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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2014
Fair Value Disclosures [Abstract] |
Fair Value Measurements |
4) | Fair Value Measurements
In accordance with the provisions of fair value accounting, a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability and defines fair value based upon an exit price model. The fair value measurement guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:
Level 1 |  | Quoted prices in active markets for identical assets or liabilities assessed as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 |  | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments or securities or derivative contracts that are valued using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.
Level 3 |  | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the Company categorizes such assets and liabilities based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Assets and liabilities of the Company are measured at fair value on a recurring basis as of September 30, 2014 and are summarized as follows:
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | Total September 30, 2014 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 78,268 |  |  | $ | 78,268 |  |  | $ | — |  |  | $ | — |
Time deposits and certificates of deposit |  |  | 8,239 |  |  |  | — |  |  |  | 8,239 |  |  |  | — |
Bankers’ acceptance drafts |  |  | 83 |  |  |  | — |  |  |  | 83 |  |  |  | — |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bankers’ acceptance drafts |  |  | 765 |  |  |  | — |  |  |  | 765 |  |  |  | — |
Time deposits and certificates of deposit |  |  | 40,722 |  |  |  | — |  |  |  | 40,722 |  |  |  | — |
Commercial paper |  |  | 9,691 |  |  |  | — |  |  |  | 9,691 |  |  |  | — |
Asset-backed securities |  |  | 63,986 |  |  |  | — |  |  |  | 63,986 |  |  |  | — |
Corporate obligations |  |  | 76,336 |  |  |  | — |  |  |  | 76,336 |  |  |  | — |
Municipal bonds |  |  | 3,356 |  |  |  | — |  |  |  | 3,356 |  |  |  | — |
U.S. agency obligations |  |  | 79,935 |  |  |  | — |  |  |  | 79,935 |  |  |  | — |
Derivatives – currency forward contracts |  |  | 1,042 |  |  |  | — |  |  |  | 1,042 |  |  |  | — |
Total assets |  | $ | 362,423 |  |  | $ | 78,268 |  |  | $ | 284,155 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives – currency forward contracts |  | $ | 88 |  |  | $ | — |  |  | $ | 88 |  |  | $ | — |
Reported as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents(1) |  | $ | 86,590 |  |  | $ | 78,268 |  |  | $ | 8,322 |  |  | $ | — |
Short-term investments |  |  | 140,042 |  |  |  | — |  |  |  | 140,042 |  |  |  | — |
Other current assets |  |  | 1,042 |  |  |  | — |  |  |  | 1,042 |  |  |  | — |
Total current assets |  | $ | 227,674 |  |  | $ | 78,268 |  |  | $ | 149,406 |  |  | $ | — |
Long-term investments |  | $ | 134,749 |  |  | $ | — |  |  | $ | 134,749 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | 88 |  |  | $ | — |  |  | $ | 88 |  |  | $ | — |
(1) | The cash and cash equivalent amounts presented in the table above do not include cash of $201,135 and non-negotiable time deposits of $7,731 as of September 30, 2014.
Assets and liabilities of the Company are measured at fair value on a recurring basis as of December 31, 2013 and are summarized as follows:
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | Total December 31, 2013 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 38,166 |  |  | $ | 38,166 |  |  | $ | — |  |  | $ | — |
Time deposits and certificates of deposit |  |  | 7,050 |  |  |  | — |  |  |  | 7,050 |  |  |  | — |
Bankers’ acceptance drafts |  |  | 32 |  |  |  | — |  |  |  | 32 |  |  |  | — |
Commercial paper |  |  | 3,350 |  |  |  | — |  |  |  | 3,350 |  |  |  | — |
Trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  |  | 1,000 |  |  |  | 1,000 |  |  |  | — |  |  |  | — |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bankers’ acceptance drafts |  |  | 491 |  |  |  | — |  |  |  | 491 |  |  |  | — |
Time deposits and certificates of deposit |  |  | 65,043 |  |  |  | — |  |  |  | 65,043 |  |  |  | — |
Commercial paper |  |  | 53,434 |  |  |  | — |  |  |  | 53,434 |  |  |  | — |
Corporate obligations |  |  | 18,351 |  |  |  | — |  |  |  | 18,351 |  |  |  | — |
U.S. agency obligations |  |  | 222,801 |  |  |  | — |  |  |  | 222,801 |  |  |  | — |
Derivatives – currency forward contracts |  |  | 920 |  |  |  | — |  |  |  | 920 |  |  |  | — |
Total assets |  | $ | 410,638 |  |  | $ | 39,166 |  |  | $ | 371,472 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives – currency forward contracts |  | $ | 656 |  |  | $ | — |  |  | $ | 656 |  |  | $ | — |
Reported as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents (1) |  | $ | 48,598 |  |  | $ | 38,166 |  |  | $ | 10,432 |  |  | $ | — |
Short-term investments |  |  | 300,715 |  |  |  | 1,000 |  |  |  | 299,715 |  |  |  | — |
Other current assets |  |  | 920 |  |  |  | — |  |  |  | 920 |  |  |  | — |
Total current assets |  | $ | 350,233 |  |  | $ | 39,166 |  |  | $ | 311,067 |  |  | $ | — |
Long-term investments |  | $ | 60,405 |  |  | $ | — |  |  | $ | 60,405 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | 656 |  |  | $ | — |  |  | $ | 656 |  |  | $ | — |
(1) | The cash and cash equivalent amounts presented in the table above do not include cash of $234,675 and non-negotiable time deposits of $5,629 as of December 31, 2013.
Money Market Funds Money market funds are cash and cash equivalents and are classified within Level 1 of the fair value hierarchy. Trading Securities As of December 31, 2013, trading securities consisted of certain U.S. and international equity mutual funds and government agency fixed income mutual funds. Bankers’ Acceptance Drafts Bankers’ acceptance drafts are short-term credit investments created by a non-financial firm and guaranteed by a bank. These drafts are often traded at a discount from face value and may be traded on a secondary market. Available-For-Sale Investments Available-for-sale investments consisted of time deposits and drafts denominated in the Euro currency, commercial paper, certificates of deposit, asset-backed securities which include auto loans, credit card receivables, equipment trust receivables, corporate obligations, municipal bonds and U.S. agency obligations. The Company measures its debt and equity investments at fair value. Derivatives As a result of the Company’s global operating activities, the Company is exposed to market risks from changes in foreign currency exchange rates, which may adversely affect its operating results and financial position. When deemed appropriate, the Company minimizes its risks from foreign currency exchange rate fluctuations through the use of derivative financial instruments. The principal market in which the Company executes its foreign currency contracts is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants usually are large commercial banks. The forward foreign currency exchange contracts are valued using broker quotations, or market transactions and are classified within Level 2 of the fair value hierarchy.

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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 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611 Reference 2: 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=35750535&loc=d3e13433-108611 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 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 5: 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 6: 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=35750535&loc=d3e13504-108611 + Details
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