Fair Value Measurements

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8. Fair Value Measurements

The following table presents the Company’s investment assets (excluding non-marketable equity investments) and derivatives measured at fair value on a recurring basis as of December 31, 2018 and 2017 (in thousands):

	December 31, 2018
	Level 1		Level 2			Level 3		Total
Certificates of deposit (foreign)	$	—	$	5,538		$	—	$	5,538
Marketable equity securities		62		5,500			—		5,562
Interest rate derivatives — asset derivatives		—		10,976			—		10,976
Interest rate derivatives — liability derivatives		—		(6,088	)		—		(6,088	)
Foreign currency contracts — asset position		—		4,442			—		4,442
Foreign currency contracts — liability position		—		(405	)		—		(405	)

	December 31, 2017
	Level 1		Level 2			Level 3		Total
Certificates of deposit (foreign)	$	—	$	12,809		$	—	$	12,809
Corporate bonds		—		11,065			—		11,065
Marketable equity securities		117		5,601			—		5,718
Interest rate derivatives — asset derivatives		—		10,156			—		10,156
Interest rate derivatives — liability derivatives		—		(4,024	)		—		(4,024	)
Foreign currency contracts — asset position		—		405			—		405
Foreign currency contracts — liability position		—		(8,802	)		—		(8,802	)

All of the Company’s short-term and long-term investments (excluding non-marketable equity investments) at December 31, 2018 are classified within Level 1 or Level 2 of the fair value hierarchy as they are valued using quoted market prices, market prices for similar securities, or alternative pricing sources with reasonable levels of price transparency. The types of instruments valued based on quoted market prices in active markets include the Company’s investment in money market funds, mutual funds and municipal bonds. Such instruments are generally classified within Level 1 of the fair value hierarchy. The types of instruments valued based on other observable inputs include corporate obligations and bonds, commercial paper and certificates of deposit. Such instruments are classified within Level 2 of the fair value hierarchy.

In addition to the financial instruments included in the above table, certain nonfinancial assets and liabilities are to be measured at fair value on a nonrecurring basis in accordance with applicable authoritative guidance. This includes items such as nonfinancial assets and liabilities initially measured at fair value in a business combination (but not measured at fair value in subsequent periods) and nonfinancial long-lived asset groups measured at fair value for an impairment assessment. In general, nonfinancial assets including goodwill, other intangible assets and property and equipment are measured at fair value when there is an indication of impairment and are recorded at fair value only when any impairment is recognized.

During the year ended December 31, 2018, the Company recorded partial impairment of goodwill of $3.4 million related to its Cloud TV reporting unit, of which $1.2 million is attributable to the noncontrolling interest, respectively. During the fourth quarter of 2017, the Company recorded partial impairments of goodwill and indefinite-lived tradenames of $51.2 million and $3.8 million, respectively, acquired in the ActiveVideo acquisition and included as part of the Cloud TV reporting unit, of which $19.3 million is attributable to the noncontrolling interest. See Note 6 Goodwill and Intangible Assets of Notes to the Consolidated Financial Statements for further discussion.

The Company believes the principal amount of the debt as of December 31, 2018 approximated the fair value because of interest-bearing rates that are adjusted periodically, analysis of recent market conditions, prevailing interest rates, and other Company specific factors. The Company has classified the debt as a Level 2 item within the fair value hierarchy.