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Cash, Concentration of Credit Risk and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of cash and cash equivalents

The following table provides a reconciliation of total cash, cash equivalents and restricted cash as of September 30, 2019, December 31, 2018 and September 30, 2018 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands). The Company had no restricted cash balance prior to third quarter 2018.

	September 30,				December 31,				September 30,
	2019				2018				2018
Cash and cash equivalents	$	735,886			$	475,056			$	508,829
Restricted cash included within prepaid and other current assets	9,229				13,677				15,942
Restricted cash included within other non-current assets	1,080				—				—
Total cash, cash equivalents and restricted cash	$	746,195			$	488,733			$	524,771

Schedule of restricted cash and cash equivalents

The following table provides a reconciliation of total cash, cash equivalents and restricted cash as of September 30, 2019, December 31, 2018 and September 30, 2018 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands). The Company had no restricted cash balance prior to third quarter 2018.

	September 30,				December 31,				September 30,
	2019				2018				2018
Cash and cash equivalents	$	735,886			$	475,056			$	508,829
Restricted cash included within prepaid and other current assets	9,229				13,677				15,942
Restricted cash included within other non-current assets	1,080				—				—
Total cash, cash equivalents and restricted cash	$	746,195			$	488,733			$	524,771

Schedule of fair value on a recurring basis

Our financial assets and liabilities that are accounted for at fair value on a recurring basis are presented in the tables below as of September 30, 2019 and December 31, 2018 (in thousands):

	Fair Value as of September 30, 2019
	Level 1				Level 2				Level 3				Total
Assets:
Money market and demand accounts (a)	$	746,195			$	—			$	—			$	746,195
Commercial paper (b)	—				—				—				—
U.S. government securities	—				113,541				—				113,541
Corporate bonds, asset backed and other securities	—				98,196				—				98,196
Total	$	746,195			$	211,737			$	—			$	957,932

	Fair Value as of December 31, 2018
	Level 1				Level 2				Level 3				Total
Assets:
Money market and demand accounts (a)	$	488,733			$	—			$	—			$	488,733
Commercial paper (b)	—				14,548				—				14,548
U.S. government securities	—				289,576				—				289,576
Corporate bonds, asset backed and other securities	—				166,600				—				166,600
Total	$	488,733			$	470,724			$	—			$	959,457
Liabilities:
Contingent consideration resulting from the Technicolor Acquisition	$	—			$	—			$	19,800			$	19,800
Total	$	—			$	—			$	19,800			$	19,800

______________________________

(a) Primarily included within cash and cash equivalents.

(b)

As of September 30, 2019 and December 31, 2018, zero commercial paper was included within cash and cash equivalents.

Schedule of contingent consideration liability

The Level 3 contingent consideration liability was historically included within "Other long-term liabilities" in the condensed consolidated balance sheet prior to its derecognition in second quarter 2019.

Level 3 Fair Value Measurements		Contingent Consideration Liability
Balance as of December 31, 2018		$	19,800
Changes in fair value recognized in the condensed consolidated statements of income			710
Derecognition of contingent consideration liability as a Level 3 fair value measurement			(20,510	)
Balance as of September 30, 2019		$	—

Schedule of aggregate fair value

The aggregate fair value of the principal amount of the senior convertible long-term debt is a Level 2 fair value measurement.

	September 30, 2019												December 31, 2018
	Principal Amount				Carrying Value				Fair Value				Principal Amount				Carrying Value				Fair Value
Senior Convertible Long-Term Debt	$	494,909			$	419,136			$	488,432			$	316,000			$	298,951			$	331,595

The aggregate fair value of the Technicolor Acquisition long-term debt is a Level 3 fair value measurement.

	September 30, 2019								December 31, 2018
	Carrying Value				Fair Value				Carrying Value				Fair Value
Technicolor Acquisition Long-Term Debt	$	20,393			$	22,882			$	18,428			$	19,100

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