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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2018
Fair Value Disclosures [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company's financial instruments consist of cash equivalents, short-term and long-term investments, accounts receivable, accounts payable, drawings on revolving lines of credit, long-term debt, contingent purchase consideration, and an interest rate swap. The valuation techniques used to measure fair value are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of money market fund deposits, term deposits, accounts receivable, accounts payable and drawings on revolving lines of credit are considered reasonable estimates of their fair market value due to the short maturity of most of these instruments or as a result of the competitive market interest rates, which have been negotiated. The Company's bond securities are reported at fair value based upon quoted prices for instruments with identical terms in active markets. The Company's commercial paper securities reported at fair value are based upon model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. At September 30, 2018 and December 31, 2017, the Company's long-term debt consisted of a variable rate long-term note and a fixed rate long-term note. The book value of the long-term notes approximates the fair market value. The following table presents information about the Company's assets and liabilities measured at fair value:
| Fair Value Measurements at September 30, 2018 |  |  |  |  |  |
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market fund deposits and term deposits | $ | 316,442 |  | $ | 316,442 |  | $ | — |  | $ | —
U.S. Treasury and agency obligations | 8,999 |  | 8,999 |  | — |  | —
Commercial paper | 89,312 |  | — |  | 89,312 |  | —
Short-term investments |  |  |  |  |  |  |
U.S. Treasury and agency obligations | 113,094 |  | 113,094 |  | — |  | —
Corporate bonds | 196,856 |  | 196,856 |  | — |  | —
Commercial paper | 164,255 |  | — |  | 164,255 |  | —
Long-term investments and other assets: |  |  |  |  |  |  |
Corporate bonds | 13,771 |  | 13,771 |  | — |  | —
Auction rate securities | 967 |  | — |  | — |  | 967
Interest rate swap | 13 |  | — |  | 13 |  | —
Total | $ | 903,709 |  | $ | 649,162 |  | $ | 253,580 |  | $ | 967
Liabilities |  |  |  |  |  |  |
Long-term debt | $ | 46,285 |  | $ | — |  | $ | 46,285 |  | $ | —
Contingent purchase consideration | 902 |  | — |  | — |  | 902
Total | $ | 47,187 |  | $ | — |  | $ | 46,285 |  | $ | 902
| Fair Value Measurements at December 31, 2017 |  |  |  |  |  |
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market fund deposits and term deposits | $ | 425,917 |  | $ | 425,917 |  | $ | — |  | $ | —
Short-term investments |  |  |  |  |  |  |
U.S. Treasury and agency obligations | 41,217 |  | 41,217 |  | — |  | —
Corporate bonds | 131,048 |  | 131,048 |  | — |  | —
Commercial paper | 33,896 |  | 33,896 |  | — |  | —
Long-term investments and other assets: |  |  |  |  |  |  |
Auction rate securities | 1,016 |  | — |  | — |  | 1,016
Interest rate swaps | 16 |  | — |  | 16 |  | —
Total | $ | 633,110 |  | $ | 632,078 |  | $ | 16 |  | $ | 1,016
Liabilities |  |  |  |  |  |  |
Long-term debt | $ | 48,982 |  | $ | — |  | $ | 48,982 |  | $ | —
Contingent purchase consideration | 902 |  | — |  | — |  | 902
Total | $ | 49,884 |  | $ | — |  | $ | 48,982 |  | $ | 902
The fair value of the short-term investments considered held-to-maturity as of September 30, 2018 and December 31, 2017 was $474,205 and $206,161, respectively, which represents an unrealized loss of $(217) and $(96), respectively, as compared to the book value recorded on the Consolidated Balance Sheets for the same periods. The fair value of the long-term investments considered held-to-maturity as of September 30, 2018 was $14,738, which represented an unrealized gain of $118, as compared to the book value of $14,620 recorded within Other Assets on the Consolidated Balance Sheets for the same period. The fair value of the interest rate swap considered pricing models whose inputs are observable for the securities held by the Company. The fair value of the auction rate securities was determined using prices observed in inactive markets with limited observable data for the securities held by the Company. The fair value of contingent purchase consideration was determined using an income approach at the respective business combination date and at the reporting date. That approach is based on significant inputs that are not observable in the market and include key assumptions such as assessing the probability of meeting certain milestones required to earn the contingent purchase consideration. The following table presents information about the Company's movement in Level 3 assets and liabilities measured at fair value:
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
| 2018 |  | 2017 |  | 2018 |  | 2017
Auction rate securities |  |  |  |  |  |  |
Balance, beginning of period | $ | 1,174 |  | $ | 1,148 |  | $ | 1,016 |  | $ | 1,144
Period transactions | (207) |  | (138) |  | (207) |  | (138)
Change in fair value and accretion | — |  | 2 |  | 158 |  | 6
Balance, end of period | $ | 967 |  | $ | 1,012 |  | $ | 967 |  | $ | 1,012
Contingent purchase consideration |  |  |  |  |  |  |
Balance, beginning of period | $ | 902 |  | $ | — |  | $ | 902 |  | $ | —
Balance, end of period | $ | 902 |  | $ | — |  | $ | 902 |  | $ | —
The following table presents the effective maturity dates of held-to-maturity debt investments as of September 30, 2018 and December 31, 2017:
| September 30, 2018 |  |  |  | December 31, 2017 |  |
| Book Value |  | Fair Value |  | Book Value |  | Fair Value
Investment maturity |  |  |  |  |  |  |
Less than 1 year | $ | 572,815 |  | $ | 572,516 |  | $ | 206,161 |  | $ | 206,161
1 through 5 years | 13,776 |  | 13,771 |  | — |  | —
Greater than 5 years | 844 |  | 967 |  | 1,016 |  | 1,016
Total | $ | 587,435 |  | $ | 587,254 |  | $ | 207,177 |  | $ | 207,177

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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