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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of the valuation of cash equivalents and marketable securities by pricing levels The following table presents the financial instruments that are carried at fair value and summarizes the valuation of its cash equivalents and marketable securities by the above pricing levels as of December 31, 2019 and 2018:
 
As of December 31, 2019
 
Total
 
Quoted Market Prices in Active Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
 
 
 
 
 
 
 
 
(In thousands)
Money market funds
$
10,065

 
$
10,065

 
$

 
$

U.S. Government bonds and notes
39,086

 

 
39,086

 

Corporate notes, bonds, commercial paper and other
314,391

 

 
314,391

 

Total available-for-sale securities
$
363,542

 
$
10,065

 
$
353,477

 
$

 
As of December 31, 2018
 
Total
 
Quoted Market Prices in Active Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
 
 
 
 
 
 
 
 
(In thousands)
Money market funds
$
10,080

 
$
10,080

 
$

 
$

U.S. Government bonds and notes
32,630

 

 
32,630

 

Corporate notes, bonds, commercial paper and other
183,998

 

 
183,998

 

Total available-for-sale securities
$
226,708

 
$
10,080

 
$
216,628

 
$


Financial instruments not carried at fair value but requiring fair value disclosure
The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure as of December 31, 2019 and 2018:
 
As of December 31, 2019
 
As of December 31, 2018

(in thousands)
Face
Value
 
Carrying Value
 
Fair
Value
 
Face
Value
 
Carrying Value
 
Fair
Value
1.375% Convertible Senior Notes due 2023
$
172,500

 
$
148,788

 
$
174,239

 
$
172,500

 
$
141,934

 
$
150,075