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AVAILABLE-FOR-SALE SECURITIES AND FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2017
AVAILABLE-FOR-SALE SECURITIES AND FAIR VALUE MEASUREMENTS |
AVAILABLE-FOR-SALE SECURITIES AND FAIR VALUE MEASUREMENTS | 4. AVAILABLE-FOR-SALE SECURITIES AND FAIR VALUE MEASUREMENTS Available-for Sale Securities The estimated fair value of available-for-sale securities is based on quoted market prices for these or similar investments that were based on prices obtained from a commercial pricing service. Available-for-sale securities are summarized below:
|  | December 31, 2017 |
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |
U.S. government securities |  | $ | 9,943 |  | $ | — |  | $ | (1 | ) | $ | 9,942 |
U.S. government agencies |  |  | 9,987 |  |  | — |  |  | (2 | ) |  | 9,985 |
U.S. corporate notes |  |  | 10,881 |  |  | — |  |  | (15 | ) |  | 10,866 |
U.S. commercial papers |  |  | 29,945 |  |  | — |  |  | — |  |  | 29,945 |
Money market funds |  |  | 61,971 |  |  | — |  |  | — |  |  | 61,971 |
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Total |  | $ | 122,727 |  | $ | — |  | $ | (18 | ) | $ | 122,709 |
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|  | December 31, 2016 |
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |
U.S. government agencies |  | $ | 12,428 |  | $ | 1 |  | $ | — |  | $ | 12,429 |
U.S. commercial papers |  |  | 72,065 |  |  | — |  |  | — |  |  | 72,065 |
Money market funds |  |  | 64,319 |  |  | — |  |  | — |  |  | 64,319 |
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Total |  | $ | 148,812 |  | $ | 1 |  | $ | — |  | $ | 148,813 |
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As of December 31, 2017, all of the available-for-sale debt securities had contractual maturities within one year and the average duration of debt securities was approximately three months. Fair Value Measurements Our available-for-sale securities are measured at fair value on a recurring basis and our debt is carried at the amortized cost basis. The estimated fair values were as follows:
|  | Estimated Fair Value Measurements as of December 31, 2017 Using: |
|  | Quoted Price in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  |  |
Types of Instruments (In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | — |  | $ | 9,942 |  | $ | — |  | $ | 9,942 |
U.S. government agencies |  |  | — |  |  | 9,985 |  |  | — |  |  | 9,985 |
U.S. corporate notes |  |  | — |  |  | 10,866 |  |  | — |  |  | 10,866 |
U.S. commercial papers |  |  | — |  |  | 29,945 |  |  | — |  |  | 29,945 |
Money market funds |  |  | 61,971 |  |  | — |  |  | — |  |  | 61,971 |
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Total assets measured at estimated fair value |  | $ | 61,971 |  | $ | 60,738 |  | $ | — |  | $ | 122,709 |
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Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Term B Loan |  | $ | — |  | $ | 243,750 |  | $ | — |  | $ | 243,750 |
2023 Notes |  |  | — |  |  | 241,259 |  |  | — |  |  | 241,259 |
2025 Notes |  |  | — |  |  | 205,975 |  |  | — |  |  | 205,975 |
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Total fair value of liabilities |  | $ | — |  | $ | 690,984 |  | $ | — |  | $ | 690,984 |
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|  | Estimated Fair Value Measurements as of December 31, 2016 Using: |
|  | Quoted Price in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  |  |
Types of Instruments (In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | — |  | $ | 12,429 |  | $ | — |  | $ | 12,429 |
U.S. commercial papers |  |  | — |  |  | 72,065 |  |  | — |  |  | 72,065 |
Money market funds |  |  | 64,319 |  |  | — |  |  | — |  |  | 64,319 |
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Total assets measured at estimated fair value |  | $ | 64,319 |  | $ | 84,494 |  | $ | — |  | $ | 148,813 |
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Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
2023 Notes |  | $ | — |  | $ | 202,125 |  | $ | — |  | $ | 202,125 |
2029 Notes |  |  | — |  |  | 487,189 |  |  | — |  |  | 487,189 |
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Total fair value of liabilities |  | $ | — |  | $ | 689,314 |  | $ | — |  | $ | 689,314 |
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The fair value of our marketable securities classified within Level 2 is based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. The fair value of our convertible subordinated notes due 2023 (the "2023 Notes"), of our 2025 Notes and of our previously outstanding 2029 Notes is based on recent trading prices of the instruments. The carrying amount of our initial Term B Loan before deducting debt issuance costs approximates fair value as the loan carries a variable interest rate that is tied to the LIBOR rate plus an applicable spread.

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