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Available-for-Sale Securities and Fair Value Measurements | 9 Months Ended
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Sep. 30, 2019
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2019
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
(In thousands) | ​ | Amortized Cost | ​ | Gains | ​ | Losses | ​ | Fair Value
U.S. government securities | ​ | $ | 91,440 | ​ | $ | 26 | ​ | $ | (1) | ​ | $ | 91,465
U.S. commercial paper | ​ |  | 54,356 | ​ |  | — | ​ |  | — | ​ |  | 54,356
Money market funds | ​ |  | 101,636 | ​ |  | — | ​ |  | — | ​ |  | 101,636
Total | ​ | $ | 247,432 | ​ | $ | 26 | ​ | $ | (1) | ​ | $ | 247,457
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 September 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 four 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 September 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 | ​ | $ | — | ​ | $ | 91,465 | ​ | $ | — | ​ | $ | 91,465
U.S. commercial paper | ​ |  | — | ​ |  | 54,356 | ​ |  | — | ​ |  | 54,356
Money market funds | ​ |  | 101,636 | ​ |  | — | ​ |  | — | ​ |  | 101,636
Total assets measured at estimated fair value | ​ | $ | 101,636 | ​ | $ | 145,821 | ​ | $ | — | ​ | $ | 247,457
Debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Term B Loan | ​ | $ | — | ​ | $ | 13,750 | ​ | $ | — | ​ | $ | 13,750
2023 Notes | ​ | ​ | — | ​ | ​ | 226,139 | ​ | ​ | — | ​ | ​ | 226,139
2025 Notes | ​ |  | — | ​ |  | 182,729 | ​ |  | — | ​ |  | 182,729
Total fair value of debt | ​ | $ | — | ​ | $ | 422,618 | ​ | $ | — | ​ | $ | 422,618
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Estimated Fair Value Measurements as of December 31, 2018 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 | ​ | $ | — | ​ | $ | 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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