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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2018
FAIR VALUE MEASUREMENTS |
Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall |
|  |  |  |  | Fair Value Measurement at March 31, 2018 Using: |
|  |  |  |  | Quoted Prices |  | Significant |  |  |  |
|  |  |  |  | in Active |  | Other |  | Significant |
|  |  |  |  | Markets for |  | Observable |  | Unobservable |
|  | Fair Value at |  | Identical Assets |  | Inputs |  | Inputs |
(In thousands) |  | March 31, 2018 |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market |  | $ | 101,103 |  | $ | 101,103 |  | $ | — |  | $ | — |
Certificates of deposit |  |  | 25,198 |  |  | — |  |  | 25,198 |  |  | — |
Commercial paper |  |  | 11,998 |  |  | — |  |  | 11,998 |  |  | — |
U.S. government agency securities |  |  | 8,398 |  |  | — |  |  | 8,398 |  |  | — |
Corporate bonds |  |  | 1,998 |  |  | — |  |  | 1,998 |  |  | — |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 345,123 |  |  | — |  |  | 345,123 |  |  | — |
Asset backed securities |  |  | 253,547 |  |  | — |  |  | 253,547 |  |  | — |
U.S. government agency securities |  |  | 194,024 |  |  | — |  |  | 194,024 |  |  | — |
Commercial paper |  |  | 51,994 |  |  | — |  |  | 51,994 |  |  | — |
Certificates of deposit |  |  | 48,786 |  |  | — |  |  | 48,786 |  |  | — |
Total |  | $ | 1,042,169 |  | $ | 101,103 |  | $ | 941,066 |  | $ | — |
The following table presents the Company’s fair value measurements as of December 31, 2017 along with the level within the fair value hierarchy in which the fair value measurements in their entirety fall.
|  |  |  |  | Fair Value Measurement at December 31, 2017 Using: |
|  |  |  |  | Quoted Prices |  | Significant |  |  |
|  |  |  |  | in Active |  | Other |  | Significant |
|  |  |  |  | Markets for |  | Observable |  | Unobservable |
|  | Fair Value at |  | Identical Assets |  | Inputs |  | Inputs |
(In thousands) |  | December 31, 2017 |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market |  | $ | 61,297 |  | $ | 61,297 |  | $ | — |  | $ | — |
Commercial paper |  |  | 10,995 |  |  |  |  |  | 10,995 |  |  | — |
Certificates of deposit |  |  | 1,499 |  |  |  |  |  | 1,499 |  |  | — |
U.S. government agency securities |  |  | 3,700 |  |  |  |  |  | 3,700 |  |  | — |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 181,305 |  |  | — |  |  | 181,305 |  |  | — |
Asset backed securities |  |  | 94,515 |  |  | — |  |  | 94,515 |  |  | — |
U.S. government agency securities |  |  | 54,812 |  |  | — |  |  | 54,812 |  |  | — |
Commercial paper |  |  | 9,946 |  |  | — |  |  | 9,946 |  |  | — |
Certificates of deposit |  |  | 6,646 |  |  | — |  |  | 6,646 |  |  | — |
Total |  | $ | 424,715 |  | $ | 61,297 |  | $ | 363,418 |  | $ | — |
Schedule of gross unrealized losses and fair values of investments in an unrealized loss position |
|  |  | March 31, 2018 |
|  |  | Less than 12 months |  | 12 months or greater |  | Total |
(In thousands) |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 328,935 |  | $ | (1,073) |  | $ | — |  | $ | — |  | $ | 328,935 |  | $ | (1,073) |
Asset backed securities |  |  | 252,105 |  |  | (841) |  |  | 1,442 |  |  | (2) |  |  | 253,547 |  |  | (843) |
U.S. government agency securities |  |  | 169,071 |  |  | (237) |  |  | 24,953 |  |  | (46) |  |  | 194,024 |  |  | (283) |
Commercial paper |  |  | 51,425 |  |  | (21) |  |  | — |  |  | — |  |  | 51,425 |  |  | (21) |
Certificates of deposit |  |  | 41,551 |  |  | (79) |  |  | — |  |  | — |  |  | 41,551 |  |  | (79) |
Total |  | $ | 843,087 |  | $ | (2,251) |  | $ | 26,395 |  | $ | (48) |  | $ | 869,482 |  | $ | (2,299) |
Schedule of contractual maturities of available-for-sale investments |
|  |  | Due one year or less |  | Due after one year through four years
(In thousands) |  |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 224,976 |  | $ | 224,287 |  | $ | 121,217 |  | $ | 120,836
U.S. government agency securities |  |  | 174,495 |  |  | 174,218 |  |  | 19,812 |  |  | 19,806
Commercial paper |  |  | 52,015 |  |  | 51,994 |  |  | — |  |  | —
Certificates of deposit |  |  | 46,888 |  |  | 46,820 |  |  | 1,976 |  |  | 1,966
Asset backed securities |  |  | 30,844 |  |  | 30,753 |  |  | 223,546 |  |  | 222,794
Total |  | $ | 529,218 |  | $ | 528,072 |  | $ | 366,551 |  | $ | 365,402

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