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Marketable Securities and Equity Investments
 9 Months Ended
Sep. 30, 2018
Cash and Cash Equivalents [Abstract]  
Marketable Securities and Equity Investments
Marketable Securities and Equity Investments
Pursuant to the adoption of ASU 2016-01 on January 1, 2018, the Company began recording changes in the fair value of its investments in corporate equity securities (except those accounted for under the equity method of accounting or those that result in consolidation of an investee) to “Other (expense) income, net” in the Company’s condensed consolidated statements of operations. Prior to its adoption of ASU 2016-01, the Company recorded changes in the fair value of its investments in corporate equity securities to “Accumulated other comprehensive income (loss)” on its condensed consolidated balance sheet until the related gains or losses were realized. The Company continues to record unrealized gains (losses) on available-for-sale debt securities as a component of accumulated other comprehensive income (loss) until such gains and losses are realized.
A summary of the Company’s cash equivalents and marketable securities is shown below:
 
Amortized Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
As of September 30, 2018
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
1,070,166

 
$
—

 
$
—

 
$
1,070,166

U.S. Treasury securities
5,980

 
—

 
(1
)
 
5,979

Government-sponsored enterprise securities
2,498

 
—

 
—

 
2,498

Corporate debt securities
7,573

 
—

 
(1
)
 
7,572

Commercial paper
33,361

 
—

 
(9
)
 
33,352

Total cash equivalents
1,119,578

 
—

 
(11
)
 
1,119,567

Marketable securities:
 
 
 
 
 
 
 
U.S. Treasury securities (matures within 1 year)
6,044

 
—

 
(1
)
 
6,043

Government-sponsored enterprise securities (matures within 1 year)
4,982

 
—

 
—

 
4,982

Government-sponsored enterprise securities (matures after 1 year through 5 years)
1,481

 
—

 
(1
)
 
1,480

Corporate debt securities (matures within 1 year)
179,738

 
5

 
(319
)
 
179,424

Corporate debt securities (matures after 1 year through 5 years)
38,702

 
—

 
(44
)
 
38,658

Commercial paper (matures within 1 year)
140,046

 
—

 
(86
)
 
139,960

Total marketable debt securities
370,993

 
5

 
(451
)
 
370,547

Corporate equity securities
90,133

 
116,903

 
—

 
207,036

Total marketable securities
$
461,126

 
$
116,908

 
$
(451
)
 
$
577,583

 
 
 
 
 
 
 
 
As of December 31, 2017
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
614,951

 
$
—

 
$
—

 
$
614,951

Government-sponsored enterprise securities
12,679

 
—

 
(1
)
 
12,678

Commercial paper
57,371

 
—

 
(14
)
 
57,357

Total cash equivalents
685,001

 
—

 
(15
)
 
684,986

Marketable securities:
 
 
 
 
 
 
 
Government-sponsored enterprise securities (matures within 1 year)
2,304

 
—

 
(1
)
 
2,303

Corporate debt securities (matures within 1 year)
215,639

 
—

 
(363
)
 
215,276

Corporate debt securities (matures after 1 year through 5 years)
50,697

 
—

 
(106
)
 
50,591

Commercial paper (matures within 1 year)
80,372

 
—

 
(109
)
 
80,263

Total marketable debt securities
349,012

 
—

 
(579
)
 
348,433

Available-for-sale corporate equity securities
43,213

 
31,608

 
—

 
74,821

Total marketable securities
$
392,225

 
$
31,608

 
$
(579
)
 
$
423,254


Available-for-sale debt securities were recorded in the Company's condensed consolidated balance sheets as follows:
 
As of September 30, 2018
 
As of December 31, 2017
 
(in thousands)
Cash and cash equivalents
$
1,119,567

 
$
684,986

Marketable securities
370,547

 
348,433

Total
$
1,490,114

 
$
1,033,419


The Company has a limited number of available-for-sale debt securities in insignificant loss positions as of September 30, 2018, which it does not intend to sell and has concluded it will not be required to sell before recovery of the amortized costs for the investments at maturity. The Company did not record any charges for other-than-temporary declines in the fair value of available-for-sale debt securities or gross realized gains or losses in the three and nine months ended September 30, 2018 and 2017.
The Company maintains strategic investments separately from the investment policy that governs its other cash, cash equivalents and marketable securities. During the three and nine months ended September 30, 2018, the Company recorded an unrealized loss of $61.2 million and an unrealized gain of $88.2 million, respectively, related to its investments in corporate equity securities, as follows:
•
During the three and nine months ended September 30, 2018, an unrealized loss of $61.2 million and an unrealized gain of $85.3 million, respectively, related to its equity investment in CRISPR, a publicly traded company. The CRISPR common stock held by the Company has a readily determinable fair value that is recorded in “Marketable securities” on the Company’s condensed consolidated balance sheets. In 2018, the Company has purchased an additional $46.9 million of CRISPR’s common shares.
•
During the three and nine months ended September 30, 2018, unrealized gains of zero and $2.9 million, respectively, related to its equity investments in privately held companies without readily determinable fair values for their stocks. As of September 30, 2018, the carrying value of the Company’s equity investments without readily determinable fair values, which are recorded in “Other assets” on its condensed consolidated balance sheets, was $36.7 million.