Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.4.0.3
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2016
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 March 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
$
8,084

 
$
1,283

 
$
(2,162
)
 
$
7,205

Total assets
$
8,084

 
$
1,283

 
$
(2,162
)
 
$
7,205

 
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 March 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
$
62,412

 
$

 
$

 
$
62,412

Common stock investments, available for sale
7,205

 

 

 
7,205

Common stock options/warrants

 
4,615

 

 
4,615

Total assets
$
69,617

 
$
4,615

 
$

 
$
74,232

Liabilities:
 
 
 
 
 
 
 
Embedded conversion option
$

 
$

 
$
23,875

 
$
23,875

Forward Contracts

 
296

 

 
296

Contingent Consideration

 

 
55,882

 
55,882

Total liabilities
$

 
$
296

 
$
79,757

 
$
80,053

 
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.
 
March 31, 2016
(In thousands)
Carrying
Value
 
Total
Fair Value
 
Level 1
 
Level 2
 
Level 3
2033 Senior Notes
$
26,122

 
$
25,737

 
$

 
$

 
$
25,737

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 March 31, 2016:
 
March 31, 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
1,753

 
138

Foreign currency impact
20

 

Payments
(313
)
 

Conversion

 

Balance at March 31, 2016
$
55,882

 
$
23,875