FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Fair Value of Marketable Securities

At September 30, 2018 and December 31, 2017, the fair value of marketable securities are as follows:



	September 30, 2018		December 31, 2017
	(In thousands)
Available-for-sale marketable debt securities	$	208,005	$	4,995
Marketable equity security	550		—
Total marketable securities	$	208,555	$	4,995

Schedule of Current Available-for-sale Marketable Securities

At December 31, 2017, current available-for-sale marketable debt securities are as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Commercial paper	$	4,995	$	—	$	—	$	4,995
Total available-for-sale marketable debt securities	$	4,995	$	—	$	—	$	4,995

At September 30, 2018, 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	$	171,974	$	—	$	(10	)	$	171,964
Commercial paper	36,041		—		—			36,041
Total available-for-sale marketable debt securities	$	208,015	$	—	$	(10	)	$	208,005

Schedule of Proceeds from Maturities and Sales of Available-for-sale Marketable Debt Securities

The following table presents the proceeds from maturities and sales of available-for-sale marketable debt securities:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(In thousands)
Proceeds from maturities and sales of available-for-sale marketable debt securities	$	115,000	$	15,000	$	125,000	$	114,350

Schedule of Realized and Unrealized Gains and Losses

The following table presents a summary of realized and unrealized gains and losses recorded in other income (expense), net, as adjustments to the carrying value of equity securities without readily determinable fair values held as of September 30, 2018. The gross unrealized gains relate to the Company's remaining investments in an investee following the sale of a portion of the Company's investment during the second quarter of 2018.



	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
	(In thousands)
Upward adjustments (gross unrealized gains)	$	—	$	128,786
Downward adjustments (including impairment) (gross unrealized losses)	—		(2,588		)
Total	$	—	$	126,198

Realized and unrealized gains and losses for the Company's marketable equity security and investments without a readily determinable fair value for the three and nine months ended September 30, 2018 are as follows:



	Three Months Ended September 30, 2018			Nine Months Ended September 30, 2018
	(In thousands)
Realized gains, net, for equity securities sold	$	702		$	27,874
Unrealized (losses) gains, net, on equity securities held	(115		)	126,444
Total gains recognized, net, in other income, net	$	587		$	154,318

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, 2018
	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	$	745,046	$	—	$	—		$	745,046
Treasury discount notes	—		194,843		—			194,843
Commercial paper	—		157,808		—			157,808
Time deposits	—		105,034		—			105,034
Marketable securities:
Treasury discount notes	—		171,964		—			171,964
Commercial paper	—		36,041		—			36,041
Marketable equity security	550		—		—			550
Total	$	745,596	$	665,690	$	—		$	1,411,286

Liabilities:
Contingent consideration arrangements	$	—	$	—	$	(1,980	)	$	(1,980	)



	December 31, 2017
	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	$	780,425	$	—	$	—		$	780,425
Treasury discount notes	—		100,457		—			100,457
Commercial paper	—		215,325		—			215,325
Time deposits	—		60,000		—			60,000
Certificates of deposit	—		6,195		—			6,195
Marketable securities:
Commercial paper	—		4,995		—			4,995
Total	$	780,425	$	386,972	$	—		$	1,167,397

Liabilities:
Contingent consideration arrangements	$	—	$	—	$	(2,647	)	$	(2,647	)

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

The Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are its contingent consideration arrangements.



	Contingent Consideration Arrangements
	Three Months Ended September 30,
	2018			2017
	(In thousands)
Balance at July 1	$	(1,910	)	$	(24,829	)
Total net losses:
Included in earnings:
Fair value adjustments	(55		)	(60		)
Included in other comprehensive loss	(15		)	(332		)
Settlements	—			23,429
Balance at September 30	$	(1,980	)	$	(1,792	)



	Contingent Consideration Arrangements
	Nine Months Ended September 30,
	2018			2017
	(In thousands)
Balance at January 1	$	(2,647	)	$	(33,871	)
Total net losses:
Included in earnings:
Fair value adjustments	(265		)	(4,945		)
Included in other comprehensive loss	(16		)	(1,405		)
Settlements	948			38,429
Balance at September 30	$	(1,980	)	$	(1,792	)

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:



	September 30, 2018						December 31, 2017
	Carrying Value			Fair Value			Carrying Value			Fair Value
	(In thousands)
Current portion of long-term debt	$	(13,750	)	$	(13,664	)	$	(13,750	)	$	(13,802	)
Long-term debt, net^(a)	(1,983,993		)	(2,353,160		)	(1,979,469		)	(2,168,108		)

_________________


^(a)	At September 30, 2018 and December 31, 2017, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $93.9 million and $109.1 million, respectively.