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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Marketable Debt Securities At December 31, 2020, 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 | $ | 49,995 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,995 |
Total available-for-sale marketable debt securities | $ | 49,995 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,995 |
The contractual maturities of debt securities classified as current available-for-sale at December 31, 2020 are within one year. The Company did not hold any available-for-sale marketable debt securities at December 31, 2019. For the years ended December 31, 2020 and 2019, proceeds from maturities of available-for-sale marketable debt securities were $50.0 million and $25.0 million, respectively. There were no gross realized gains or losses from the maturities of available-for-sale marketable debt securities for the years ended December 31, 2020 and 2019. Fair Value Measurements The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:
| December 31, 2020
| 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 | $ | 374,014 |  |  | $ | — |  |  | $ | — |  |  | $ | 374,014 |
Treasury discount notes | — |  |  | 324,995 |  |  | — |  |  | 324,995 |
Time deposits | — |  |  | 2,721 |  |  | — |  |  | $ | 2,721 |
Marketable debt securities: |  |  |  |  |  |  |
Treasury discount notes | — |  |  | 49,995 |  |  | — |  |  | 49,995 |
Total | $ | 374,014 |  |  | $ | 377,711 |  |  | $ | — |  |  | $ | 751,725 |
| December 31, 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 | $ | 291,810 |  |  | $ | — |  |  | $ | — |  |  | $ | 291,810 |
Time deposits | — |  |  | 23,040 |  |  | — |  |  | 23,040 |
Total | $ | 291,810 |  |  | $ | 23,040 |  |  | $ | — |  |  | $ | 314,850 |
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:
| December 31, 2020 |  | December 31, 2019
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
| (In thousands)
Current portion of long-term debt | $ | — |  |  | $ | — |  |  | $ | (13,750) |  |  | $ | (13,681) |
Long-term debt, net(a) | (712,277) |  |  | (725,700) |  |  | (231,946) |  |  | (232,581) |
_________________ (a) At December 31, 2020 and 2019, the carrying value of long-term debt, net includes unamortized debt issuance costs of $7.7 million and $1.8 million, respectively. The fair value of long-term debt, including the current portion, is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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