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Marketable Securities (Notes)
 6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Marketable Securities
Marketable securities as of June 30, 2016 and December 31, 2015 consist of both debt securities of investment grade issuers as well as equity securities. The Company also held restricted marketable securities as of June 30, 2016, consisting of the Company's investment in shares of Intellia common stock (see Note 3), which are subject to customary transfer restrictions until November 2016 under a lock-up agreement with the underwriters of Intellia's IPO.
The following tables summarize the Company's investments in marketable securities:
 
 
Amortized
 
Unrealized
 
Fair
As of June 30, 2016
 
Cost Basis
 
Gains
 
Losses
 
Value
Unrestricted
 
 
 
 
 
 
 
 
Corporate bonds
 
$
801,408

 
$
3,251

 
$
(356
)
 
$
804,303

U.S. government and government agency obligations
 
62,864

 
269

 
(1
)
 
63,132

Municipal bonds
 
12,693

 
41

 
(1
)
 
12,733

Commercial paper
 
29,635

 
—

 
—

 
29,635

Certificates of deposit
 
8,014

 
—

 
—

 
8,014

Equity securities
 
17,005

 
9,891

 
(9,283
)
 
17,613

 
 
931,619

 
13,452

 
(9,641
)
 
935,430

Restricted
 
 
 
 
 
 
 
 
Equity Securities
 
50,000

 
3,078

 
—

 
53,078

 
 
$
981,619

 
$
16,530

 
$
(9,641
)
 
$
988,508

 
 
 
 
 
 
 
 
 
As of December 31, 2015
 
 
 
 
 
 
 
 
Unrestricted
 
 
 
 
 
 
 
 
Corporate bonds
 
$
770,092

 
$
156

 
$
(2,565
)
 
$
767,683

U.S. government and government agency obligations
 
51,402

 
—

 
(193
)
 
51,209

Municipal bonds
 
17,930

 
5

 
(11
)
 
17,924

Equity securities
 
17,005

 
14,462

 
—

 
31,467

 
 
$
856,429

 
$
14,623

 
$
(2,769
)
 
$
868,283

The Company classifies its debt security investments based on their contractual maturity dates. The debt securities listed as of June 30, 2016 mature at various dates through June 2021. The fair values of debt security investments by contractual maturity consist of the following:
 
 
June 30, 2016
 
December 31, 2015
Maturities within one year
 
$
345,578

 
$
236,121

Maturities after one year through five years
 
572,239

 
600,695

 
 
$
917,817

 
$
836,816


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, 2016
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
Corporate bonds
$
84,268

 
$
(157
)
 
$
104,096

 
$
(199
)
 
$
188,364

 
$
(356
)
U.S. government and government agency obligations
2,000

 
(1
)
 
—

 
—

 
2,000

 
(1
)
Municipal bonds
2,982

 
(1
)
 
—

 
—

 
2,982

 
(1
)
Equity securities
5,717

 
(9,283
)
 
—

 
—

 
5,717

 
(9,283
)
 
$
94,967


$
(9,442
)
 
$
104,096

 
$
(199
)
 
$
199,063

 
$
(9,641
)
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
668,199

 
$
(2,473
)
 
$
23,749

 
$
(92
)
 
$
691,948

 
$
(2,565
)
U.S. government and government agency obligations
51,215

 
(193
)
 
—

 
—

 
51,215

 
(193
)
Municipal bonds
11,917

 
(11
)
 
—

 
—

 
11,917

 
(11
)
 
$
731,331

 
$
(2,677
)
 
$
23,749

 
$
(92
)
 
$
755,080

 
$
(2,769
)

Realized gains and losses on sales of marketable securities were not material for the three and six months ended June 30, 2016 and 2015.
Changes in the Company's accumulated other comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015 related to unrealized gains and losses on available-for-sale marketable securities. For the three and six months ended June 30, 2016 and 2015, 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.