Fair Value Measurements

Cash, Cash Equivalents and Investments. The fair value of the Company's investments in money market funds approximates their face value. Such instruments are included in cash equivalents. The Company's money market funds and publicly traded equity securities are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices for identical instruments in active markets. The fair value of the Company's other investments approximate their face value and include certificates of deposit. The fair value of these investments is priced based on the quoted market price for similar instruments or nonbinding market prices that are corroborated by observable market data. Such instruments are classified within Level 2 of the fair value hierarchy. The Company determines the fair values of its Level 2 investments by using inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, custody bank, third-party pricing vendors, or other sources. The Company uses such pricing data as the primary input to make its assessments and determinations as to the ultimate valuation of its investment portfolio and has not made, during the periods presented, any material adjustments to such inputs. The Company is responsible for its condensed consolidated financial statements and underlying estimates.

Derivative Assets and Liabilities. For derivatives, the Company uses forward contract and option models employing market observable inputs, such as spot currency rates and forward points with adjustments made to these values utilizing published credit default swap rates of its foreign exchange trading counterparties and other comparable companies. The Company has determined that the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, therefore the derivatives are categorized as Level 2.

The Company's financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 were as follows (in thousands):



	Fair Value at June 30, 2017		Fair Value Measurement Using
	Fair Value at June 30, 2017		Level 1		Level 2
Assets:
Cash	$	771,675	$	771,675	$	—
Money market and deposit accounts	292,102		292,102		—
Publicly traded equity securities	6,389		6,389		—
Certificates of deposit	4,242		—		4,242
Derivative instruments ⁽¹⁾	16,932		—		16,932
Total	$	1,091,340	$	1,070,166	$	21,174
Liabilities:
Derivative instruments ⁽¹⁾	$	32,080	$	—	$	32,080
Total	$	32,080	$	—	$	32,080


⁽¹⁾	Includes both foreign currency embedded derivatives and foreign currency forward and option contracts. Amounts are included within other current assets, other assets, others current liabilities and other liabilities in the Company’s accompanying condensed consolidated balance sheet.

The Company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 were as follows (in thousands):



	Fair Value at December 31, 2016		Fair Value Measurement Using
	Fair Value at December 31, 2016		Level 1		Level 2
Assets:
Cash	$	345,119	$	345,119	$	—
Money market and deposit accounts	400,388		400,388		—
Publicly traded equity securities	6,463		6,463		—
Certificates of deposit	9,957		—		9,957
Derivative instruments ⁽¹⁾	69,979		—		69,979
Total	$	831,906	$	751,970	$	79,936
Liabilities:
Derivative instruments ⁽¹⁾	$	10,959	$	—	$	10,959
Total	$	10,959	$	—	$	10,959


⁽¹⁾	Includes both foreign currency embedded derivatives and foreign currency forward and option contracts. Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the Company's accompanying condensed consolidated balance sheet.

The Company did not have any Level 3 financial assets or financial liabilities as of June 30, 2017 and December 31, 2016.