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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Fair Value of Marketable Securities

At March 31, 2020 and December 31, 2019, the fair value of marketable securities are as follows:



	March 31, 2020		December 31, 2019
	(In thousands)
Available-for-sale marketable debt securities	$	49,912	$	19,993
Total marketable securities	$	49,912	$	19,993

Schedule of Current Available-for-sale Marketable Securities

At December 31, 2019, current available-for-sale marketable debt securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Commercial paper	19,993		—		—		19,993
Total available-for-sale marketable debt securities	$	19,993	$	—	$	—	$	19,993

At March 31, 2020, current available-for-sale marketable debt securities are as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Treasury discount notes	$	49,924	$	—	$	(12	)	$	49,912
Total available-for-sale marketable debt securities	$	49,924	$	—	$	(12	)	$	49,912

Schedule of Realized and Unrealized Gains and Losses

The following table presents a summary of unrealized gains and losses recorded in "Other (expense) income, net," as adjustments to the carrying value of equity securities without readily determinable fair values held as of March 31, 2020 and 2019.



	Three Months Ended March 31,
	2020			2019
	(In thousands)
Upward adjustments (gross unrealized gains)	$	—		$	—
Downward adjustments including impairment (gross unrealized losses)	(51,484		)	(150		)
Total	$	(51,484	)	$	(150	)

Realized and unrealized gains and losses for the Company's marketable equity securities and investments without readily determinable fair values for the three months ended March 31, 2020 and 2019 are as follows:



	Three Months Ended March 31,
	2020			2019
	(In thousands)
Realized gains, net, for equity securities sold	$	12		$	78
Unrealized losses, net, on equity securities held	(51,484		)	(122		)
Total losses, net recognized in other (expense) income, net	$	(51,472	)	$	(44	)

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

The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:



	March 31, 2020
	Quoted Market Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value Measurements
	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	2,007,519	$	—	$	—		$	2,007,519
Treasury discount notes	—		99,882		—			99,882
Time deposits	—		72,809		—			72,809
Short-term investments	—		20,000		—			20,000
Marketable securities:
Treasury discount notes	—		49,912		—			49,912
Other non-current assets:
Warrant	—		—		6,489			6,489
Total	$	2,007,519	$	242,603	$	6,489		$	2,256,611

Liabilities:
Contingent consideration arrangement	$	—	$	—	$	(636	)	$	(636	)



	December 31, 2019
	Quoted Market Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value Measurements
	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	2,164,576	$	—	$	—		$	2,164,576
Treasury discount notes	—		199,896		—			199,896
Time deposits	—		128,075		—			128,075
Commercial paper	—		29,960		—			29,960
Marketable securities:
Commercial paper	—		19,993		—			19,993
Other non-current assets:
Warrant	—		—		8,495			8,495
Total	$	2,164,576	$	377,924	$	8,495		$	2,550,995

Liabilities:
Contingent consideration arrangement	$	—	$	—	$	(6,918	)	$	(6,918	)

Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):



	Three Months Ended March 31,
	2020						2019
	Warrant			Contingent Consideration Arrangements			Contingent Consideration Arrangement
	(In thousands)
Balance at January 1	$	8,495		$	(6,918	)	$	(28,631	)
Total net (losses) gains:
Included in earnings:
Fair value adjustments	(2,006		)	6,282			(1,529		)
Included in other comprehensive loss	—			—			(14		)
Fair value at date of acquisition	—			(1,000		)	—
Settlements	—			1,000			1,988
Balance at March 31	$	6,489		$	(636	)	$	(28,186	)

Schedule of Carrying Value and the Fair Value of Financial Instruments Measured at Fair Value Only for Disclosure Purposes

The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:



	March 31, 2020						December 31, 2019
	Carrying Value			Fair Value			Carrying Value			Fair Value
	(In thousands)
Current portion of long-term debt	$	(13,750	)	$	(13,750	)	$	(13,750	)	$	(13,681	)
Long-term debt, net^(a)	(3,625,008		)	(4,017,844		)	(3,121,572		)	(4,136,988		)

_____________________

^(a)

At March 31, 2020 and December 31, 2019, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $397.8 million and $404.7 million, respectively.