XML 52 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of carrying amount and fair value of the long-term debt
The carrying amount and fair value of the Company’s convertible senior notes are as follows (in thousands):
Financial Liabilities Carried at Historical Cost
 
Carrying
Value
 
Fair Value Measurements Using
December 31, 2018
 
 
Level 1
 
Level 2
 
Level 3
2.375% convertible senior notes due 2022 (1)
 
$
290,592

 
$
—

 
$
344,353

 
$
—

3.25% convertible senior notes due 2019 (2)
 
$
338

 
$
—

 
$
586

 
$
—


(1) The closing price of the Company’s common stock was $43.02 per share at December 31, 2018 compared to a conversion price of $66.89 per share. Currently, the conversion price is above the stock price. The maximum conversion premium that can be due on the 2022 Notes is approximately 5.2 million shares of the Company’s common stock, which assumes no increases in the conversion rate for certain corporate events.
(2) The closing price of the Company’s common stock was $43.02 per share at December 31, 2018 compared to a conversion price of $24.82 per share which, if converted, would have resulted in an approximate conversion premium of fewer than 10,000 shares of the Company’s common stock or $0.2 million of cash. The maximum conversion premium that can be due on the 2019 Notes is approximately 10,000 shares of the Company’s common stock, which assumes no increases in the conversion rate for certain corporate events.
Schedule of short-term investments
The following summarizes the Company’s investments at December 31, 2018 and 2017 (in thousands):
December 31, 2018 Investments:
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(Level 2)
   Short-term:
 
 
 
 
 
 
 
 
      Asset-backed securities
 
$
34,873

 
$
—

 
$
(33
)
 
$
34,840

      Commercial paper
 
45,035

 
—

 
(30
)
 
45,005

      Corporate bonds
 
171,289

 
—

 
(206
)
 
171,083

         Subtotal
 
251,197

 
—

 
(269
)
 
250,928

   Long-term:
 
 
 
 
 
 
 
 
    Asset-backed securities
 
9,383

 
5

 
—

 
9,388

    Corporate bonds
 
16,499

 
—

 
(16
)
 
16,483

         Subtotal
 
25,882

 
5

 
(16
)
 
25,871

         Total
 
$
277,079

 
$
5

 
$
(285
)
 
$
276,799

December 31, 2017 Investments:
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(Level 2)
   Short-term:
 
 
 
 
 
 
 
 
      Asset-backed securities
 
$
28,338

 
$
—

 
$
(37
)
 
$
28,301

      Commercial paper
 
48,999

 
—

 
(23
)
 
48,976

      Corporate bonds
 
180,119

 
—

 
(175
)
 
179,944

         Subtotal
 
257,456

 
—

 
(235
)
 
257,221

   Long-term:
 
 
 
 
 
 
 
 
    Asset-backed securities
 
23,836

 
—

 
(79
)
 
23,757

    Corporate bonds
 
36,430

 
—

 
(140
)
 
36,290

         Subtotal
 
60,266

 
—

 
(219
)
 
60,047

         Total
 
$
317,722

 
$
—

 
$
(454
)
 
$
317,268