|
|
|
3,096 |
|
|
|
— |
|
|
|
3,096 |
|
Commercial paper |
|
|
— |
|
|
|
2,751 |
|
|
|
— |
|
|
|
2,751 |
|
U.S. government agency securities |
|
|
— |
|
|
|
35,497 |
|
|
|
— |
|
|
|
35,497 |
|
Foreign and other |
|
|
— |
|
|
|
990 |
|
|
|
— |
|
|
|
990 |
|
Total cash and cash equivalents |
|
|
— |
|
|
|
257,775 |
|
|
|
— |
|
|
|
257,775 |
|
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
|
— |
|
|
|
406,188 |
|
|
|
— |
|
|
|
406,188 |
|
Commercial paper |
|
|
— |
|
|
|
21,815 |
|
|
|
— |
|
|
|
21,815 |
|
U.S. government agency securities |
|
|
— |
|
|
|
345,501 |
|
|
|
— |
|
|
|
345,501 |
|
Foreign and other |
|
|
— |
|
|
|
24,436 |
|
|
|
— |
|
|
|
24,436 |
|
Long-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
|
— |
|
|
|
295,965 |
|
|
|
— |
|
|
|
295,965 |
|
U.S. government agency securities |
|
|
— |
|
|
|
89,620 |
|
|
|
— |
|
|
|
89,620 |
|
Foreign and other |
|
|
— |
|
|
|
200 |
|
|
|
— |
|
|
|
200 |
|
Total available-for-sale debt securities |
|
|
— |
|
|
|
1,183,725 |
|
|
|
— |
|
|
|
1,183,725 |
|
Other Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NQDC Plan assets |
|
|
— |
|
|
|
967 |
|
|
|
— |
|
|
|
967 |
|
Forward foreign currency exchange contract (1) |
|
|
— |
|
|
|
4,690 |
|
|
|
— |
|
|
|
4,690 |
|
Restricted investments (2) |
|
|
— |
|
|
|
15,647 |
|
|
|
— |
|
|
|
15,647 |
|
Total other current assets |
|
|
— |
|
|
|
21,304 |
|
|
|
— |
|
|
|
21,304 |
|
Other Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NQDC Plan assets |
|
|
— |
|
|
|
11,859 |
|
|
|
— |
|
|
|
11,859 |
|
Forward foreign currency exchange contract (1) |
|
|
— |
|
|
|
4,973 |
|
|
|
— |
|
|
|
4,973 |
|
Total other assets |
|
|
— |
|
|
|
16,832 |
|
|
|
— |
|
|
|
16,832 |
|
Total assets |
|
$ |
— |
|
|
$ |
1,479,636 |
|
|
$ |
— |
|
|
$ |
1,479,636 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NQDC Plan liability |
|
$ |
1,356 |
|
|
$ |
967 |
|
|
$ |
— |
|
|
$ |
2,323 |
|
Forward foreign currency exchange contract (1) |
|
|
— |
|
|
|
14,464 |
|
|
|
— |
|
|
|
14,464 |
|
Contingent acquisition consideration payable |
|
|
— |
|
|
|
— |
|
|
|
53,648 |
|
|
|
53,648 |
|
Total current liabilities |
|
|
1,356 |
|
|
|
15,431 |
|
|
|
53,648 |
|
|
|
70,435 |
|
Other long-term liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NQDC Plan liability |
|
|
18,272 |
|
|
|
11,859 |
|
|
|
— |
|
|
|
30,131 |
|
Forward foreign currency exchange contract (1) |
|
|
— |
|
|
|
12,686 |
|
|
|
— |
|
|
|
12,686 |
|
Contingent acquisition consideration payable |
|
|
— |
|
|
|
— |
|
|
|
135,318 |
|
|
|
135,318 |
|
Total other long-term liabilities |
|
|
18,272 |
|
|
|
24,545 |
|
|
|
135,318 |
|
|
|
178,135 |
|
Total liabilities |
|
$ |
19,628 |
|
|
$ |
39,976 |
|
|
$ |
188,966 |
|
|
$ |
248,570 |
|
|
|
Fair Value Measurements at December 31, 2016 |
|
|
|
Quoted Price in
Active Markets
For Identical
Assets
(Level 1) |
|
|
Significant Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents (including available-for-sale debt securities): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market instruments |
|
|
— |
|
|
|
235,571 |
|
|
|
— |
|
|
|
235,571 |
|
Corporate debt securities |
|
|
— |
|
|
|
8,593 |
|
|
|
— |
|
|
|
8,593 |
|
U.S. government agency securities |
|
|
— |
|
|
|
6,000 |
|
|
|
— |
|
|
|
6,000 |
|
Total cash and cash equivalents |
|
|
— |
|
|
|
250,164 |
|
|
|
— |
|
|
|
250,164 |
|
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
|
— |
|
|
|
2,800 |
|
|
|
— |
|
|
|
2,800 |
|
Corporate debt securities |
|
|
— |
|
|
|
193,974 |
|
|
|
— |
|
|
|
193,974 |
|
Commercial paper |
|
|
— |
|
|
|
16,075 |
|
|
|
— |
|
|
|
16,075 |
|
U.S. government agency securities |
|
|
— |
|
|
|
168,498 |
|
|
|
— |
|
|
|
168,498 |
|
Long-term: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
|
— |
|
|
|
437,150 |
|
|
|
— |
|
|
|
437,150 |
|
U.S. government agency securities |
|
|
— |
|
|
|
135,427 |
|
|
|
— |
|
|
|
135,427 |
|
Foreign and other |
|
|
— |
|
|
|
134 |
|
|
|
— |
|
|
|
134 |
|
Total available-for-sale debt securities |
|
|
— |
|
|
|
954,058 |
|
|
|
— |
|
|
|
954,058 |
|
Other Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan assets |
|
|
— |
|
|
|
163 |
|
|
|
— |
|
|
|
163 |
|
Forward foreign currency exchange contract (1) |
|
|
— |
|
|
|
14,012 |
|
|
|
— |
|
|
|
14,012 |
|
Restricted investments (2) |
|
|
— |
|
|
|
3,754 |
|
|
|
— |
|
|
|
3,754 |
|
Total other current assets |
|
|
— |
|
|
|
17,929 |
|
|
|
— |
|
|
|
17,929 |
|
Other Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan assets |
|
|
— |
|
|
|
9,121 |
|
|
|
— |
|
|
|
9,121 |
|
Forward foreign currency exchange contract (1) |
|
|
— |
|
|
|
8,194 |
|
|
|
— |
|
|
|
8,194 |
|
Strategic investment (3) |
|
|
4,064 |
|
|
|
— |
|
|
|
— |
|
|
|
4,064 |
|
Total other assets |
|
|
4,064 |
|
|
|
17,315 |
|
|
|
— |
|
|
|
21,379 |
|
Total assets |
|
$ |
4,064 |
|
|
$ |
1,239,466 |
|
|
$ |
— |
|
|
$ |
1,243,530 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan
liability |
|
$ |
2,073 |
|
|
$ |
163 |
|
|
$ |
— |
|
|
$ |
2,236 |
|
Forward foreign currency exchange contract (1) |
|
|
— |
|
|
|
5,201 |
|
|
|
— |
|
|
|
5,201 |
|
Contingent acquisition consideration payable |
|
|
— |
|
|
|
— |
|
|
|
46,327 |
|
|
|
46,327 |
|
Total current liabilities |
|
|
2,073 |
|
|
|
5,364 |
|
|
|
46,327 |
|
|
|
53,764 |
|
Other long-term liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified Deferred Compensation Plan
liability |
|
|
17,303 |
|
|
|
9,121 |
|
|
|
— |
|
|
|
26,424 |
|
Forward foreign currency exchange contract (1) |
|
|
— |
|
|
|
2,342 |
|
|
|
— |
|
|
|
2,342 |
|
Contingent acquisition consideration payable |
|
|
— |
|
|
|
— |
|
|
|
115,310 |
|
|
|
115,310 |
|
Total other long-term liabilities |
|
|
17,303 |
|
|
|
11,463 |
|
|
|
115,310 |
|
|
|
144,076 |
|
Total liabilities |
|
$ |
19,376 |
|
|
$ |
16,827 |
|
|
$ |
161,637 |
|
|
$ |
197,840 |
|
(1) |
See Note 11 to these Consolidated Financial Statements for further information regarding the derivative instruments. |
(2) |
The restricted investments as of December 31, 2017 and 2016 secure the Company’s irrevocable standby letter of credit obtained in connection with certain commercial agreements. |
(3) |
The Company had investments in marketable equity securities measured using quoted prices in an active market that are considered strategic investments and included in Other Assets on the Company’s Balance Sheets. As of December 31, 2017, all holdings in the Company’s strategic investments have been liquidated. |
|