Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Assets And Liabilities Measured At Fair Value On A Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis



	As of September 30, 2017		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	$	869,770	$	869,770	$	—	$	—
Money market funds	66,245		66,245		—		—
Corporate securities	4,854		—		4,854		—
Available-for-sale securities:
Agency securities	482,658		—		482,658		—
Corporate securities	802,480		—		802,086		394
Municipal securities	3,977		—		3,977		—
Government securities	328,730		—		328,730		—
Prepaid expenses and other current assets:
Foreign currency derivatives	4,531		—		4,531		—
Total assets	$	2,563,245	$	936,015	$	1,626,836	$	394
Accrued expenses and other current liabilities:
Foreign currency derivatives	622		—		622		—
Total liabilities	$	622	$	—	$	622	$	—



	As of December 31, 2016		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	$	528,637	$	528,637	$	—	$	—
Money market funds	224,765		224,765		—		—
Corporate securities	82,693		—		82,693		—
Available-for-sale securities:
Agency securities	411,493		—		411,493		—
Corporate securities	840,966		—		839,968		998
Municipal securities	9,988		—		9,988		—
Government securities	444,618		—		444,618		—
Prepaid expenses and other current assets:
Foreign currency derivatives	2,506		—		2,506		—
Total assets	$	2,545,666	$	753,402	$	1,791,266	$	998
Accrued expenses and other current liabilities:
Foreign currency derivatives	4,435		—		4,435		—
Total liabilities	$	4,435	$	—	$	4,435	$	—

Fair Value, by Balance Sheet Grouping

As of September 30, 2017, 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 quarter ended September 30, 2017, 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	$	1,672,095	$	1,376,673