FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall

The following table presents the Company’s fair value measurements as of March 31, 2020 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall.


(In thousands)	Fair Value at March 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash, cash equivalents, and restricted cash
Cash and money market	$	577,684	$	577,684	$	—	$	—
U.S. government agency securities	55,331		—		55,331		—
Corporate bonds	39,396		—		39,396		—
Commercial paper	19,950		—		19,950		—
Asset backed securities	8,693		—		8,693		—
Restricted cash	280		280		—		—
Marketable securities
Corporate bonds	258,121		—		258,121		—
U.S. government agency securities	203,250		—		203,250		—
Certificates of deposit	31,519		—		31,519		—
Asset backed securities	28,195		—		28,195		—
Commercial paper	7,952		—		7,952		—
Equity Securities	1,025		1,025		—		—
Liabilities
Contingent consideration	(2,739)		—		—		(2,739)
Total	$	1,228,657	$	578,989	$	652,407	$	(2,739)

The following table presents the Company’s fair value measurements as of December 31, 2019 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall.


(In thousands)	Fair Value at December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents
Cash and money market	$	146,932	$	146,932	$	—	$	—
U.S. government agency securities	30,322		—		30,322		—
Restricted cash	274		274		—		—
Marketable securities
U.S. government agency securities	140,682		—		140,682		—
Corporate bonds	4,003		—		4,003		—
Equity securities	1,716		1,716		—		—
Liabilities
Contingent consideration	(2,879)		—		—		(2,879)
Total	$	321,050	$	148,922	$	175,007	$	(2,879)

Schedule of fair value of contingent consideration

The following table provides a roll-forward of the fair values of the contingent consideration, which includes Level 3 measurements:


(In thousands)	Contingent consideration
Balance, January 1, 2020	$	(2,879)
Changes in fair value	—
Gains (losses) recognized in earnings	—
Payments	140
Balance, March 31, 2020	$	(2,739)

Schedule of fair value of long-term debt and convertible notes

The following table summarizes the Company’s outstanding convertible notes and long-term debt:


	March 31, 2020						December 31, 2019
(In thousands)	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
2028 Convertible notes (2)	$	777,234	$	910,317	$	—	$	—
2027 Convertible notes (2)	491,239		635,532		483,909		843,741
2025 Convertible notes (2)	245,833		341,041		319,696		592,482
Construction loan (3)	24,565		24,565		24,866		24,866

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(1)The carrying amounts presented are net of debt discounts and debt issuance costs (see Note 12 and Note 15 of the condensed consolidated financial statements for further information).

(2)The fair values are based on observable market prices for this debt, which is traded in active markets and therefore is classified as a Level 2 fair value measurement. A portion of the 2025 convertible notes were settled in 2020 resulting in a decrease in the liability.

(3)The carrying amount of the construction loan approximates fair value due to the short-term nature of this instrument. The construction loan is privately held with no public market for this debt and therefore is classified as a Level 3 fair value measurement. The change in the fair value was due to payments made on the loan resulting in a decrease in the liability.