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Available-for-Sale Securities and Fair Value Measurements | 6 Months Ended
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Jun. 30, 2019
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2019
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
(In thousands) | ​ | Amortized Cost | ​ | Gains | ​ | Losses | ​ | Fair Value
U.S. government securities | ​ | $ | 49,012 | ​ | $ | 25 | ​ | $ | — | ​ | $ | 49,037
U.S. government agencies | ​ | ​ | 19,919 | ​ | ​ | 8 | ​ | ​ | — | ​ | ​ | 19,927
U.S. commercial paper | ​ |  | 38,747 | ​ |  | — | ​ |  | — | ​ |  | 38,747
Money market funds | ​ |  | 120,581 | ​ |  | — | ​ |  | — | ​ |  | 120,581
Total | ​ | $ | 228,259 | ​ | $ | 33 | ​ | $ | — | ​ | $ | 228,292
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2018
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
(In thousands) | ​ | Amortized Cost | ​ | Gains | ​ | Losses | ​ | Fair Value
U.S. government securities | ​ | $ | 29,736 | ​ | $ | — | ​ | $ | (3) | ​ | $ | 29,733
U.S. government agencies | ​ | ​ | 4,971 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,971
U.S. corporate notes | ​ | ​ | 2,875 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,875
U.S. commercial paper | ​ |  | 22,037 | ​ |  | — | ​ |  | — | ​ |  | 22,037
Money market funds | ​ |  | 49,358 | ​ |  | — | ​ |  | — | ​ |  | 49,358
Total | ​ | $ | 108,977 | ​ | $ | — | ​ | $ | (3) | ​ | $ | 108,974
​ As of June 30, 2019, all of the available-for-sale securities had contractual maturities within one year and the weighted average maturity of marketable securities was approximately two months. Fair Value Measurements Our available-for-sale securities are measured at fair value on a recurring basis and our debt is carried at amortized cost basis. The estimated fair values were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Estimated Fair Value Measurements as of June 30, 2019 Using:
​ | ​ | Quoted Price in | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Active Markets | ​ | Significant Other | ​ | Significant | ​ | ​ | ​
​ | ​ | for Identical | ​ | Observable | ​ | Unobservable | ​ | ​ | ​
Types of Instruments | ​ | Assets | ​ | Inputs | ​ | Inputs | ​ | ​ | ​
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government securities | ​ | $ | — | ​ | $ | 49,037 | ​ | $ | — | ​ | $ | 49,037
U.S. government agencies | ​ | ​ | — | ​ | ​ | 19,927 | ​ | ​ | — | ​ | ​ | 19,927
U.S. commercial paper | ​ |  | — | ​ |  | 38,747 | ​ |  | — | ​ |  | 38,747
Money market funds | ​ |  | 120,581 | ​ |  | — | ​ |  | — | ​ |  | 120,581
Total assets measured at estimated fair value | ​ | $ | 120,581 | ​ | $ | 107,711 | ​ | $ | — | ​ | $ | 228,292
Debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Term B Loan | ​ | $ | — | ​ | $ | 13,750 | ​ | $ | — | ​ | $ | 13,750
2023 Notes | ​ | ​ | — | ​ | ​ | 252,754 | ​ | ​ | — | ​ | ​ | 252,754
2025 Notes | ​ |  | — | ​ |  | 208,181 | ​ |  | — | ​ |  | 208,181
Total fair value of debt | ​ | $ | — | ​ | $ | 474,685 | ​ | $ | — | ​ | $ | 474,685
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Estimated Fair Value Measurements as of December 31, 2018 Using:
Types of Instruments | ​ | Quoted Price in Active Markets for Identical Assets | ​ | Significant Other Observable Inputs | ​ | Significant Unobservable Inputs | ​ | ​ | ​
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government securities | ​ | $ | — | ​ | $ | 29,733 | ​ | $ | — | ​ | $ | 29,733
U.S. government agencies | ​ | ​ | — | ​ | ​ | 4,971 | ​ | ​ | — | ​ | ​ | 4,971
U.S. corporate notes | ​ | ​ | — | ​ | ​ | 2,875 | ​ | ​ | — | ​ | ​ | 2,875
U.S. commercial paper | ​ |  | — | ​ |  | 22,037 | ​ |  | — | ​ |  | 22,037
Money market funds | ​ |  | 49,358 | ​ |  | — | ​ |  | — | ​ |  | 49,358
Total assets measured at estimated fair value | ​ | $ | 49,358 | ​ | $ | 59,616 | ​ | $ | — | ​ | $ | 108,974
Debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Term B Loan | ​ | $ | — | ​ | $ | 13,750 | ​ | $ | — | ​ | $ | 13,750
2023 Notes | ​ | ​ | — | ​ | ​ | 258,918 | ​ | ​ | — | ​ | ​ | 258,918
2025 Notes | ​ | ​ | — | ​ | ​ | 230,692 | ​ | ​ | — | ​ | ​ | 230,692
Total fair value of debt | ​ | $ | — | ​ | $ | 503,360 | ​ | $ | — | ​ | $ | 503,360
​ 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 2023 Notes and of our 2025 Notes is based on recent trading prices of the instruments. The carrying amount of our initial senior secured term loan (the “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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- Definition The entire disclosure for available-for-sale securities and fair value measurements. + References No definition available. + Details
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