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Cash, Cash Equivalents, and Investments (Tables)
 9 Months Ended
Sep. 30, 2018
Cash and Cash Equivalents [Abstract]  
Components of Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 
September 30, 2018
 
December 31, 2017
Cash
$
104,654

 
$
97,951

Money market instruments
2,717

 
8,631

Cash and cash equivalents
107,371

 
106,582

Treasury bills
193,347

 
150,371

Corporate bonds
138,099

 
47,395

Asset-backed securities
71,438

 
59,203

Sovereign bonds
8,119

 
21,579

Municipal bonds
6,044

 
8,805

Agency bonds
2,969

 
10,608

Short-term investments
420,016

 
297,961

Corporate bonds
176,007

 
296,014

Asset-backed securities
60,111

 
71,727

Treasury bills
32,711

 
23,459

Sovereign bonds
6,318

 
13,147

Agency bonds
5,940

 
14,890

Municipal bonds
842

 
4,204

Long-term investments
281,929

 
423,441

 
$
809,316

 
$
827,984
Summary of Available-for-Sale Investments
The following table summarizes the Company’s available-for-sale investments as of September 30, 2018 (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Short-term:
 
 
 
 
 
 

Treasury bills
$
193,631

 
$
—

 
$
(284
)
 
$
193,347

Corporate bonds
138,383

 
56

 
(340
)
 
138,099

Asset-backed securities
71,646

 
1

 
(209
)
 
71,438

Sovereign bonds
8,172

 
—

 
(53
)
 
8,119

Municipal bonds
6,050

 
—

 
(6
)
 
6,044

Agency bonds
2,969

 
—

 
—

 
2,969

Long-term:
 
 
 
 
 
 

Corporate bonds
175,881

 
469

 
(343
)
 
176,007

Asset-backed securities
60,276

 
33

 
(198
)
 
60,111

Treasury bills
32,718

 
7

 
(14
)
 
32,711

Sovereign bonds
6,286

 
32

 
—

 
6,318

Agency bonds
5,930

 
10

 
—

 
5,940

Municipal bonds
855

 
—

 
(13
)
 
842

 
$
702,797

 
$
608

 
$
(1,460
)
 
$
701,945
Gross Unrealized Losses and Fair Values for Available-for-Sale Investments
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of September 30, 2018 (in thousands):
 
Unrealized Loss Position For:
 
 
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Treasury bills
$
137,108

 
$
(174
)
 
$
63,030

 
$
(124
)
 
$
200,138

 
$
(298
)
Corporate bonds
116,028

 
(386
)
 
42,922

 
(297
)
 
158,950

 
(683
)
Asset-backed securities
57,678

 
(207
)
 
38,256

 
(200
)
 
95,934

 
(407
)
Sovereign bonds
3,527

 
(6
)
 
4,592

 
(47
)
 
8,119

 
(53
)
Municipal bonds
2,854

 
(6
)
 
842

 
(13
)
 
3,696

 
(19
)
 
$
317,195


$
(779
)

$
149,642


$
(681
)

$
466,837


$
(1,460
)
Effective Maturity Dates of Available-for-Sale Investments
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 30, 2018 (in thousands):
 
<1 year
 
1-2 Years
 
2-3 Years
 
3-4 Years
 
4-5 Years
 
5-7 Years
 
Total
Corporate bonds
$
138,099

 
$
80,605

 
$
68,684

 
$
22,429

 
$
1,434

 
$
2,855

 
$
314,106

Treasury bills
193,347

 
32,711

 
—

 
—

 
—

 
—

 
226,058

Asset-backed securities
71,438

 
30,840

 
5,431

 
12,102

 
5,138

 
6,600

 
131,549

Sovereign bonds
8,119

 
6,318

 
—

 
—

 
—

 
—

 
14,437

Agency bonds
2,969

 
—

 
—

 
5,940

 
—

 
—

 
8,909

Municipal bonds
6,044

 
842

 
—

 
—

 
—

 
—

 
6,886

 
$
420,016


$
151,316


$
74,115


$
40,471


$
6,572


$
9,455


$
701,945