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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Assets Measured and Carried at Fair Value

The tables below present information about the Company’s financial assets that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value: 

 

 

 

Fair Value Measurement as of December 31, 2018

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

42,920

 

 

$

42,920

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

125,907

 

 

 

—

 

 

 

125,907

 

 

 

—

 

Government and government agency

   bonds

 

 

760,235

 

 

 

760,235

 

 

 

—

 

 

 

—

 

Corporate bonds

 

 

43,468

 

 

 

43,468

 

 

 

—

 

 

 

—

 

Strategic equity investments

 

 

31,739

 

 

 

1,739

 

 

 

—

 

 

 

30,000

 

Certificates of deposit

 

 

1,001

 

 

 

1,001

 

 

 

—

 

 

 

—

 

Total

 

$

1,005,270

 

 

$

849,363

 

 

$

125,907

 

 

$

30,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurement as of December 31, 2017

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

352,370

 

 

$

352,370

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

133,368

 

 

 

—

 

 

 

133,368

 

 

 

—

 

Government and government agency

   bonds

 

 

294,717

 

 

 

284,745

 

 

 

9,972

 

 

 

—

 

Corporate bonds

 

 

127,956

 

 

 

127,956

 

 

 

—

 

 

 

—

 

Certificates of deposit

 

 

648

 

 

 

648

 

 

 

—

 

 

 

—

 

Total

 

$

909,059

 

 

$

765,719

 

 

$

143,340

 

 

$

—