XML 28 R15.htm IDEA: XBRL DOCUMENT
v3.20.1

Fair Value Measurements | 3 Months Ended
--- | ---
Mar. 31, 2020
Fair Value Measurements |
Fair Value Measurements | Note 8 — Fair Value Measurements ​ The Company holds certain assets that are required to be measured at fair value in accordance with GAAP. The Company determined the fair value of these assets based on the following three levels of inputs: ​
​ | ​ | ​ | ​ | ​
Level 1 | ​ | — | ​ | Quoted prices in active markets for identical assets or liabilities.
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. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities.
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, therefore requiring an entity to develop its own assumptions.
As of March 31, 2020, and December 31, 2019, the Company held certain assets that are required to be measured at fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements as of March 31, 2020
​ |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | ​ | $ | 289,544 | ​ | $ | 289,544 | ​ | $ | — | ​ | $ | —
Marketable securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bonds and bond funds | ​ | $ | 179,964 | ​ | $ | — | ​ | $ | 179,964 | ​ | $ | —
Commercial paper | ​ |  | 108,387 | ​ |  | — | ​ |  | 108,387 | ​ |  | —
​ | ​ | ​ | 288,351 | ​ |  | — | ​ |  | 288,351 | ​ |  | —
Total assets measured at fair value | ​ | $ | 577,895 | ​ | $ | 289,544 | ​ | $ | 288,351 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements as of December 31, 2019
​ |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | ​ | $ | 87,206 | ​ | $ | 87,206 | ​ | $ | — | ​ | $ | —
Marketable securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bonds and bond funds | ​ | $ | 267,243 | ​ | $ | — | ​ | $ | 267,243 | ​ | $ | —
Commercial paper | ​ |  | 165,723 | ​ |  | — | ​ |  | 165,723 | ​ |  | —
​ | ​ | ​ | 432,966 | ​ |  | — | ​ |  | 432,966 | ​ |  | —
Total assets measured at fair value | ​ | $ | 520,172 | ​ | $ | 87,206 | ​ | $ | 432,966 | ​ | $ | —
​ The Company’s “marketable securities” classified as Level 2 securities primarily utilize broker quotes in a non-active market for valuation of these securities. ​ The Company did not make any significant transfers of securities between Level 1, Level 2 and Level 3 during the three months ended March 31, 2020. The Company’s policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period. ​ As of March 31, 2020, and December 31, 2019, the Company classified $288.4 million and $433.0 million of marketable securities, respectively, as short-term since it had the intent to maintain a liquid portfolio and the ability to redeem the securities within one year. As of March 31, 2020, and December 31, 2019, the cost of the Company’s total cash and cash equivalents and available for sale securities was $577.9 million and $520.2 million, respectively. ​ The fair value of the Company’s long-term debt classified as Level 2 debt was estimated using discounted cash flow analyses, based on the Company’s current estimated incremental borrowing rates for similar types of borrowing arrangements. The fair value of the Company’s long-term debt is estimated based on current rates offered to the Company for similar debt and was estimated to be $2.96 billion as of March 31, 2020 and $2.99 billion as of December 31, 2019, as compared to the carrying amount of $2.93 billion as of March 31, 2020 and $3.02 billion as of December 31, 2019.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration