Marketable Securities (Notes)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

Marketable securities as of September 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 September 30, 2015	Cost Basis		Gains		Losses			Value
Unrestricted
Corporate bonds	$	812,137	$	805	$	(988	)	$	811,954
U.S. government and government agency obligations	54,963		155		(3		)	55,115
Municipal bonds	27,741		27		(3		)	27,765
Equity securities	17,005		10,635		(93		)	27,547
	$	911,846	$	11,622	$	(1,087	)	$	922,381
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 September 30, 2015 mature at various dates through August 2020. The fair values of debt security investments by contractual maturity consist of the following:

	September 30, 2015		December 31, 2014
Maturities within one year	$	241,055	$	251,761
Maturities after one year through five years	653,779		360,208
Maturities after five years through ten years	—		1,128
	$	894,834	$	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 September 30, 2015	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate bonds	$	373,513	$	(960	)	$	27,779	$	(28	)	$	401,292	$	(988	)
U.S. government and government agency obligations	2,809		(2		)	2,504		(1		)	5,313		(3		)
Municipal bonds	4,658		(3		)	—		—			4,658		(3		)
Equity securities	14,907		(93		)	—		—			14,907		(93		)
	$	395,887	$	(1,058	)	$	30,283	$	(29	)	$	426,170	$	(1,087	)
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 nine months ended September 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 nine months ended September 30, 2015 and 2014 related to unrealized gains and losses on available-for-sale marketable securities. For the three and nine months ended September 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.