Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Notes To Financial Statements [Abstract]

Short-Term And Long-Term Marketable Securities

As of September 30, 2018 and December 31, 2017, the estimated fair value of our short-term and long-term marketable securities, classified as available for sale, are as follows (in thousands):

Short-term

September 30, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	24,675	$	—	$	—		$	24,675
Corporate bonds	75,461		1		(94		)	75,368
U.S. government agency bonds	11,665		—		(31		)	11,634
U.S. government treasury bonds	72,622		—		(22		)	72,600
Certificates of deposit	20		—		—			20
Total marketable securities, short-term	$	184,443	$	1	$	(147	)	$	184,297

Long-term

September 30, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. government agency bonds	$	7,035	$	—	$	(74	)	$	6,961
Corporate bonds	1,127		3		—			1,130
Total marketable securities, long-term	$	8,162	$	3	$	(74	)	$	8,091

Short-term

December 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	58,503	$	—	$	(1	)	$	58,502
Corporate bonds	145,728		3		(174		)	145,557
U.S. government agency bonds	3,013		—		(7		)	3,006
U.S. government treasury bonds	60,650		—		(70		)	60,580
Certificates of deposit	4,386		—		—			4,386
Total marketable securities, short-term	$	272,280	$	3	$	(252	)	$	272,031

Long-term

December 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. government agency bonds	$	15,023	$	—	$	(68	)	$	14,955
Corporate bonds	25,067		2		(76		)	24,993
Total marketable securities, long-term	$	40,090	$	2	$	(144	)	$	39,948

Investments Classified by Contractual Maturity Date

As the carrying value approximates the fair value for our short-term and long-term marketable securities shown in the tables above, the following table summarizes the fair value of our short-term and long-term marketable securities classified by contractual maturity as of September 30, 2018 and December 31, 2017 (in thousands):

	September 30, 2018		December 31, 2017
One year or less	$	184,297	$	272,031
Due in greater than one year	8,091		39,948
Total available for sale short-term and long-term marketable securities	$	192,388	$	311,979

Investments in privately held companies

Our investments in privately held companies as of September 30, 2018 and December 31, 2017 are as follows (in thousands):

	September 30, 2018		December 31, 2017
Equity securities under the equity method investment 1	$	47,996	$	54,606
Equity securities without readily determinable fair values 2	$	9,862	$	—

¹  Refer to Note 4 “Equity Method Investments” of the Notes to Condensed Consolidated Financial Statements for more information

²   In April 2018, $4.9 million of convertible short term notes receivable (recurring Level 3 investment) was converted into equity securities as a result of qualified financing secured by the private company in accordance with ASC 321, “Investments—Equity Securities.” The equity securities issued upon conversion are reported as a nonrecurring investment within other assets in our Condensed Consolidated Balance Sheet. During the three and nine months ended September 30, 2018, there were no fair value adjustments to equity securities without readily determinable fair values.

Financial Assets Measured At Fair Value On Recurring Basis

The following tables summarize our financial assets measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 (in thousands):

Description	Balance as of September 30, 2018		Level 1		Level 2
Cash equivalents:
Money market funds	$	256,689	$	256,689	$	—
Commercial paper	6,883		—		6,883
Corporate bonds	2,014		—		2,014
Short-term investments:
Commercial paper	24,675		—		24,675
Corporate bonds	75,368		—		75,368
U.S. government agency bonds	11,634		—		11,634
U.S. government treasury bonds	72,600		72,600		—
Certificates of deposit	20		—		20
Long-term investments:
U.S. government agency bonds	6,961		—		6,961
Corporate bonds	1,130		—		1,130
Prepaid expenses and other current assets:
Israeli funds	3,143		—		3,143
	$	461,117	$	329,289	$	131,828

Description	Balance as of December 31, 2017		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	253,155	$	253,155	$	—	$	—
Commercial paper	7,246		—		7,246		—
Corporate bonds	2,016		—		2,016		—
Short-term investments:
Commercial paper	58,502		—		58,502		—
Corporate bonds	145,557		—		145,557		—
U.S. government agency bonds	3,006		—		3,006		—
U.S. government treasury bonds	60,580		60,580		—		—
Certificates of deposit	4,386		—		4,386		—
Long-term investments:
U.S. government agency bonds	14,955		—		14,955		—
Corporate bonds	24,993		—		24,993		—
Prepaid expenses and other current assets:
Israeli funds	3,075		—		3,075		—
Short-term notes receivable	4,476		—		—		4,476
	$	581,947	$	313,735	$	263,736	$	4,476

Notional value of derivative instruments

The following table presents the gross notional value of all our foreign exchange forward contracts outstanding as of September 30, 2018 (in thousands):

	September 30, 2018
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€61,000	$	70,992
Chinese Yuan	¥330,000	47,882
Canadian Dollar	C$28,000	21,653
British Pound	£13,000	16,966
Japanese Yen	¥1,700,000	14,985
Brazilian Real	R$55,500	13,821
Australian Dollar	A$2,900	2,097
		$	188,396