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FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022
	Quoted Market Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total Fair Value Measurements

	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	2,216	$	—	$	2,216
Time deposits	—		588		588
Short-term investments:
Time deposits	—		7,678		7,678
Total	$	2,216	$	8,266	$	10,482


	December 31, 2021
	Quoted Market Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total Fair Value Measurements

	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	260,582	$	—	$	260,582
Time deposits	—		36,831		36,831
Short-term investments:
Time Deposits	—		11,818		11,818
Total	$	260,582	$	48,649	$	309,231

Schedule of Carrying Value and Fair Value of Financial Instruments

The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes.


	September 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value

	(In thousands)
Current maturities of long-term debt (a) (b) (c)	$	—	$	—	$	(84,333)	$	(254,472)
Long-term debt, net (b) (c)	$	(3,834,125)	$	(3,434,522)	$	(3,829,421)	$	(4,772,140)

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(a)At September 30, 2022 and December 31, 2021, the carrying value excludes $44.3 million and $15.6 million, respectively, of aggregate principal amount of the exchanged 2022 Exchangeable Notes (described in “Note 5—Long-term Debt, net”) as those amounts are carried at fair value.

(b)At September 30, 2022, the carrying value of current maturities of long-term debt, net include no unamortized debt issuance costs. At December 31, 2021, the carrying value of current maturities of long-term debt, net includes unamortized debt issuance costs of $0.6 million. At September 30, 2022 and December 31, 2021, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $40.9 million and $45.6 million, respectively.

(c)At September 30, 2022, the fair value of the 2022 Exchangeable Notes, 2026 Exchangeable Notes, and 2030 Exchangeable Notes (described in “Note 5—Long-term Debt, net”) is $58.5 million, $512.8 million, and $512.5 million, respectively. At December 31, 2021, the fair value of the 2022 Exchangeable Notes, 2026 Exchangeable Notes, and 2030 Exchangeable Notes is $302.2 million, $932.6 million, and $1,017.7 million, respectively.