FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Available-for-sale Debt Securities

At September 30, 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	$	49,991	$	1	$	—	$	49,992
Total available-for-sale marketable debt securities	$	49,991	$	1	$	—	$	49,992

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:


	September 30, 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	$	269,013	$	—	$	—	$	269,013
Treasury discount notes	—		474,976		—		474,976
Time deposits	—		2,988		—		2,988
Marketable debt securities:
Treasury discount notes	—		49,992		—		49,992
Total	$	269,013	$	527,956	$	—	$	796,969


	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	$	291,810	$	—	$	—	$	291,810
Time deposits	—		23,040		—		23,040
Total	$	291,810	$	23,040	$	—	$	314,850

Schedule of Carrying Value and Fair Value of Financial Instruments

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


	September 30, 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)	$	(715,408)	$	(715,288)	$	(231,946)	$	(232,581)

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(a) At September 30, 2020 and December 31, 2019, the carrying value of long-term debt, net includes unamortized debt issuance costs of $8.0 million and $1.8 million, respectively.