XML 41 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:
 
June 30, 2018
 
Quoted Market
Prices in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Fair Value
Measurements
 
(In thousands)
Assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
726,865

 
$
—

 
$
—

 
$
726,865

Commercial paper
—

 
191,852

 
—

 
191,852

Treasury discount notes
162,322

 
—

 
—

 
162,322

Time deposits
—

 
80,037

 
—

 
80,037

Certificates of deposit
—

 
960

 
—

 
960

Marketable securities:
 
 
 
 
 
 
 
Treasury discount notes
—

 
99,801

 
$
—

 
99,801

Commercial paper
—

 
19,945

 
—

 
19,945

Marketable equity security
664

 
—

 
—

 
664

Total
$
889,851

 
$
392,595

 
$
—

 
$
1,282,446

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Contingent consideration arrangements
$
—

 
$
—

 
$
(1,910
)
 
$
(1,910
)
 
December 31, 2017
 
Quoted Market
Prices in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Fair Value
Measurements
 
(In thousands)
Assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
780,425

 
$
—

 
$
—

 
$
780,425

Commercial paper
—

 
215,325

 
—

 
215,325

Treasury discount notes
100,457

 
—

 
—

 
100,457

Time deposits
—

 
60,000

 
—

 
60,000

Certificates of deposit
—

 
6,195

 
—

 
6,195

Marketable securities:
 
 
 
 
 
 
 
Commercial paper
—

 
4,995

 
—

 
4,995

Total
$
880,882

 
$
286,515

 
$
—

 
$
1,167,397

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Contingent consideration arrangements
$
—

 
$
—

 
$
(2,647
)
 
$
(2,647
)
Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are its contingent consideration arrangements.
 
Contingent
Consideration
Arrangements
 
Three Months Ended June 30,
 
2018
 
2017
 
(In thousands)
Balance at April 1
$
(1,965
)
 
$
(21,821
)
Total net losses:
 
 
 
Included in earnings:
 
 
 
Fair value adjustments
(54
)
 
(2,994
)
Included in other comprehensive income (loss)
109

 
(14
)
Balance at June 30
$
(1,910
)
 
$
(24,829
)

 
Contingent
Consideration
Arrangements
 
Six Months Ended June 30,
 
2018
 
2017
 
(In thousands)
Balance at January 1
$
(2,647
)
 
$
(33,871
)
Total net losses:
 
 
 
Included in earnings:
 
 
 
Fair value adjustments
(210
)
 
(4,885
)
Included in other comprehensive loss
(1
)
 
(1,073
)
Settlements
948

 
15,000

Balance at June 30
$
(1,910
)
 
$
(24,829
)
Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are its contingent consideration arrangements.
 
Contingent
Consideration
Arrangements
 
Three Months Ended June 30,
 
2018
 
2017
 
(In thousands)
Balance at April 1
$
(1,965
)
 
$
(21,821
)
Total net losses:
 
 
 
Included in earnings:
 
 
 
Fair value adjustments
(54
)
 
(2,994
)
Included in other comprehensive income (loss)
109

 
(14
)
Balance at June 30
$
(1,910
)
 
$
(24,829
)

 
Contingent
Consideration
Arrangements
 
Six Months Ended June 30,
 
2018
 
2017
 
(In thousands)
Balance at January 1
$
(2,647
)
 
$
(33,871
)
Total net losses:
 
 
 
Included in earnings:
 
 
 
Fair value adjustments
(210
)
 
(4,885
)
Included in other comprehensive loss
(1
)
 
(1,073
)
Settlements
948

 
15,000

Balance at June 30
$
(1,910
)
 
$
(24,829
)
Schedule of Realized and Unrealized Gains and Losses
The following table presents a summary of realized and unrealized gains and losses recorded in other income (expense), net, as adjustments to the carrying value of equity securities without readily determinable fair values held as of June 30, 2018. The gross unrealized gains relate to the Company's remaining investments in an investee following the sale of a portion of the Company's investment during the second quarter of 2018.

 
 
Three Months Ended
June 30, 2018
 
Six Months Ended
June 30, 2018
 
 
(In thousands)
Upward adjustments (gross unrealized gains)
 
$
128,786

 
$
128,786

Downward adjustments (including impairment) (gross unrealized losses)
 
(2,396
)
 
(2,588
)
Total
 
$
126,390

 
$
126,198


Realized and unrealized gains and losses for the Company's marketable equity security and investments without a readily determinable fair value for the three and six months ended June 30, 2018 are as follows:

 
 
Three Months Ended
June 30, 2018
 
Six Months Ended
June 30, 2018
 
 
(In thousands)
Realized gains, net, for equity securities sold
 
$
27,275

 
$
27,172

Unrealized gains, net, on equity securities held
 
126,414

 
126,559

Total gains recognized, net, in other income, net
 
$
153,689

 
$
153,731
Schedule of Carrying Value and the Fair Value of Financial Instruments Measured at Fair Value Only for Disclosure Purposes
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:
 
June 30, 2018
 
December 31, 2017
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
 
(In thousands)
Current portion of long-term debt
$
(13,750
)
 
$
(13,613
)
 
$
(13,750
)
 
$
(13,802
)
Long-term debt, net
(1,982,271
)
 
(2,156,890
)
 
(1,979,469
)
 
(2,168,108
)