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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Assets And Liabilities Measured At Fair Value On A Recurring Basis
Assets and Liabilities Measured at Fair Value on a Recurring Basis
 
As of December 31, 2015
 
Quoted
Prices In
Active Markets
for Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 
(in thousands)
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
 
 
Cash
$
261,962

 
$
261,962

 
$
—

 
$
—

Money market funds
102,968

 
102,968

 
—

 
—

Corporate securities
3,588

 
—

 
3,588

 
—

Available-for-sale securities:
 
 
 
 
 
 
 
Agency securities
530,522

 
—

 
530,522

 
—

Corporate securities
697,371

 
—

 
695,809

 
1,562

Municipal securities
14,878

 
—

 
14,878

 
—

Government securities
152,045

 
—

 
152,045

 
—

Prepaid expenses and other current assets:
 
 
 
 
 
 
 
Foreign currency derivatives
1,063

 
—

 
1,063

 
—

Total assets
$
1,764,397

 
$
364,930

 
$
1,397,905

 
$
1,562

Accrued expenses and other current liabilities:
 
 
 
 
 
 
 
Foreign currency derivatives
3,678

 
—

 
3,678

 
—

Total liabilities
$
3,678

 
$
—

 
$
3,678

 
$
—


 
As of December 31, 2014
 
Quoted
Prices In
Active Markets
for Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 
(in thousands)
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
 
 
Cash
$
230,370

 
$
230,370

 
$
—

 
$
—

Money market funds
29,512

 
29,512

 
—

 
—

Corporate securities
267

 
—

 
267

 
—

Available-for-sale securities:
 
 
 
 
 
 
 
Agency securities
638,313

 
—

 
638,313

 
—

Corporate securities
794,115

 
—

 
788,042

 
6,073

Municipal securities
48,730

 
—

 
48,730

 
—

Government securities
121,212

 
—

 
121,212

 
—

Prepaid expenses and other current assets:
 
 
 
 
 
 
 
Foreign currency derivatives
1,206

 
—

 
1,206

 
—

Total assets
$
1,863,725

 
$
259,882

 
$
1,597,770

 
$
6,073

Accrued expenses and other current liabilities:
 
 
 
 
 
 
 
Foreign currency derivatives
9,692

 
—

 
9,692

 
—

Total liabilities
$
9,692

 
$
—

 
$
9,692

 
$
—

Assets Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs
This methodology required the Company to make assumptions that were not directly or indirectly observable regarding the fair value of the convertible debt securities; accordingly they are a Level 3 valuation and included in the table below.
 
 
 
Investments
 
(in thousands)
Balance at December 31, 2014
$
6,073

Purchases of Level 3 securities
1,775

Proceeds received on Level 3 securities
(501
)
Total net realized losses included in earnings
(838
)
Transfers out of Level 3
(4,947
)
Balance at December 31, 2015
$
1,562

Fair Value, by Balance Sheet Grouping
As of December 31, 2015, the fair value of the Convertible Notes, which was determined based on inputs that are observable in the market (Level 2) based on the closing trading price per $100 as of the last day of trading for the year ended December 31, 2015, and carrying value of debt instruments (carrying value excludes the equity component of the Company’s Convertible Notes classified in equity) was as follows (in thousands):
 
Fair Value
 
Carrying Value
Convertible Senior Notes
$
1,567,364

 
$
1,324,992