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Fair Value Measurements (Notes)
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements
The Company's assets that are measured at fair value on a recurring basis consist of the following:
 
 
 
Fair Value Measurements at Reporting Date Using
As of September 30, 2017
Fair Value
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
Available-for-sale marketable securities:
 
 
 
 
 
Corporate bonds
$
1,564,489

 

 
$
1,564,489

U.S. government and government agency obligations
189,058

 

 
189,058

Municipal bonds
4,606

 

 
4,606

Commercial paper
61,464

 

 
61,464

Certificates of deposit
6,525

 

 
6,525

Equity securities
88,040

 
$
88,040

 

 
$
1,914,182

 
$
88,040

 
$
1,826,142

 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
Available-for-sale marketable securities:
 
 
 
 
 
Corporate bonds
$
1,072,851

 

 
$
1,072,851

U.S. government and government agency obligations
132,340

 

 
132,340

Municipal bonds
7,644

 

 
7,644

Commercial paper
63,075

 

 
63,075

Certificates of deposit
42,612

 

 
42,612

Equity securities
49,219

 
$
49,219

 

 
$
1,367,741

 
$
49,219

 
$
1,318,522


Marketable securities included in Level 2 are valued using quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuations in which significant inputs used are observable. The Company considers market liquidity in determining the fair value for these securities. The Company did not record any charges for other-than-temporary impairment of its Level 2 marketable securities during the three and nine months ended September 30, 2017 and 2016.
There were no purchases, sales, or maturities of Level 3 marketable securities and no unrealized gains or losses related to Level 3 marketable securities for the three and nine months ended September 30, 2017 and 2016. There were no transfers of marketable securities between Levels 1, 2, or 3 classifications during the nine months ended September 30, 2017 and 2016.
The fair value of interest rate swap and interest rate cap contracts, which were recorded within other assets (non-current) and other long-term liabilities, was not material as of September 30, 2017 (see Note 11). The fair value of these contracts was determined based on Level 2 inputs, using significant inputs that are observable either directly or indirectly, including London Interbank Offered Rate ("LIBOR") and interest rate swap rates.