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Fair Value Of Financial Instruments | 12 Months Ended
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Dec. 31, 2016
Fair Value Disclosures [Abstract] |
Fair Value Of Financial Instruments | Fair Value of Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and December 31, 2015:
|  |  | Fair Value Measurement Using
| Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
As of December 31, 2016: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Investments in money market funds | $ | 134,790 |  |  | $ | 134,790 |  |  | $ | — |  |  | $ | — |
Debt securities issued by the U.S. Treasury | 1,626,764 |  |  | 1,626,764 |  |  | — |  |  | — |
Equity securities of public companies | 2,174 |  |  | 2,174 |  |  | — |  |  | — |
Foreign currency forward contracts (1) | 242 |  |  | — |  |  | 242 |  |  | — |
Total | $ | 1,763,970 |  |  | $ | 1,763,728 |  |  | $ | 242 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent interest derivative on Subordinated Convertible Debentures | $ | 14,339 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,339 |
Foreign currency forward contracts (2) | 87 |  |  | — |  |  | 87 |  |  | — |
Total | $ | 14,426 |  |  | $ | — |  |  | $ | 87 |  |  | $ | 14,339 |
As of December 31, 2015: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Investments in money market funds | $ | 137,593 |  |  | $ | 137,593 |  |  | $ | — |  |  | $ | — |
Debt securities issued by the U.S. Treasury | 1,685,882 |  |  | 1,685,882 |  |  | — |  |  | — |
Equity securities of public companies | 890 |  |  | 890 |  |  | — |  |  | — |
Foreign currency forward contracts (1) | 230 |  |  | — |  |  | 230 |  |  | — |
Total | $ | 1,824,595 |  |  | $ | 1,824,365 |  |  | $ | 230 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent interest derivative on Subordinated Convertible Debentures | $ | 30,126 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,126 |
Foreign currency forward contracts (2) | 164 |  |  | — |  |  | 164 |  |  | — |
Total | $ | 30,290 |  |  | $ | — |  |  | $ | 164 |  |  | $ | 30,126 |
(1) | Included in Other current assets
(2) | Included in Accounts payable and accrued liabilities
The fair value of the Company’s investments in money market funds approximates their face value. Such instruments are classified as Level 1 and are included in Cash and cash equivalents. The fair value of the debt securities consisting of U.S. Treasury bills is based on their quoted market prices and are classified as Level 1. Debt securities purchased with original maturities in excess of three months are included in Marketable securities. Debt securities purchased with original maturities less than three months are included in Cash and cash equivalents. The fair value of the equity securities of public companies is based on quoted market prices and are classified as Level 1. Investments in equity securities of public companies are included in marketable securities. The fair value of the Company’s foreign currency forward contracts is based on foreign currency rates quoted by banks or foreign currency dealers and other public data sources. The Company utilizes a valuation model to estimate the fair value of the contingent interest derivative on the Subordinated Convertible Debentures. The inputs to the model include stock price, risk free interest rates, volatility, and credit spread observations. As several significant inputs are not observable, the overall fair value measurement of the derivative is classified as Level 3. The volatility and credit spread assumptions used in the calculation are the most significant unobservable inputs. As of December 31, 2016, the valuation of the contingent interest derivative assumed a volatility rate of approximately 26% and a credit spread of approximately 4%. The fair value of the contingent interest derivative would not have significantly changed using a volatility rate of either 21% or 31%, or a credit spread of either 3% or 5%. The following table summarizes the change in the fair value of the Company’s contingent interest derivative on Subordinated Convertible Debentures during the year ended December 31, 2016 and 2015:
| Year Ended December 31,
| 2016 |  | 2015
| (In thousands)
Beginning balance | $ | 30,126 |  |  | $ | 26,755 |
Unrealized (gain) loss on contingent interest derivative on Convertible Debentures | (2,402 | ) |  | 14,130 |
Payment of contingent interest | (13,385 | ) |  | (10,759 | )
Ending balance | $ | 14,339 |  |  | $ | 30,126 |
The contingent interest derivative balance as of December 31, 2016 includes $7.7 million which was paid on February 16, 2017. As of December 31, 2016, the Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable whose carrying values approximated their fair values. The fair value of the Company’s Subordinated Convertible Debentures was $2.8 billion as of December 31, 2016. The fair values of the Company’s senior notes due 2023 (the “2023 Senior Notes”) and the senior notes due 2025 (the “2025 Senior Notes”) were $764.1 million and $514.1 million, respectively, as of December 31, 2016. The fair values of these debt instruments are based on available market information from public data sources and are classified as Level 2.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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