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 |
|
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