Marketable Securities and Equity Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of cash, cash equivalents and marketable securities

A summary of the Company’s cash equivalents and marketable securities, which are recorded at fair value (and do not include $2.3 billion and $1.4 billion of cash as of December 31, 2019 and 2018, respectively), is shown below:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
As of December 31, 2019
Cash equivalents:
Money market funds	$	791,039	$	—	$	—		$	791,039
Corporate debt securities	6,070		—		—			6,070
Commercial paper	29,470		3		(1		)	29,472
Total cash equivalents	826,579		3		(1		)	826,581
Marketable securities:
Government-sponsored enterprise securities	12,689		44		—			12,733
Corporate debt securities	301,458		391		(50		)	301,799
Commercial paper	102,240		121		(5		)	102,356
Total marketable debt securities	416,387		556		(55		)	416,888
Corporate equity securities	113,829		168,255		—			282,084
Total marketable securities	$	530,216	$	168,811	$	(55	)	$	698,972
As of December 31, 2018
Cash equivalents:
Money market funds	$	1,226,603	$	—	$	—		$	1,226,603
U.S. Treasury securities	5,967		—		(1		)	5,966
Government-sponsored enterprise securities	7,124		—		(1		)	7,123
Commercial paper	58,271		—		(3		)	58,268
Total cash equivalents	1,297,965		—		(5		)	1,297,960
Marketable securities:
U.S Treasury securities	6,026		—		—			6,026
Government-sponsored enterprise securities	10,704		—		—			10,704
Corporate debt securities	234,088		27		(450		)	233,665
Commercial paper	100,498		—		(108		)	100,390
Total marketable debt securities	351,316		27		(558		)	350,785
Corporate equity securities	133,157		40,619		(6,453		)	167,323
Total marketable securities	$	484,473	$	40,646	$	(7,011	)	$	518,108

Available-for-sale debt securities were classified on the Company’s consolidated balance sheets as follows:

	As of December 31,
	2019		2018
	(in thousands)
Cash and cash equivalents	$	826,581	$	1,297,960
Marketable securities	416,888		350,785
Total	$	1,243,469	$	1,648,745

Available-for-sale debt securities by contractual maturity were as follows:

	As of December 31,
	2019		2018
	(in thousands)
Matures within one year	$	1,137,942	$	1,647,500
Matures after one year through five years	105,527		1,245
Total	$	1,243,469	$	1,648,745