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Cash, Cash Equivalents, and Investments (Tables)
 3 Months Ended
Mar. 31, 2019
Cash and Cash Equivalents [Abstract]  
Components of Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 
March 31, 2019
 
December 31, 2018
Cash
$
94,413

 
$
104,655

Money market instruments
10,883

 
3,557

Cash and cash equivalents
105,296

 
108,212

Treasury bills
189,808

 
198,477

Corporate bonds
137,228

 
137,871

Asset-backed securities
98,910

 
78,407

Sovereign bonds
10,900

 
8,101

Municipal bonds
4,491

 
4,492

Current investments
441,337

 
427,348

Corporate bonds
152,645

 
162,566

Treasury bills
105,298

 
32,760

Asset-backed securities
41,460

 
53,631

Sovereign bonds
10,891

 
6,316

Agency bonds
5,913

 
5,921

Municipal bonds
847

 
845

Non-current investments
317,054

 
262,039

 
$
863,687

 
$
797,599
Summary of Available-for-Sale Investments
The following table summarizes the Company’s available-for-sale investments as of March 31, 2019 (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Current:
 
 
 
 
 
 
 
Treasury bills
$
189,599

 
$
211

 
$
(2
)
 
$
189,808

Corporate bonds
137,294

 
87

 
(153
)
 
137,228

Asset-backed securities
98,902

 
135

 
(127
)
 
98,910

Sovereign bonds
10,898

 
14

 
(12
)
 
10,900

Municipal bonds
4,492

 
—

 
(1
)
 
4,491

Non-current:
 
 
 
 
 
 


Corporate bonds
152,668

 
329

 
(352
)
 
152,645

Treasury bills
104,987

 
332

 
(21
)
 
105,298

Asset-backed securities
41,342

 
130

 
(12
)
 
41,460

Sovereign bonds
10,876

 
15

 
—

 
10,891

Agency bonds
5,930

 
—

 
(17
)
 
5,913

Municipal bonds
855

 
—

 
(8
)
 
847

 
$
757,843

 
$
1,253

 
$
(705
)
 
$
758,391
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 March 31, 2019 (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
Corporate bonds
$
63,106

 
$
(253
)
 
$
74,227

 
$
(252
)
 
$
137,333

 
$
(505
)
Treasury bills
62,560

 
(23
)
 
—

 
—

 
62,560

 
(23
)
Asset-backed securities
5,476

 
(4
)
 
38,434

 
(135
)
 
43,910

 
(139
)
Sovereign bonds
3,458

 
—

 
4,628

 
(12
)
 
8,086

 
(12
)
Agency bonds
5,913

 
(17
)
 
—

 
—

 
5,913

 
(17
)
Municipal bonds
1,301

 
(1
)
 
847

 
(8
)
 
2,148

 
(9
)
 
$
141,814


$
(298
)

$
118,136


$
(407
)

$
259,950


$
(705
)
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 March 31, 2019 (in thousands):
 
<1 year
 
1-2 Years
 
2-3 Years
 
3-4 Years
 
4-5 Years
 
5-7 Years
 
Total
Treasury bills
$
189,808

 
$
105,298

 
$
—

 
$
—

 
$
—

 
$
—

 
$
295,106

Corporate bonds
137,228

 
102,129

 
35,329

 
12,360

 
2,827

 
—

 
289,873

Asset-backed securities
98,910

 
19,283

 
8,119

 
7,767

 
3,425

 
2,866

 
140,370

Sovereign bonds
10,900

 
3,499

 
7,392

 
—

 
—

 
—

 
21,791

Agency bonds
—

 
—

 
—

 
5,913

 
—

 
—

 
5,913

Municipal bonds
4,491

 
847

 
—

 
—

 
—

 
—

 
5,338

 
$
441,337


$
231,056


$
50,840


$
26,040


$
6,252


$
2,866


$
758,391