XML 43 R12.htm IDEA: XBRL DOCUMENT v3.19.3
Cash and Cash Equivalents, and Investment
 9 Months Ended
Sep. 30, 2019
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents, and Investment Cash and Cash Equivalents, and Investments
 
The following tables shows our cash and cash equivalents, and investments’ adjusted cost, unrealized gain, unrealized loss and fair value as of September 30, 2019 and December 31, 2018 (in thousands):
 
September 30, 2019
 
Adjusted Cost
 
Unrealized Gain
 
Unrealized Loss
 
Fair Value
Cash and cash equivalents:
 
 
 
 
 
 
 
Cash
$
302,779

 
$
—

 
$
—

 
$
302,779

Money market funds
140,193

 
—

 
—

 
140,193

Commercial paper
7,496

 
—

 
(11
)
 
7,485

Total cash and cash equivalents
$
450,468

 
$
—

 
$
(11
)
 
$
450,457

Short-term investments:
 
 
 
 
 
 
 
Commercial paper
$
48,198

 
$
6

 
$
(1
)
 
$
48,203

Corporate securities
232,803

 
321

 
(82
)
 
233,042

U.S. treasury securities
39,095

 
44

 
—

 
39,139

Agency bonds
25,001

 
7

 
—

 
25,008

Total short-term investments
$
345,097

 
$
378

 
$
(83
)
 
$
345,392

Long-term investments:
 
 
 
 
 
 
 
Corporate securities
$
309,989

 
$
524

 
$
(366
)
 
$
310,147

Agency bonds
30,000

 
—

 
(29
)
 
29,971

Total long-term investments
$
339,989

 
$
524

 
$
(395
)
 
$
340,118



 
December 31, 2018
 
Adjusted Cost
 
Unrealized Gain
 
Unrealized Loss
 
Fair Value
Cash and cash equivalents:
 
 
 
 
 
 
 
Cash
$
351,345

 
$
—

 
$
—

 
$
351,345

Money market funds
5,052

 
—

 
—

 
5,052

Commercial paper
18,267

 
—

 
—

 
18,267

Total cash and cash equivalents
$
374,664

 
$
—

 
$
—

 
$
374,664

Short-term investments:
 
 
 
 
 
 
 
Commercial paper
$
40,500

 
$
—

 
$
(12
)
 
$
40,488

Corporate securities
38,616

 
—

 
(87
)
 
38,529

U.S. treasury securities
14,333

 
—

 
(5
)
 
14,328

Total short-term investments
$
93,449

 
$
—

 
$
(104
)
 
$
93,345

Long-term investments:
 
 
 
 
 
 
 
Corporate securities
$
14,429

 
$
9

 
$
(14
)
 
$
14,424

U.S. treasury securities
1,630

 
—

 
(2
)
 
1,628

Total long-term investments
$
16,059

 
$
9

 
$
(16
)
 
$
16,052





The adjusted cost and fair value of available-for-sale investments as of September 30, 2019 by contractual maturity were as follows (in thousands):
 
Adjusted Cost
 
Fair Value
Due in 1 year or less
$
352,593

 
$
352,877

Due in 1-2 years
339,989

 
340,118

Investments not due at a single maturity date
140,193

 
140,193

Total
$
832,775

 
$
833,188



Investments not due at a single maturity date in the preceding table consist of money market fund deposits.

As of September 30, 2019, we considered the declines in market value of our investment portfolio to be temporary in nature and did not consider any of our investments to be other-than-temporarily impaired. We typically invest in highly-rated securities with a minimum credit rating of A- and a weighted average maturity of 10 months, and our investment policy generally limits the amount of credit exposure to any one issuer or industry sector. The policy requires investments generally to be investment grade, with the primary objective of preserving capital and maintaining liquidity. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and our intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s cost basis. During the three and nine months ended September 30, 2019 and 2018, we did not recognize any other-than-impairment charges.

Restricted Cash

As of September 30, 2019 and December 31, 2018, we had approximately $1.3 million of restricted cash that primarily consists of security deposits for our corporate offices. These amounts are classified in either other current assets or other assets on our condensed consolidated balance sheets based upon the term of the remaining restrictions.

Strategic Investments

In October 2018, we completed an investment of $10.0 million in WayUp, Inc., a U.S.-based job site and mobile application for college students and recent graduates. Additionally, we previously invested $3.0 million in a foreign entity to explore expanding our reach internationally. We did not record other-than-temporary impairment charges on our strategic investments during the three and nine months ended September 30, 2019 and 2018, as there were no significant identified events or changes in circumstances that would be considered an indicator for impairment. There were no observable price changes in orderly transactions for the identical or similar investments of the same issuer during the three and nine months ended September 30, 2019 and 2018.