XML 43 R13.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2018
Fair Value Disclosures [Abstract] |
Fair Value Measurements |
4. | Fair Value Measurements
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Company presents all financial assets and liabilities and any other assets and liabilities that are recognized or disclosed at fair value on a nonrecurring basis. The guidance defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair-value measurements. The guidance also requires fair value measurements be classified and disclosed in one of the following three categories: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than quoted prices in active markets for identical assets or liabilities. Level 3: Unobservable inputs. The Company values certain assets and liabilities, focusing on the inputs used to measure fair value, particularly in instances where the measurement uses significant unobservable (Level 3) inputs. The Company’s financial instruments are valued using quoted prices in active markets (Level 1) or based upon other observable inputs (Level 2). The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability. In addition, the categories presented do not suggest how prices may be affected by the size of the purchases or sales, particularly with the largest highly liquid financial issuers who are in markets continuously with non-equity instruments, or how any such financial assets may be impacted by other factors such as U.S. government guarantees. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair values of the Company’s financial assets that are measured on a recurring basis are as follows (in thousands):
|  | December 31, 2018 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
US treasury notes and bills |  | $ | 292,317 |  |  | $ | 224,953 |  |  | $ | — |  |  | $ | 517,270 |
Bond and mutual funds |  |  | 10,484 |  |  |  | — |  |  |  | — |  |  |  | 10,484 |
Equity investments |  |  | 234 |  |  |  | — |  |  |  | — |  |  |  | 234 |
Money market funds |  |  | 541 |  |  |  | — |  |  |  | — |  |  |  | 541 |
Term deposit |  |  | — |  |  |  | 80,000 |  |  |  | — |  |  |  | 80,000 |
Certificate of deposit |  |  | — |  |  |  | 29,910 |  |  |  | — |  |  |  | 29,910 |
Total |  | $ | 303,576 |  |  | $ | 334,863 |  |  | $ | — |  |  | $ | 638,439 |
|  | December 31, 2017 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Corporate bonds |  | $ | — |  |  | $ | 53,943 |  |  | $ | — |  |  | $ | 53,943 |
Bond and mutual funds |  |  | 18,402 |  |  |  | — |  |  |  | — |  |  |  | 18,402 |
Equity investments |  |  | 221 |  |  |  | — |  |  |  | — |  |  |  | 221 |
Money market funds |  |  | 569,942 |  |  |  | — |  |  |  | — |  |  |  | 569,942 |
Total |  | $ | 588,565 |  |  | $ | 53,943 |  |  | $ | — |  |  | $ | 642,508 |
The Company’s Level 2 investments are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar investments, issuer credit spreads, benchmark investments, prepayment/default projections based on historical data and other observable inputs. The fair values of the Company’s financial liabilities that are carried at historical cost are as follows (in thousands):
|  | December 31, 2018 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Lease financing obligations |  | $ | — |  |  | $ | — |  |  | $ | 98,105 |  |  | $ | 98,105 |
|  | December 31, 2017 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Lease financing obligations |  | $ | — |  |  | $ | — |  |  | $ | 98,476 |  |  | $ | 98,476 |
The fair value of the Company’s financial liabilities were derived by using an income approach, which required Level 3 inputs such as discounted estimated future cash flows. There were no transfers of assets or liabilities between levels for the years ended December 31, 2018, 2017 and 2016.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration