Note 6. Cash, Cash Equivalents, and Marketable Securities (Notes)

12 Months Ended

Dec. 31, 2019

Cash, Cash Equivalents, and Short-term Investments [Abstract]

Cash, Cash Equivalents, and Marketable Securities

6. Cash, Cash Equivalents, and Marketable Securities

Cash, cash equivalents, and marketable securities consisted of the following at December 31, 2019 and 2018 (in thousands):

	2019		2018
Cash and cash equivalents:
Cash	$	1,345,419	$	1,202,774
Money market funds	7,322		200,788
Total cash and cash equivalents	1,352,741		1,403,562
Marketable securities:
Foreign debt	387,820		318,646
Foreign government obligations	22,011		98,621
U.S. debt	66,134		44,468
Time deposits	335,541		681,969
Total marketable securities	811,506		1,143,704
Total cash, cash equivalents, and marketable securities	$	2,164,247	$	2,547,266

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our consolidated balance sheets as of December 31, 2019 and 2018 to the total of such amounts as presented in the consolidated statements of cash flows (in thousands):

	Balance Sheet Line Item	2019		2018
Cash and cash equivalents	Cash and cash equivalents	$	1,352,741	$	1,403,562
Restricted cash – current (1)	Prepaid expenses and other current assets	13,697		19,671
Restricted cash – noncurrent (1)	Restricted cash and investments	80,072		139,390
Total cash, cash equivalents, and restricted cash		$	1,446,510	$	1,562,623

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(1) See Note 7. “Restricted Cash and Investments” to our consolidated financial statements for discussion of our “Restricted cash” arrangements.

During the year ended December 31, 2019, we sold marketable securities for proceeds of $52.0 million and realized no gain or loss on such sales. During the years ended December 31, 2018 and 2017, we sold marketable securities for proceeds of $10.8 million and $118.3 million, respectively, and realized gains of less than $0.1 million on such sales in each respective period. See Note 11. “Fair Value Measurements” to our consolidated financial statements for information about the fair value of our marketable securities.

The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of December 31, 2019 and 2018 (in thousands):

	As of December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Foreign debt	$	387,775	$	551	$	506	$	387,820
Foreign government obligations	21,991		20		—		22,011
U.S. debt	65,970		176		12		66,134
Time deposits	335,541		—		—		335,541
Total	$	811,277	$	747	$	518	$	811,506

	As of December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Foreign debt	$	320,056	$	468	$	1,878	$	318,646
Foreign government obligations	99,189		—		568		98,621
U.S. debt	44,625		53		210		44,468
Time deposits	681,969		—		—		681,969
Total	$	1,145,839	$	521	$	2,656	$	1,143,704

As of December 31, 2019, we had no investments in a loss position for a period of time greater than 12 months. As of December 31, 2018, we identified 15 investments totaling $207.2 million that had been in a loss position for a period of time greater than 12 months with unrealized losses of $1.8 million. The unrealized losses were primarily due to increases in interest rates relative to rates at the time of purchase. Based on the underlying credit quality of the investments, we generally hold such securities until we recover our cost basis. Therefore, we did not consider these securities to be other-than-temporarily impaired.

The following tables show unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of December 31, 2019 and 2018, aggregated by major security type and the length of time the marketable securities have been in a continuous loss position (in thousands):

	As of December 31, 2019
	In Loss Position for Less Than 12 Months				In Loss Position for 12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Foreign debt	$	178,174	$	506	$	—	$	—	$	178,174	$	506
U.S. debt	30,566		12		—		—		30,566		12
Total	$	208,740	$	518	$	—	$	—	$	208,740	$	518

	As of December 31, 2018
	In Loss Position for Less Than 12 Months				In Loss Position for 12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Foreign debt	$	150,842	$	802	$	94,446	$	1,076	$	245,288	$	1,878
Foreign government obligations	—		—		98,621		568		98,621		568
U.S. debt	$	15,356	$	32	$	14,085	$	178	$	29,441	$	210
Total	$	166,198	$	834	$	207,152	$	1,822	$	373,350	$	2,656

The contractual maturities of our marketable securities as of December 31, 2019 were as follows (in thousands):

	Fair Value
One year or less	$	488,118
One year to two years	164,410
Two years to three years	158,978
Total	$	811,506