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Fair Value Measurement of Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 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
|  | June 30, |  | 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 |  | $ 168,741 |  | $ 168,741 |  | $ — |  | $ — |  | $ 179,252 |  | $ 179,252 |  | $ — |  | $ —
Restricted Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  | 9,591 |  | 9,591 |  | — |  |  |  | 24,363 |  | 24,363 |  | — |  | —
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee) |  | 339,299 |  | 339,299 |  | — |  | — |  | 284,317 |  | 284,317 |  | — |  | —
Sovereign Debt Securities |  | 1,238,880 |  | 1,238,880 |  | — |  | — |  | 429,602 |  | 429,602 |  | — |  | —
Corporate Debt Securities |  | 255 |  | 250 |  | 5 |  | — |  | 262 |  | 237 |  | 25 |  | —
Other Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Firm commitments |  | 1,030 |  | — |  | — |  | 1,030 |  | — |  | — |  | — |  | —
Derivative Instruments |  | 69 |  | — |  | — |  | 69 |  | — |  | — |  | — |  | —
Total Financial Assets |  | $ 1,757,865 |  | $ 1,756,761 |  | $ 5 |  | $ 1,099 |  | $ 917,796 |  | $ 917,771 |  | $ 25 |  | $ —
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent considerations |  | $ 2,135 |  | $ — |  | $ — |  | $ 2,135 |  | $ 2,097 |  | $ — |  | $ — |  | $ 2,097
Long-term retention plan |  | 49,207 |  | — |  | 49,207 |  | — |  | 42,625 |  | — |  | 42,625 |  | —
Derivative Instruments |  | 1,030 |  | — |  | — |  | 1,030 |  | — |  | — |  | — |  | —
Total Financial Liabilities |  | $ 52,372 |  | $ — |  | $ 49,207 |  | $ 3,165 |  | $ 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
|  | June 30, |  | observable inputs |  | December 31, |  | observable inputs
|  | 2019 |  | (Level 2) |  | 2018 |  | (Level 2)
|  | (In thousands)
Assets |  |  |  |  |  |  |  |
Time Deposits |  | $ 414,777 |  | $ 414,777 |  | $ 20,056 |  | $ 20,056
Accounts receivable |  | 40,175 |  | 40,175 |  | 35,153 |  | 35,153
Credit Cards receivable |  | 433,046 |  | 433,046 |  | 360,298 |  | 360,298
Loans receivable, net |  | 192,881 |  | 192,881 |  | 95,778 |  | 95,778
Other assets |  | 116,233 |  | 116,233 |  | 102,753 |  | 102,753
Total Assets |  | $ 1,197,112 |  | $ 1,197,112 |  | $ 614,038 |  | $ 614,038
Liabilities |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ 314,703 |  | $ 314,703 |  | $ 266,759 |  | $ 266,759
Funds payable to customers |  | 778,128 |  | 778,128 |  | 640,954 |  | 640,954
Salaries and social security payable |  | 52,448 |  | 52,448 |  | 40,942 |  | 40,942
Taxes payable |  | 45,672 |  | 45,672 |  | 31,058 |  | 31,058
Operating lease liabilities |  | 161,512 |  | 161,512 |  | — |  | —
Loans payable and other financial liabilities (*) |  | 782,653 |  | 846,875 |  | 735,177 |  | 735,177
Other liabilities |  | 64,395 |  | 64,395 |  | 51,509 |  | 51,509
Total Liabilities |  | $ 2,199,511 |  | $ 2,263,733 |  | $ 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 |
| June 30, 2019
| Cost |  | Gross Unrealized Gains (1) |  | Gross Unrealized Losses (1) |  | Financial Gains |  | Estimated Fair Value
| (In thousands)
Cash and cash equivalents |  |  |  |  |  |  |  |  |
Money Market Funds | $ 168,741 |  | $ — |  | $ — |  | $ — |  | $ 168,741
Total Cash and cash equivalents | $ 168,741 |  | $ — |  | $ — |  | $ — |  | $ 168,741
Restricted cash and cash equivalents |  |  |  |  |  |  |  |  |
Money Market Funds | $ 9,591 |  | $ — |  | $ — |  | $ — |  | $ 9,591
Total Restricted cash and cash equivalents | $ 9,591 |  | $ — |  | $ — |  | $ — |  | $ 9,591
Short-term investments |  |  |  |  |  |  |  |  |
Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee) (*) | $ 337,301 |  | $ — |  | $ — |  | $ 1,998 |  | $ 339,299
Sovereign Debt Securities (**) | 1,032,882 |  | 599 |  | — |  | 1,723 |  | 1,035,204
Corporate Debt Securities | 74 |  | — |  | — |  | — |  | 74
Total Short-term investments | $ 1,370,257 |  | $ 599 |  | $ — |  | $ 3,721 |  | $ 1,374,577
Long-term investments |  |  |  |  |  |  |  |  |
Sovereign Debt Securities | $ 201,250 |  | $ 2,425 |  | $ — |  | $ 1 |  | $ 203,676
Corporate Debt Securities | 179 |  | 2 |  | — |  | — |  | 181
Total Long-term investments | $ 201,429 |  | $ 2,427 |  | $ — |  | $ 1 |  | $ 203,857
Total | $ 1,750,018 |  | $ 3,026 |  | $ — |  | $ 3,722 |  | $ 1,756,766
(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 June 30, 2019. (*) 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 – Fair value option applied to certain financial instruments) (**) Includes $809,380 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 – Fair value option applied to certain financial instruments) ‎
| 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 December 31, 2018.
Estimated Fair Values of Cash Equivalents, Short-Term and Long-Term Investments, Effective Maturities |
One year or less |  | 1,552,909
One year to two years |  | 203,672
Two years to three years |  | 52
Three years to four years |  | 54
Four years to five years |  | 79
Total |  | $ 1,756,766

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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