FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Available-for-sale Debt Securities

At December 31, 2020, current available-for-sale marketable debt securities were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Treasury discount notes	$	49,995	$	—	$	—	$	49,995
Total available-for-sale marketable debt securities	$	49,995	$	—	$	—	$	49,995

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, 2021
	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	$	552,024	$	—	$	—	$	552,024
Treasury discount notes	—		100,000		—		100,000
Time deposits	—		1,586		—		1,586
Marketable debt securities:
Treasury discount notes	—		—		—		—
Total	$	552,024	$	101,586	$	—	$	653,610


	December 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	$	374,014	$	—	$	—	$	374,014
Treasury discount notes	—		324,995		—		324,995
Time deposits	—		2,721		—		2,721
Marketable debt securities:
Treasury discount notes	—		49,995		—		49,995
Total	$	374,014	$	377,711	$	—	$	751,725

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:


	March 31, 2021				December 31, 2020
	Carrying value		Fair value		Carrying value		Fair value
	(In thousands)

Long-term debt, net (a)	$	(705,987)	$	(710,692)	$	(712,277)	$	(725,700)

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(a) At March 31, 2021 and December 31, 2020, the carrying value of long-term debt, net includes unamortized debt issuance costs of $7.1 million and $7.7 million, respectively.