Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.8.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
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 December 31, 2017
(In thousands)
Amortized
Cost
 
Gross
unrealized
gains in
Accumulated
OCI
 
Gross
unrealized
losses in
Accumulated
OCI
 
Fair
value
Common stock investments, available for sale
$
7,585

 
$
5,075

 
$
(199
)
 
$
12,461

 
As of December 31, 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
$
3,409

 
$
1,313

 
$
(194
)
 
$
4,528

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 December 31, 2017
(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
$
107

 
$

 
$

 
$
107

Common stock investments, available for sale
12,461

 

 

 
12,461

Common stock options/warrants

 
3,333

 

 
3,333

Total assets
$
12,568

 
$
3,333

 
$

 
$
15,901

Liabilities:
 
 
 
 
 
 
 
Forward Contracts

 
317

 

 
317

Contingent consideration:
$

 
$

 
$
41,353

 
41,353

Total liabilities
$

 
$
317

 
$
41,353

 
$
41,670

 
Fair value measurements as of December 31, 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
$
5,314

 
$

 
$

 
$
5,314

Common stock investments, available for sale
4,528

 

 

 
4,528

Common stock options/warrants

 
4,017

 

 
4,017

Forward contracts

 
39

 

 
39

Total assets
$
9,842

 
$
4,056

 
$

 
$
13,898

Liabilities:
 
 
 
 
 
 
 
Embedded conversion option
$

 
$

 
$
16,736

 
$
16,736

Contingent consideration:

 

 
45,076

 
45,076

Total liabilities
$

 
$

 
$
61,812

 
$
61,812

The Carrying Amount and Estimated Fair Value of Our Long-term Debt
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.
 
December 31, 2017
(In thousands)
Carrying
Value
 
Total
Fair Value
 
Level 1
 
Level 2
 
Level 3
2033 Senior Notes
$
29,160

 
$
32,968

 
$

 
$

 
$
32,968


 
December 31, 2016
(In thousands)
Carrying
Value
 
Total
Fair Value
 
Level 1
 
Level 2
 
Level 3
2033 Senior Notes
$
26,965

 
$
45,205

 
$

 
$

 
$
45,205

Reconciliation of Beginning and Ending Balances of Level 3 Assets and Liabilities
The following tables reconcile the beginning and ending balances of our Level 3 assets and liabilities as of December 31, 2017 and 2016:
 
December 31, 2017
(In thousands)
Contingent
consideration
 
Embedded
conversion
option
Balance at December 31, 2016
$
45,076

 
$
16,736

Total losses (gains) for the period:
 
 
 
Included in results of operations
(3,423
)
 
(3,185
)
Foreign currency impact
3

 

Payments
(303
)
 

Reclassification of embedded derivatives to equity

 
(13,551
)
Balance at December 31, 2017
$
41,353

 
$

 
December 31, 2016
(In thousands)
Contingent
consideration
 
Embedded
conversion
option
Balance at December 31, 2015
$
54,422

 
$
23,737

Total losses (gains) for the period:
 
 
 
Included in results of operations
16,954

 
(7,001
)
Foreign currency impact
(1
)
 

Payments
(26,299
)
 

Balance at December 31, 2016
$
45,076

 
$
16,736