Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021		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	$	291,396	$	291,396	$	—	$	—

Money market funds	105,259		105,259		—		—
Corporate securities	11,016		—		11,016		—
Government securities	20,898		—		20,898		—
Available-for-sale securities:

Corporate securities	35,424		—		34,924		500


Prepaid expenses and other current assets:
Foreign currency derivatives	12,075		—		12,075		—
Total assets	$	476,068	$	396,655	$	78,913	$	500
Accrued expenses and other current liabilities:
Foreign currency derivatives	1,469		—		1,469		—
Total liabilities	$	1,469	$	—	$	1,469	$	—


	As of December 31, 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	$	375,874	$	375,874	$	—	$	—
Money market funds	23,089		23,089		—		—

Corporate securities	166,436		—		166,436		—
Government securities	187,496		—		187,496		—
Available-for-sale securities:
Agency securities	3,300		—		3,300		—
Corporate securities	70,684		—		70,184		500

Government securities	64,494		—		64,494		—
Prepaid expenses and other current assets:
Foreign currency derivatives	4,012		—		4,012		—
Total assets	$	895,385	$	398,963	$	495,922	$	500
Accrued expenses and other current liabilities:
Foreign currency derivatives	1,447		—		1,447		—
Total liabilities	$	1,447	$	—	$	1,447	$	—

Fair Value, by Balance Sheet Grouping

As of September 30, 2021, the fair values of the $750.0 million unsecured senior notes due March 1, 2030 (the “2030 Notes”), $750.0 million unsecured senior notes due December 1, 2027 (the “2027 Notes”), and $750.0 million 2026 Notes were 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, 2021, the carrying value was as follows (in thousands):


	Fair Value		Carrying Value
2030 Notes	$	769,643	$	739,991
2027 Notes	$	829,515	$	744,484
2026 Notes	$	738,083	$	742,447