Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of assets and liabilities measured at fair value on recurring basis

The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy as of the periods presented, are summarized as follows (in thousands):



	Level 1		Level 2		Level 3		Total
June 30, 2016:
Assets:
Cash equivalents:
Money market funds	$	419,858	$	—	$	—	$	419,858
US treasury securities	130,313		—		—		130,313
US agency securities	—		37,349		—		37,349
Marketable securities:
Commercial paper	—		26,662		—		26,662
Certificates of deposit	—		10,005		—		10,005
US treasury securities	943,922		—		—		943,922
US agency securities	—		446,510		—		446,510
Corporate debt securities	—		1,156,598		—		1,156,598
Municipal securities	—		8,012		—		8,012
Other current assets:
Foreign currency derivative contracts	—		23,193		—		23,193
Total assets	$	1,494,093	$	1,708,329	$	—	$	3,202,422
Liabilities:
Accrued liabilities:
Foreign currency derivative contracts	$	—	$	1,372	$	—	$	1,372
Other long-term liabilities
Other derivative	—		—		16,100		16,100
Total liabilities	$	—	$	1,372	$	16,100	$	17,472



	Level 1		Level 2		Level 3		Total
December 31, 2015:
Assets:
Cash equivalents:
Money market funds	$	276,898	$	—	$	—	$	276,898
Commercial paper	—		12,049		—		12,049
US treasury securities	25,000		—		—		25,000
US agency securities	—		51,500		—		51,500
Marketable securities:
Commercial paper	—		55,374		—		55,374
US treasury securities	874,029		—		—		874,029
US agency securities	—		606,202		—		606,202
Corporate debt securities	—		1,026,898		—		1,026,898
Municipal securities	—		10,642		—		10,642
Other current assets:
Foreign currency derivative contracts	—		14,508		—		14,508
Total assets	$	1,175,927	$	1,777,173	$	—	$	2,953,100
Liabilities:
Accrued liabilities:
Foreign currency derivative contracts	$	—	$	1,847	$	—	$	1,847
Other long-term liabilities:
Other derivative	—		—		11,600		11,600
Total liabilities	$	—	$	1,847	$	11,600	$	13,447

Reconciliation on Level 3 derivatives

The following is a reconciliation of the Company's Level 3 other derivative for the periods presented (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	($ in thousands)				($ in thousands)
Balance, beginning of period	$	13,900	$	2,800	$	11,600	$	2,800
Fair value adjustments ⁽¹⁾	2,200		—		4,500		—
Balance, end of period	$	16,100	$	2,800	$	16,100	$	2,800

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(1)	Changes in the fair value are recorded in Other expense, net in the condensed consolidated statements of operations.