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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities

The following tables present information about the fair value of the Company’s financial assets and liabilities as of June 30, 2019 and December 31, 2018 and indicate the level of the fair value hierarchy utilized to determine such fair values:

 

 

 

Fair Value Measurements as of June 30, 2019 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

$

112,674

 

 

$

 

 

$

 

 

$

112,674

 

Certificates of deposit

 

 

 

 

 

21,073

 

 

 

 

 

 

21,073

 

Certificates of deposit—restricted cash

 

 

 

 

 

1,006

 

 

 

 

 

 

1,006

 

Money market mutual funds

 

 

96,296

 

 

 

 

 

 

 

 

 

96,296

 

 

 

$

208,970

 

 

$

22,079

 

 

$

 

 

$

231,049

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SARs

 

$

 

 

$

 

 

$

521

 

 

$

521

 

Foreign currency forward contracts

 

 

 

 

 

51

 

 

 

 

 

 

51

 

 

 

$

 

 

$

51

 

 

$

521

 

 

$

572

 

 

 

 

 

Fair Value Measurements as of December 31, 2018 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

$

 

 

$

19,873

 

 

$

 

 

$

19,873

 

Certificates of deposit—restricted cash

 

 

 

 

 

1,019

 

 

 

 

 

 

1,019

 

Money market mutual funds

 

 

252,963

 

 

 

 

 

 

 

 

 

252,963

 

Foreign currency forward contracts

 

 

 

 

 

254

 

 

 

 

 

 

254

 

 

 

$

252,963

 

 

$

21,146

 

 

$

 

 

$

274,109

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SARs

 

$

 

 

$

 

 

$

1,387

 

 

$

1,387

 

Foreign currency forward contracts

 

 

 

 

 

252

 

 

 

 

 

 

252

 

 

 

$

 

 

$

252

 

 

$

1,387

 

 

$

1,639

 

 

Summary of Changes in Fair Values of Stock Appreciation Rights (SARs) Liability The following table provides a summary of changes in the fair values of the Company’s stock appreciation rights (“SARs”) liability, for which fair value is determined by Level 3 inputs:

 

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

Fair value at beginning of period

 

$

1,387

 

 

$

2,155

 

Change in fair value

 

 

(866

)

 

 

(177

)

Exercises

 

 

 

 

 

 

Fair value at end of period

 

$

521

 

 

$

1,978