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FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Marketable Securities

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

	September 30, 2019				December 31, 2018
	(In thousands)
Marketable equity securities	$	157,174			$	419
Available-for-sale marketable debt securities	—				123,246
Total marketable securities	$	157,174			$	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 September 30,								Nine Months Ended September 30,
	2019				2018				2019				2018
	(In thousands)
Proceeds from maturities of available-for-sale marketable debt securities	$	—			$	115,000			$	163,500			$	125,000

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 September 30, 2019 and 2018.

	Three Months Ended September 30,								Nine Months Ended September 30,
	2019				2018				2019				2018
	(In thousands)
Upward adjustments (gross unrealized gains)	$	53			$	—			$	53			$	128,786
Downward adjustments including impairment (gross unrealized losses)	(543		)		—				(1,193		)		(2,588		)
Total	$	(490	)		$	—			$	(1,140	)		$	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 nine months ended September 30, 2019 and 2018 are as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2019				2018				2019				2018
	(In thousands)
Realized (losses) gains, net, for equity securities sold	$	(8	)		$	702			$	2,136			$	27,874
Unrealized (losses) gains, net, on equity securities held	(5,066		)		(115		)		24,181				126,444
Total (losses) gains recognized, net, in other income, net	$	(5,074	)		$	587			$	26,317			$	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, 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	$	818,158			$	—			$	—			$	818,158
Treasury discount notes	—				1,349,257				—				1,349,257
Time deposits	—				145,035				—				145,035
Marketable securities:
Marketable equity security	157,174				—				—				157,174
Other non-current assets:
Warrant	—				—				8,929				8,929
Total	$	975,332			$	1,494,292			$	8,929			$	2,478,553
Liabilities:
Contingent consideration arrangement	$	—			$	—			$	(13,664	)		$	(13,664	)

	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 following tables present the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

	Three Months Ended September 30,
	2019								2018
	Warrant				Contingent Consideration Arrangements				Contingent Consideration Arrangements
	(In thousands)
Balance at July 1	$	—			$	(29,803	)		$	(1,910	)
Total net (losses) gains:
Included in earnings:
Fair value adjustments	(8,689		)		16,139				(55		)
Included in other comprehensive loss	—				—				(15		)
Fair value date of acquisition	17,618				—				—
Balance at September 30	$	8,929			$	(13,664	)		$	(1,980	)

	Nine Months Ended September 30,
	2019								2018
	Warrant				Contingent Consideration Arrangements				Contingent Consideration Arrangements
	(In thousands)
Balance at January 1	$	—			$	(28,631	)		$	(2,647	)
Total net (losses) gains:
Included in earnings:
Fair value adjustments	(8,689		)		12,993				(265		)
Included in other comprehensive loss	—				(14		)		(16		)
Fair value at date of acquisition	17,618				—				—
Settlements	—				1,988				948
Balance at September 30	$	8,929			$	(13,664	)		$	(1,980	)

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, 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)	(3,111,882		)		(3,934,574		)		(2,245,548		)		(2,460,204		)

_____________________

^(a) 

At September 30, 2019 and December 31, 2018, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $417.8 million and $88.9 million, respectively.

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