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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2018
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 September 30, 2018
 
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
$
433,449

 
$
433,449

 
$
—

 
$
—

Money market funds
756,455

 
756,455

 
—

 
—

Corporate securities
3,118

 
—

 
3,118

 
—

Government securities
12,160

 
—

 
12,160

 
—

Available-for-sale securities:
 
 
 
 
 
 
 
Agency securities
353,597

 
—

 
353,597

 
—

Corporate securities
621,790

 
—

 
621,077

 
713

Municipal securities
2,505

 
—

 
2,505

 
—

Government securities
308,531

 
—

 
308,531

 
—

Prepaid expenses and other current assets:
 
 
 
 
 
 
 
Foreign currency derivatives
627

 
—

 
627

 
—

Total assets
$
2,492,232

 
$
1,189,904

 
$
1,301,615

 
$
713

Accrued expenses and other current liabilities:
 
 
 
 
 
 
 
Foreign currency derivatives
3,783

 
—

 
3,783

 
—

Total liabilities
$
3,783

 
$
—

 
$
3,783

 
$
—


 
As of December 31, 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
$
556,520

 
$
556,520

 
$
—

 
$
—

Money market funds
555,826

 
555,826

 
—

 
—

Corporate securities
2,784

 
—

 
2,784

 
—

Available-for-sale securities:
 
 
 
 
 
 
 
Agency securities
439,064

 
—

 
439,064

 
—

Corporate securities
807,692

 
—

 
807,299

 
393

Municipal securities
3,965

 
—

 
3,965

 
—

Government securities
366,123

 
—

 
366,123

 
—

Prepaid expenses and other current assets:
 
 
 
 
 
 
 
Foreign currency derivatives
2,498

 
—

 
2,498

 
—

Total assets
$
2,734,472

 
$
1,112,346

 
$
1,621,733

 
$
393

Accrued expenses and other current liabilities:
 
 
 
 
 
 
 
Foreign currency derivatives
814

 
—

 
814

 
—

Total liabilities
$
814

 
$
—

 
$
814

 
$
—

Fair Value, by Balance Sheet Grouping
As of September 30, 2018, the fair value of the 2027 Notes and 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, 2018, 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
2027 Notes
$
722,858

 
$
741,551

Convertible Notes
$
2,210,935

 
$
1,415,970