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Fair Value Measurements
 9 Months Ended
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, 
2018201720182017
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, 2018December 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