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Cash, Cash Equivalents, and Investments (Tables)
 12 Months Ended
Dec. 31, 2018
Cash and Cash Equivalents [Abstract]  
Components of Cash, Cash Equivalents and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 
December 31,
 
2018
 
2017
Cash
$
104,655

 
$
97,951

Money market instruments
3,557

 
8,631

Cash and cash equivalents
108,212

 
106,582

Treasury bills
198,477

 
150,371

Corporate bonds
137,871

 
47,395

Asset-backed securities
78,407

 
59,203

Sovereign bonds
8,101

 
21,579

Municipal bonds
4,492

 
8,805

Agency bonds
—

 
10,608

Short-term investments
427,348

 
297,961

Corporate bonds
162,566

 
296,014

Asset-backed securities
53,631

 
71,727

Treasury bills
32,760

 
23,459

Sovereign bonds
6,316

 
13,147

Agency bonds
5,921

 
14,890

Municipal bonds
845

 
4,204

Long-term investments
262,039

 
423,441

 
$
797,599

 
$
827,984
Summary of Available-for-Sale Investments
The following table summarizes the Company’s available-for-sale investments as of December 31, 2018 (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Short-term:
 
 
 
 
 
 
 
Treasury bills
$
198,512

 
$
38

 
$
(73
)
 
$
198,477

Corporate bonds
138,219

 
27

 
(375
)
 
137,871

Asset-backed securities
78,628

 
15

 
(236
)
 
78,407

Sovereign bonds
8,135

 
—

 
(34
)
 
8,101

Municipal bonds
4,492

 
—

 
—

 
4,492

Long-term:
 
 
 
 
 
 


Corporate bonds
163,847

 
107

 
(1,388
)
 
162,566

Asset-backed securities
53,693

 
55

 
(117
)
 
53,631

Treasury bills
32,722

 
51

 
(13
)
 
32,760

Sovereign bonds
6,286

 
30

 
—

 
6,316

Agency bonds
5,930

 
—

 
(9
)
 
5,921

Municipal bonds
855

 
—

 
(10
)
 
845

 
$
691,319

 
$
323

 
$
(2,255
)
 
$
689,387
Gross Unrealized Losses and Fair Value 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 December 31, 2018 (in thousands):
 
Unrealized Loss
Position For Less than
12 Months
 
Unrealized Loss
Position For Greater than
12 Months
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Corporate bonds
$
145,596

 
$
(1,268
)
 
$
99,886

 
$
(495
)
 
$
245,482

 
$
(1,763
)
Treasury bills
114,836

 
(73
)
 
$
13,850

 
(13
)
 
128,686

 
(86
)
Asset-backed securities
47,762

 
(91
)
 
44,585

 
(262
)
 
92,347

 
(353
)
Sovereign bonds
3,492

 
(4
)
 
4,609

 
(30
)
 
8,101

 
(34
)
Agency Bonds
5,920

 
(9
)
 
—

 
—

 
5,920

 
(9
)
Municipal bonds
1,302

 
—

 
845

 
(10
)
 
2,147

 
(10
)
 
$
318,908

 
$
(1,445
)
 
$
163,775

 
$
(810
)
 
$
482,683

 
$
(2,255
)
Effective Maturity Dates of Available-for-Sale Investments
The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2018 (in thousands):
 
<1 Year
 
1-2 Years
 
2-3 Years
 
3-4 Years
 
4-5 Years
 
5-7 Years
 
Total
Corporate bonds
$
137,871

 
$
81,921

 
$
56,459

 
$
20,060

 
$
4,126

 
$
—

 
$
300,437

Treasury bills
198,477

 
32,760

 
—

 
—

 
—

 
—

 
231,237

Asset-backed securities
78,407

 
27,665

 
7,715

 
11,004

 
3,416

 
3,831

 
132,038

Sovereign bonds
8,101

 
6,316

 
—

 
—

 
—

 
—

 
14,417

Agency bonds
—

 
—

 
—

 
5,921

 
—

 
—

 
5,921

Municipal bonds
4,492

 
845

 
—

 
—

 
—

 
—

 
5,337

 
$
427,348

 
$
149,507

 
$
64,174

 
$
36,985

 
$
7,542

 
$
3,831

 
$
689,387