Fair Value Measurements
 3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value Measurements

11. FAIR VALUE MEASUREMENTS

 

The tables below set forth the Company’s recurring fair value measurements (in thousands):

 

 

 

 

 

 

 

Fair Value Measurements at

March  31, 2015 Using

 

Description

 

Total

 

 

Quoted Prices in Active

Markets for

Identical Assets

 

 

Significant Other

Observable Inputs

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

4,451

 

 

$

4,451

 

 

$

—

 

Non U.S.  government securities

 

 

1,401

 

 

 

—

 

 

$

1,401

 

Commercial paper

 

 

8,379

 

 

 

—

 

 

 

8,379

 

Short-term investments

 

 

206,085

 

 

 

—

 

 

 

206,085

 

Long-term investments

 

 

41,158

 

 

 

—

 

 

 

41,158

 

Total fixed income available-for-sale

   securities

 

$

261,474

 

 

$

4,451

 

 

$

257,023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts (a)

 

$

22,808

 

 

$

—

 

 

$

22,808

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts (b)

 

$

12,651

 

 

$

—

 

 

$

12,651

 

 

 

 

 

 

 

 

Fair Value Measurements at

December 31, 2014 Using

 

Description

 

Total

 

 

Quoted Prices in Active

Markets for

Identical Assets

 

 

Significant Other

Observable Inputs

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

1,395

 

 

$

1,395

 

 

$

—

 

Commercial paper

 

 

7,549

 

 

 

—

 

 

 

7,549

 

Short-term investments

 

 

185,783

 

 

 

—

 

 

 

185,783

 

Long-term investments

 

 

59,197

 

 

 

—

 

 

 

59,197

 

Total fixed income available-for-sale

   securities

 

$

253,924

 

 

$

1,395

 

 

$

252,529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts (a)

 

$

14,342

 

 

$

—

 

 

$

14,342

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts (b)

 

$

8,175

 

 

$

—

 

 

$

8,175

 

 

(a)

Included in short-term derivative assets as “Prepaid expenses and other current assets” in the condensed consolidated balance sheets.

(b)

Included in short-term derivative liabilities as “Other accrued liabilities” in the condensed consolidated balance sheets.

There have been no transfers between Level 1 and Level 2 in the three months ended March 31, 2015 and 2014. There were no investments classified as Level 3 as of March 31, 2015 and December 31, 2014.

In addition, the Company has facilities-related liabilities related to restructuring which were calculated based on the discounted future lease payments less sublease assumptions. This non-recurring fair value measurement is classified as a Level 3 measurement under ASC 820. See Note 6 for further details.

The fair value of the Company’s Term Loan under its Credit Agreement is measured using Level 2 inputs as the borrowings are not actively traded and have a variable interest rate structure based upon market rates currently available to the Company for debt with similar terms and maturities. The Company has elected not to record its Term Loan at fair value, but has measured it at fair value for disclosure purposes. At March 31, 2015 and December 31, 2014, the estimated fair value of the Term Loan was approximately $233.4 million and $234.9 million, respectively, using observable market inputs. See Note 9 for further details.