Marketable Securities and Equity Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of 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 $1.8 billion and $2.3 billion of cash as of March 31, 2020 and December 31, 2019, respectively), is shown below:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
As of March 31, 2020
Cash equivalents:
Money market funds	$	1,736,913	$	—	$	—		$	1,736,913
Commercial paper	30,700		4		(4		)	30,700
Total cash equivalents	1,767,613		4		(4		)	1,767,613
Marketable securities:
Government-sponsored enterprise securities	7,717		74		—			7,791
Corporate debt securities	305,808		255		(1,012		)	305,051
Commercial paper	118,542		426		(4		)	118,964
Total marketable debt securities	432,067		755		(1,016		)	431,806
Corporate equity securities	87,096		78,082		—			165,178
Total marketable securities	$	519,163	$	78,837	$	(1,016	)	$	596,984
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

Available-for-sale debt securities were classified on the Company's condensed consolidated balance sheets at fair value as follows:

	As of March 31, 2020		As of December 31, 2019
	(in thousands)
Cash and cash equivalents	$	1,767,613	$	826,581
Marketable securities	431,806		416,888
Total	$	2,199,419	$	1,243,469

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

	As of March 31, 2020		As of December 31, 2019
	(in thousands)
Matures within one year	$	2,157,586	$	1,137,942
Matures after one year through five years	41,833		105,527
Total	$	2,199,419	$	1,243,469