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Marketable Securities (Notes)
 6 Months Ended
Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Marketable Securities
Marketable securities as of June 30, 2015 and December 31, 2014 consist of both debt securities issued by investment grade institutions as well as equity securities. The Company also held restricted marketable securities as of December 31, 2014, consisting of the Company's investment in Avalanche Biotechnologies, Inc. common shares, which were subject to customary transfer restrictions until January 2015 under a lock-up agreement with the underwriters of Avalanche's initial public offering.
The following tables summarize the Company's investments in marketable securities:
 
 
Amortized
 
Unrealized
 
Fair
As of June 30, 2015
 
Cost Basis
 
Gains
 
Losses
 
Value
Unrestricted
 
 
 
 
 
 
 
 
Corporate bonds
 
$
661,084

 
$
256

 
$
(951
)
 
$
660,389

U.S. government and government agency obligations
 
56,998

 
31

 
(24
)
 
57,005

Municipal bonds
 
39,764

 
17

 
(10
)
 
39,771

Equity securities
 
17,005

 
29,119

 
—

 
46,124

 
 
$
774,851

 
$
29,423

 
$
(985
)
 
$
803,289

 
 
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 
 
 
 
 
 
Unrestricted
 
 
 
 
 
 
 
 
Corporate bonds
 
$
548,832

 
$
136

 
$
(1,462
)
 
$
547,506

U.S. government and government agency obligations
 
28,596

 
3

 
(46
)
 
28,553

Municipal bonds
 
37,044

 
37

 
(43
)
 
37,038

Equity securities
 
2,005

 
5,374

 
—

 
7,379

 
 
616,477

 
5,550

 
(1,551
)
 
620,476

Restricted
 

 

 

 


Equity securities
 
15,000

 
76,439

 
—

 
91,439

 
 
$
631,477

 
$
81,989

 
$
(1,551
)
 
$
711,915


The Company classifies its debt security investments based on their contractual maturity dates. The debt securities listed as of June 30, 2015 mature at various dates through August 2024. The fair values of debt security investments by contractual maturity consist of the following:
 
 
June 30, 2015
 
December 31, 2014
Maturities within one year
 
$
213,694

 
$
251,761

Maturities after one year through five years
 
542,369

 
360,208

Maturities after five years through ten years
 
1,102

 
1,128

 
 
$
757,165

 
$
613,097

The following table shows the fair value of the Company’s marketable securities that have unrealized losses and that are deemed to be only temporarily impaired, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
 
Less than 12 Months
 
12 Months or Greater
 
Total
As of June 30, 2015
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
Corporate bonds
$
413,794

 
$
(920
)
 
$
7,602

 
$
(31
)
 
$
421,396

 
$
(951
)
U.S. government and government agency obligations
20,397

 
(24
)
 
—

 
—

 
20,397

 
(24
)
Municipal bonds
12,675

 
(10
)
 
—

—

—

 
12,675

 
(10
)
 
$
446,866


$
(954
)
 
$
7,602

 
$
(31
)
 
$
454,468

 
$
(985
)
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
390,613

 
$
(1,462
)
 
—

 
—

 
$
390,613

 
$
(1,462
)
U.S. government and government agency obligations
25,549

 
(46
)
 
—

 
—

 
25,549

 
(46
)
Municipal bonds
10,779

 
(43
)
 
—

 
—

 
10,779

 
(43
)
 
$
426,941

 
$
(1,551
)
 
—

 
—

 
$
426,941

 
$
(1,551
)

For the three and six months ended June 30, 2015 and 2014, total realized gains and losses on sales of marketable securities were not material.
Changes in the Company's accumulated other comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014 related to unrealized gains and losses on available-for-sale marketable securities. For the three and six months ended June 30, 2015 and 2014, amounts reclassified from accumulated other comprehensive income (loss) into investment income in the Company's Statements of Operations were related to realized gains and losses on sales of marketable securities.