Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Investments Classified as Available for Sale and Carried at Fair Value

A summary of our investments classified as available for sale and carried at fair value, is as follows:



	As of June 30, 2016
(In thousands)	Amortized Cost		Gross unrealized gains in Accumulated OCI		Gross unrealized losses in Accumulated OCI			Fair value
Common stock investments, available for sale	$	8,084	$	1,210	$	(3,982	)	$	5,312
Total assets	$	8,084	$	1,210	$	(3,982	)	$	5,312



	As of December 31, 2015
(In thousands)	Amortized Cost		Gross unrealized gains in Accumulated OCI		Gross unrealized losses in Accumulated OCI			Fair value
Common stock investments, available for sale	$	2,978	$	904	$	(267	)	$	3,615
Total assets	$	2,978	$	904	$	(267	)	$	3,615

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Our financial assets and liabilities measured at fair value on a recurring basis are as follows:



	Fair value measurements as of June 30, 2016
(In thousands)	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Money market funds	$	34,680	$	—	$	—	$	34,680
Marketable securities	15,634		—		—		15,634
Common stock investments, available for sale	5,312		—		—		5,312
Common stock options/warrants	—		888		—		888
Total assets	$	55,626	$	888	$	—	$	56,514
Liabilities:
Embedded conversion option	$	—	$	—	$	19,003	$	19,003
Forward contracts	—		206		—		206
Contingent consideration	—		—		66,634		66,634
Total liabilities	$	—	$	206	$	85,637	$	85,843



	Fair value measurements as of December 31, 2015
(In thousands)	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Money market funds	$	84,421	$	—	$	—	$	84,421
Common stock investments, available for sale	3,615		—		—		3,615
Common stock options/warrants	—		5,338		—		5,338
Forward contracts	—		9		—		9
Total assets	$	88,036	$	5,347	$	—	$	93,383
Liabilities:
Embedded conversion option	$	—	$	—	$	23,737	$	23,737
Contingent consideration	—		—		54,422		54,422
Total liabilities	$	—	$	—	$	78,159	$	78,159

The Carrying Amount and Estimated Fair Value of Our Long-term Debt

The carrying amount and estimated fair value of our 2033 Senior Notes without the embedded conversion option, as well as the applicable fair value hierarchy tiers, are contained in the table below. The fair value of the 2033 Senior Notes is determined using a binomial lattice approach in order to estimate the fair value of the embedded derivative in the 2033 Senior Notes. Refer to Note 6.



	June 30, 2016
(In thousands)	Carrying Value		Total Fair Value		Level 1		Level 2		Level 3
2033 Senior Notes	$	26,582	$	26,818	$	—	$	—	$	26,818

Reconciliation of the Beginning and Ending Balances of Level 3 Assets and Liabilities

The following table reconciles the beginning and ending balances of our Level 3 assets and liabilities as of June 30, 2016:



	June 30, 2016
(In thousands)	Contingent consideration			Embedded conversion option
Balance at December 31, 2015	$	54,422		$	23,737
Total losses for the period:
Included in results of operations	12,511			(4,734		)
Foreign currency impact	14			—
Payments	(313		)	—
Balance at June 30, 2016	$	66,634		$	19,003