INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis


	As of June 30, 2022		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	$	453,260	$	453,260	$	—	$	—

Money market funds	412,337		412,337		—		—


Available-for-sale securities:

Corporate securities	7,202		—		6,702		500


Prepaid expenses and other current assets:
Foreign currency derivatives	13,745		—		13,745		—
Total assets	$	886,544	$	865,597	$	20,447	$	500
Accrued expenses and other current liabilities:
Foreign currency derivatives	4,014		—		4,014		—
Total liabilities	$	4,014	$	—	$	4,014	$	—


	As of December 31, 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	$	425,650	$	425,650	$	—	$	—
Money market funds	70,893		70,893		—		—

Corporate securities	17,450		—		17,450		—

Available-for-sale securities:

Corporate securities	27,940		—		27,440		500


Prepaid expenses and other current assets:
Foreign currency derivatives	741		—		741		—
Total assets	$	542,674	$	496,543	$	45,631	$	500
Accrued expenses and other current liabilities:
Foreign currency derivatives	1,531		—		1,531		—
Total liabilities	$	1,531	$	—	$	1,531	$	—

Schedule of Fair Value, by Balance Sheet Grouping

As of June 30, 2022, 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”), $750.0 million 2026 Notes, $1.00 billion term loan credit agreement entered into in 2021 (the “2021 Term Loan Credit Agreement”) and $100 million term loan credit agreement entered into in 2020 (“Term Loan Credit Agreement”) 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 June 30, 2022, the carrying value was as follows (in thousands):


	Fair Value		Carrying Value
2030 Notes	$	732,923	$	740,878
2027 Notes	$	739,958	$	745,153
2026 Notes	$	725,108	$	743,724
2021 Term Loan Credit Agreement	$	948,130	$	998,863
Term Loan Credit Agreement	$	99,625	$	99,965