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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Financial assets and liabilities subject to fair value measurements (excluding restricted cash and cash equivalents (VIE))
The following tables set forth the Company’s financial assets and liabilities subject to fair value measurements (and does not include $2.3 billion and $1.4 billion of cash as of December 31, 2019 and 2018, respectively):
 
Fair Value Measurements as of December 31, 2019
 
 
 
Fair Value Hierarchy
 
Total
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Financial instruments carried at fair value (asset position):
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
791,039

 
$
791,039

 
$

 
$

Corporate debt securities
6,070

 

 
6,070

 

Commercial paper
29,472

 

 
29,472

 

Marketable securities:
 
 
 
 
 
 
 
Corporate equity securities
282,084

 
261,797

 
20,287

 

Government-sponsored enterprise securities
12,733

 
12,733

 

 

Corporate debt securities
301,799

 

 
301,799

 

Commercial paper
102,356

 

 
102,356

 

Prepaid expenses and other current assets:
 
 
 
 
 
 
 
Foreign currency forward contracts
9,725

 

 
9,725

 

Total financial assets
$
1,535,278

 
$
1,065,569

 
$
469,709

 
$

Financial instruments carried at fair value (liability position):
 
 
 
 
 
 
 
Other current liabilities:
 
 
 
 
 
 
 
Foreign currency forward contracts
$
(5,533
)
 
$

 
$
(5,533
)
 
$

Long-term contingent consideration
(176,500
)
 

 

 
(176,500
)
Other long-term liabilities:
 
 
 
 
 
 
 
Foreign currency forward contracts
(1,821
)
 

 
(1,821
)
 

Total financial liabilities
$
(183,854
)
 
$

 
$
(7,354
)
 
$
(176,500
)

 
Fair Value Measurements as of December 31, 2018
 
 
 
Fair Value Hierarchy
 
Total
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Financial instruments carried at fair value (asset position):
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
1,226,603

 
$
1,226,603

 
$

 
$

U.S. Treasury securities
5,966

 
5,966

 

 

Government-sponsored enterprise securities
7,123

 
7,123

 

 

Commercial paper
58,268

 

 
58,268

 

Marketable securities:
 
 
 
 
 
 
 
Corporate equity securities
167,323

 
153,733

 
13,590

 

U.S. Treasury securities
6,026

 
6,026

 

 

Government-sponsored enterprise securities
10,704

 
10,704

 

 

Corporate debt securities
233,665

 

 
233,665

 

Commercial paper
100,390

 

 
100,390

 

Prepaid expenses and other current assets:
 
 
 
 
 
 
 
Foreign currency forward contracts
19,023

 

 
19,023

 

Other assets:
 
 
 
 
 
 
 
Foreign currency forward contracts
1,514

 

 
1,514

 

Total financial assets
$
1,836,605

 
$
1,410,155

 
$
426,450

 
$

Financial instruments carried at fair value (liability position):
 
 
 
 
 
 
 
Other current liabilities:
 
 
 
 
 
 
 
Foreign currency forward contracts
$
(340
)
 
$

 
$
(340
)
 
$

Other long-term liabilities:
 
 
 
 
 
 
 
Foreign currency forward contracts
(108
)
 

 
(108
)
 

Total financial liabilities
$
(448
)
 
$

 
$
(448
)
 
$


Schedule of fair value of our contingent consideration liabilities
The following table represents a rollforward of the fair value of the Company’s contingent consideration liabilities:
 
Year Ended December 31, 2019
 
(in thousands)
Balance at December 31, 2018
$

Contingent consideration related to acquisition of Exonics
172,041

Increase in fair value of contingent payments
4,459

Balance at December 31, 2019
$
176,500