XML 65 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables summarize the Company's assets and liabilities that are measured at fair value on a recurring basis (in thousands):
 
 
 
Fair Value Measurement at Reporting Date Using
Description
June 30, 2017
 
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
122,336

 
$
122,336

 
$
—

 
$
—

Fair value option investments
81,439

 
—

 
—

 
81,439

Available-for-sale securities:
 
 
 
 
 
 
 
Convertible debt securities
10,868

 
—

 
—

 
10,868

Redeemable preferred shares
15,923

 
—

 
—

 
15,923

 
 
 
Fair Value Measurement at Reporting Date Using
Description
December 31, 2016
 
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
202,241

 
$
202,241

 
$
—

 
$
—

Fair value option investments
82,584

 
—

 
—

 
82,584

Available-for-sale securities:
 
 
 
 
 
 
 
Convertible debt securities
10,038

 
—

 
—

 
10,038

Redeemable preferred shares
17,444

 
—

 
—

 
17,444

 
 
 
 
 
 
 
 
Liabilities:
 

 
 

 
 

 
 

 Contingent consideration
14,588

 
—

 
—

 
14,588
Fair Value, Assets and Liabilities, Reconciliation of Level 3 Inputs [Table Text Block]
The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for the three and six months ended June 30, 2017 and 2016 (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Assets
 
 
 
 
 
 
 
 
Fair value option investments:
 
 
 
 
 
 
 
 
Beginning Balance
 
$
82,887

 
$
129,625

 
$
82,584

 
$
130,725

Total gains (losses) included in earnings
 
(1,448
)
 
(4,607
)
 
(1,145
)
 
(5,707
)
Ending Balance
 
$
81,439

 
$
125,018

 
$
81,439

 
$
125,018

Unrealized gains (losses) still held (1)
 
$
(1,448
)
 
$
(4,607
)
 
$
(1,145
)
 
$
(5,707
)
Available-for-sale securities
 
 
 
 
 
 
 
 
Convertible debt securities:
 
 
 
 
 
 
 
 
Beginning Balance
 
$
11,931

 
$
10,173

 
$
10,038

 
$
10,116

Purchase of convertible debt security
 
—

 
—

 
1,612

 
—

Proceeds at maturity of convertible debt security
 
(1,843
)
 
—

 
(1,843
)
 
—

Total gains (losses) included in other comprehensive income (loss)
 
(575
)
 
201

 
(533
)
 
220

   Total gains (losses) included in earnings (2)
 
1,355

 
199

 
1,594

 
237

Ending Balance
 
$
10,868

 
$
10,573

 
$
10,868

 
$
10,573

Unrealized gains (losses) still held (1)
 
$
512

 
$
400

 
$
816

 
$
457

Redeemable preferred shares:
 
 
 
 
 
 
 
 
Beginning Balance
 
$
17,788

 
$
22,699

 
$
17,444

 
$
22,834

Total gains (losses) included in other comprehensive income (loss)
 
(1,865
)
 
(356
)
 
(1,521
)
 
(491
)
Ending Balance
 
$
15,923

 
$
22,343

 
$
15,923

 
$
22,343

Unrealized (losses) gains still held (1)
 
$
(1,865
)
 
$
(356
)
 
$
(1,521
)
 
$
(491
)
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Contingent Consideration:
 
 
 
 
 
 
 
 
Beginning Balance
 
$
14,600

 
$
13,938

 
$
14,588

 
$
10,781

Settlements of contingent consideration liabilities
 
(7,858
)
 
—

 
(7,858
)
 
—

Reclass to non-fair value liabilities when no longer contingent
 
(6,778
)
 
—

 
(6,778
)
 
(285
)
Total losses (gains) included in earnings (3)
 
36

 
850

 
48

 
4,292

Ending Balance
 
$
—

 
$
14,788

 
$
—

 
$
14,788

Unrealized losses (gains) still held (1)
 
$
—

 
$
850

 
$
—

 
$
4,166

(1)
Represents the unrealized losses or gains recorded in earnings and/or other comprehensive income (loss) during the period for assets and liabilities classified as Level 3 that are still held (or outstanding) at the end of the period.
(2)
Represents a gain at maturity of a previously impaired convertible debt security, accretion of interest income and changes in the fair value of an embedded derivative.
(3)
Changes in the fair value of contingent consideration liabilities are classified within "Acquisition-related expense (benefit), net" on the condensed consolidated statements of operations.
Fair Value of Financial Assets and Liabilities not Measured at Fair Value
The following table presents the carrying amounts and fair values of financial instruments that are not carried at fair value in the condensed consolidated financial statements (in thousands):
 
 
June 30, 2017
 
December 31, 2016
 
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Cost method investments
 
$
33,206

 
$
42,977

 
$
31,816

 
$
35,369