Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020		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	$	548,220	$	548,220	$	—	$	—

Money market funds	8,264		8,264		—		—
Corporate securities	2,342		—		2,342		—
Government securities	9,998		—		9,998		—
Available-for-sale securities:
Agency securities	39,995		—		39,995		—
Corporate securities	197,084		—		196,584		500

Government securities	132,469		—		132,469		—
Prepaid expenses and other current assets:
Foreign currency derivatives	2,165		—		2,165		—
Total assets	$	940,537	$	556,484	$	383,553	$	500
Accrued expenses and other current liabilities:
Foreign currency derivatives	6,069		—		6,069		—
Total liabilities	$	6,069	$	—	$	6,069	$	—


	As of December 31, 2019		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	$	474,756	$	474,756	$	—	$	—
Money market funds	42,019		42,019		—		—
Agency securities	19,993		—		19,993		—
Corporate securities	8,993		—		8,993		—

Available-for-sale securities:
Agency securities	1,682		—		1,682		—
Corporate securities	48,884		—		47,884		1,000

Government securities	9,129		—		9,129		—
Prepaid expenses and other current assets:
Foreign currency derivatives	1,889		—		1,889		—
Total assets	$	607,345	$	516,775	$	89,570	$	1,000
Accrued expenses and other current liabilities:
Foreign currency derivatives	1,390		—		1,390		—
Total liabilities	$	1,390	$	—	$	1,390	$	—

Fair Value, by Balance Sheet Grouping

As of September 30, 2020, the fair value of the $750.0 million unsecured senior notes due March 1, 2030 (the "2030 Notes") and $750.0 million unsecured senior notes due December 1, 2027 (the “2027 Notes") 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, 2020, the carrying value was as follows (in thousands):


	Fair Value		Carrying Value
2030 Notes	$	798,443	$	738,811
2027 Notes	$	862,103	$	743,593