Fair Value Measurement of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Measurement of Assets and Liabilities [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis


		Quoted Prices in				Quoted Prices in
	Balances as of	active markets for	Significant other	Unobservable	Balances as of	active markets for	Significant other	Unobservable
	March 31,	identical Assets	observable inputs	inputs	December 31,	identical Assets	observable inputs	inputs
Description	2019	(Level 1)	(Level 2)	(Level 3)	2018	(Level 1)	(Level 2)	(Level 3)
	(In thousands)
Assets
Cash and Cash Equivalents:
Money Market Funds	$ 239,269	$ 239,269	$ —	$ —	$ 179,252	$ 179,252	$ —	$ —
Restricted Cash and cash equivalents:
Money Market Funds	9,556	9,556	—		24,363	24,363	—	—
Investments:
Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee)	238,029	238,029	—	—	284,317	284,317	—	—
Sovereign Debt Securities	1,344,778	1,344,778	—	—	429,602	429,602	—	—
Corporate Debt Securities	255	245	10	—	262	237	25	—
Total Financial Assets	$ 1,831,887	$ 1,831,877	$ 10	$ —	$ 917,796	$ 917,771	$ 25	$ —
Liabilities:
Contingent considerations	$ 2,170	$ —	$ —	$ 2,170	$ 2,097	$ —	$ —	$ 2,097
Long-term retention plan	53,422	—	53,422	—	42,625	—	42,625	—
Total Financial Liabilities	$ 55,592	$ —	$ 53,422	$ 2,170	$ 44,722	$ —	$ 42,625	$ 2,097

Fair Value of Financial Assets and Liabilities Measured at Amortized Cost



	Balances as of	Significant other	Balances as of	Significant other
	March 31,	observable inputs	December 31,	observable inputs
	2019	(Level 2)	2018	(Level 2)
	(In thousands)
Assets
Time Deposits	$ 337,637	$ 337,637	$ 20,056	$ 20,056
Accounts receivable	34,524	34,524	35,153	35,153
Credit Cards receivable	308,468	308,468	360,298	360,298
Loans receivable, net	134,640	134,640	95,778	95,778
Other assets	105,622	105,622	102,753	102,753
Total Assets	$ 920,891	$ 920,891	$ 614,038	$ 614,038
Liabilities
Accounts payable and accrued expenses	$ 246,767	$ 246,767	$ 266,759	$ 266,759
Funds payable to customers	680,746	680,746	640,954	640,954
Salaries and social security payable	54,528	54,528	40,942	40,942
Taxes payable	34,414	34,414	31,058	31,058
Operating lease liabilities	155,632	155,632	—	—
Loans payable and other financial liabilities (*)	743,223	784,182	735,177	735,177
Other liabilities	67,506	67,506	51,509	51,509
Total Liabilities	$ 1,982,816	$ 2,023,775	$ 1,766,399	$ 1,766,399

(*) The fair value of the 2019 Notes and the 2028 Notes (including the equity component) are disclosed in Note 9.

Fair Value of Money Market Funds, Short and Long-Term Investments Classified as Available for Sale Securities



	March 31, 2019
	Cost	Gross Unrealized Gains (1)	Gross Unrealized Losses (1)	Financial Gains	Estimated Fair Value

	(In thousands)
Cash and cash equivalents
Money Market Funds	$ 239,269	$ —	$ —	$ —	$ 239,269
Total Cash and cash equivalents	$ 239,269	$ —	$ —	$ —	$ 239,269

Restricted cash and cash equivalents
Money Market Funds	$ 9,556	$ —	$ —	$ —	$ 9,556
Total Restricted cash and cash equivalents	$ 9,556	$ —	$ —	$ —	$ 9,556

Short-term investments
Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee) (*)	$ 236,309	$ —	$ —	$ 1,720	$ 238,029
Sovereign Debt Securities (**)	1,071,309	98	—	1,327	1,072,734
Corporate Debt Securities	57	—	—	—	57
Total Short-term investments	$ 1,307,675	$ 98	$ —	$ 3,047	$ 1,310,820

Long-term investments
Sovereign Debt Securities	$ 270,206	$ 1,837	$ —	$ 1	$ 272,044
Corporate Debt Securities	197	2	(1)	—	198
Total Long-term investments	$ 270,403	$ 1,839	$ (1)	$ 1	$ 272,242


Total	$ 1,826,903	$ 1,937	$ (1)	$ 3,048	$ 1,831,887

(1) Unrealized gains (losses) from securities are attributable to market price movements, net foreign exchange losses and foreign currency translation. Management does not believe any remaining significant unrealized losses represent other-than-temporary impairments based on the evaluation of available evidence including the credit rating of the investments, as of March 31, 2019 and December 31, 2018.

(*) Brazilian government bonds measured at fair value with impact on the consolidated statement of income for the application of the fair value option. (See Note 2 – Investments fair value option)

(**) Includes $806,087 thousands of U.S treasury notes measured at fair value with impact on the consolidated statement of income for the application of the fair value option. (See Note 2 – Investments fair value option)


	December 31, 2018
	Cost	Gross Unrealized Gains (1)	Gross Unrealized Losses (1)	Estimated Fair Value

	(In thousands)
Cash and cash equivalents
Money Market Funds	$ 179,252	$ —	$ —	$ 179,252
Total Cash and cash equivalents	$ 179,252	$ —	$ —	$ 179,252

Restricted Cash and cash equivalents
Money Market Funds	$ 24,363	$ —	$ —	$ 24,363
Total Restricted Cash and cash equivalents	$ 24,363	$ —	$ —	$ 24,363

Short-term investments
Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee)	$ 282,752	$ 1,565	$ —	$ 284,317
Sovereign Debt Securities	156,910	237	—	157,147
Corporate Debt Securities	21	—	—	21
Total Short-term investments	$ 439,683	$ 1,802	$ —	$ 441,485

Long-term investments
Sovereign Debt Securities	$ 271,024	$ 1,431	$ —	$ 272,455
Corporate Debt Securities	244	—	(3)	241
Total Long-term investments	$ 271,268	$ 1,431	$ (3)	$ 272,696

Total	$ 914,566	$ 3,233	$ (3)	$ 917,796

(1)

Unrealized gains (losses) from securities are attributable to market price movements, net foreign exchange losses and foreign currency translation. Management does not believe any remaining significant unrealized losses represent other-than-temporary impairments based on the evaluation of available evidence including the credit rating of the investments, as of March 31, 2019 and December 31, 2018.

Estimated Fair Values of Cash Equivalents, Short-Term and Long-Term Investments, Effective Maturities


One year or less		1,559,645
One year to two years		272,020
Two years to three years		133
Three years to four years		43
Four years to five years		46
Total		$ 1,831,887