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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 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 December 31, 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
$
505,363

 
$
505,363

 
$

 
$

Money market funds
88,126

 
88,126

 

 

Agency securities
3,296

 

 
3,296

 

Corporate securities
9,371

 

 
9,371

 

Government securities
12,610

 


 
12,610

 

Available-for-sale securities:
 
 
 
 
 
 
 
Agency securities
312,948

 

 
312,948

 

Corporate securities
608,658

 

 
607,945

 
713

Municipal securities
2,504

 

 
2,504

 

Government securities
233,824

 

 
233,824

 

Prepaid expenses and other current assets:
 
 
 
 
 
 
 
Foreign currency derivatives
764

 

 
764

 

Total assets
$
1,777,464

 
$
593,489

 
$
1,183,262

 
$
713

Accrued expenses and other current liabilities:
 
 
 
 
 
 
 
Foreign currency derivatives
2,543

 

 
2,543

 

Total liabilities
$
2,543

 
$

 
$
2,543

 
$


 
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 December 31, 2018, the fair value of the 2027 Notes and 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, 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
$
717,375

 
$
741,825

Convertible Senior Notes
$
1,648,567

 
$
1,155,445