Fair Value Measurements

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were accounted for at fair value as of September 30, 2019 and December 31, 2018.

As of September 30, 2019	Level 1		Level 2		Level 3		Total
Assets
Mutual funds*	$	147,883	$	—	$	—	$	147,883
Derivative financial instruments	—		5,861		—		5,861
Total	$	147,883	$	5,861	$	—	$	153,744
Liabilities
Derivative financial instruments	$	—	$	3,933	$	—	$	3,933
Total	$	—	$	3,933	$	—	$	3,933
As of December 31, 2018	Level 1		Level 2		Level 3		Total
Assets
Mutual funds*	$	142,408	$	—	$	—	$	142,408
Derivative financial instruments	—		6,030		—		6,030
Total	$	142,408	$	6,030	$	—	$	148,438
Liabilities
Derivative financial instruments	$	—	$	6,279	$	—	$	6,279
Total	$	—	$	6,279	$	—	$	6,279

* Represents short-term investments carried on fair value option under ASC 825 “Financial Instruments” as of September 30, 2019 and December 31, 2018.

Derivative Financial Instruments: The Company’s derivative financial instruments consist of foreign currency forward exchange contracts. Fair values for derivative financial instruments are based on independent sources including highly rated financial institutions and are classified as Level 2. Refer Note 17 to the unaudited consolidated financial statements for further details.

Financial instruments not carried at fair value:

The Company’s other financial instruments not carried at fair value consist primarily of accounts receivable, accounts payable, accrued expenses and outstanding revolver credit for which fair values approximate their carrying amounts due to their short-term nature.

Convertible Senior Notes:

The total estimated fair value of the convertible senior notes as of September 30, 2019 and December 31, 2018 was $145,962 and $130,510, respectively. The fair value was determined based on the market yields for similar Notes as of the September 30, 2019 and December 31, 2018. The Company considers the fair value of the Notes to be a Level 2 measurement due to the limited inputs available for its fair valuation.

Nonrecurring fair value measurements of assets:

Nonrecurring fair value measurements include impairment tests conducted by the Company during the nine months ended September 30, 2019 of its ROU assets and long-lived assets related to its Health Integrated business. The fair value determination for ROU assets was based on third party quotes, which are Level 2 inputs and for other long-lived assets, it was based on Company’s internal assessment, which are Level 3 inputs. During the nine months ended September 30, 2019, the Company recognized impairment charges on ROU assets and long-lived assets to write down the carrying value to their fair values. Refer Note 8 and 21 to the unaudited consolidated financial statements for further details.