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FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Fair Value of Marketable Securities

At June 30, 2019 and December 31, 2018, the fair value of marketable securities are as follows:



	June 30, 2019		December 31, 2018
	(In thousands)
Marketable equity securities	$	161,749	$	419
Available-for-sale marketable debt securities	—		123,246
Total marketable securities	$	161,749	$	123,665

Schedule of Current Available-for-sale Marketable Securities

At December 31, 2018, 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	$	112,291	$	3	$	(3	)	$	112,291
Commercial paper	10,955		—		—			10,955
Total available-for-sale marketable debt securities	$	123,246	$	3	$	(3	)	$	123,246

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

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(In thousands)
Proceeds from maturities of available-for-sale marketable debt securities	$	40,000	$	5,000	$	163,500	$	10,000

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 June 30, 2019 and 2018.



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(In thousands)
Upward adjustments (gross unrealized gains)	$	—		$	128,786		$	—		$	128,786
Downward adjustments including impairment (gross unrealized losses)	(500		)	(2,396		)	(650		)	(2,588		)
Total	$	(500	)	$	126,390		$	(650	)	$	126,198

Realized and unrealized gains and losses for the Company's marketable equity securities and investments without readily determinable fair values for the three and six months ended June 30, 2019 and 2018 are as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(In thousands)
Realized gains, net, for equity securities sold	$	2,066	$	27,275	$	2,144	$	27,172
Unrealized gains, net, on equity securities held	29,369		126,414		29,247		126,559
Total gains recognized, net, in other income, net	$	31,435	$	153,689	$	31,391	$	153,731

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:



	June 30, 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	$	1,754,220	$	—	$	—		$	1,754,220
Treasury discount notes	—		711,877		—			711,877
Time deposits	—		145,036		—			145,036
Commercial paper	—		30,956		—			30,956
Marketable securities:
Marketable equity security	161,749		—		—			161,749
Total	$	1,915,969	$	887,869	$	—		$	2,803,838

Liabilities:
Contingent consideration arrangement	$	—	$	—	$	(29,803	)	$	(29,803	)



	December 31, 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	$	880,815	$	—	$	—		$	880,815
Treasury discount notes	—		561,733		—			561,733
Commercial paper	—		162,417		—			162,417
Time deposits	—		90,036		—			90,036
Marketable securities:
Treasury discount notes	—		112,291		—			112,291
Commercial paper	—		10,955		—			10,955
Marketable equity security	419		—		—			419
Total	$	881,234	$	937,432	$	—		$	1,818,666

Liabilities:
Contingent consideration arrangements	$	—	$	—	$	(28,631	)	$	(28,631	)

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 June 30,
	2019			2018
	(In thousands)
Balance at April 1	$	(28,186	)	$	(1,965	)
Total net (losses) gains:
Included in earnings:
Fair value adjustments	(1,617		)	(54		)
Included in other comprehensive income	—			109
Balance at June 30	$	(29,803	)	$	(1,910	)



	Contingent Consideration Arrangements
	Six Months Ended June 30,
	2019			2018
	(In thousands)
Balance at January 1	$	(28,631	)	$	(2,647	)
Total net losses:
Included in earnings:
Fair value adjustments	(3,146		)	(210		)
Included in other comprehensive loss	(14		)	(1		)
Settlements	1,988			948
Balance at June 30	$	(29,803	)	$	(1,910	)

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:



	June 30, 2019						December 31, 2018
	Carrying Value			Fair Value			Carrying Value			Fair Value
	(In thousands)
Current portion of long-term debt	$	(13,750	)	$	(13,681	)	$	(13,750	)	$	(12,753	)
Long-term debt, net^(a)	(3,138,531		)	(3,914,422		)	(2,245,548		)	(2,460,204		)

_____________________

^(a)

At June 30, 2019 and December 31, 2018, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $429.1 million and $88.9 million, respectively.