Marketable Securities and Equity Investments

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Marketable Securities and Equity Investments

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 $2.3 billion of cash as of June 30, 2020 and December 31, 2019, respectively), is shown below:


	As of June 30, 2020														As of December 31, 2019
	Amortized Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses		Fair Value		Amortized Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses		Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	2,476,713	$	—	$	—	$	2,476,713	$	791,039	$	—	$	—	$	791,039
Corporate debt securities	4,836		—		(1)		4,835		6,070		—		—		6,070
Commercial paper	93,084		23		—		93,107		29,470		3		(1)		29,472
Total cash equivalents	2,574,633		23		(1)		2,574,655		826,579		3		(1)		826,581
Marketable securities:
Government-sponsored enterprise securities	11,198		55		—		11,253		12,689		44		—		12,733
Corporate debt securities	292,085		1,897		(6)		293,976		301,458		391		(50)		301,799
Commercial paper	94,396		492		(7)		94,881		102,240		121		(5)		102,356
Total marketable debt securities	397,679		2,444		(13)		400,110		416,387		556		(55)		416,888
Corporate equity securities	67,054		152,273		—		219,327		113,829		168,255		—		282,084
Total marketable securities	$	464,733	$	154,717	$	(13)	$	619,437	$	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 June 30, 2020		As of December 31, 2019
	(in thousands)
Cash and cash equivalents	$	2,574,655	$	826,581
Marketable securities	400,110		416,888
Total	$	2,974,765	$	1,243,469

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


	As of June 30, 2020		As of December 31, 2019
	(in thousands)
Matures within one year	$	2,939,879	$	1,137,942
Matures after one year through five years	34,886		105,527
Total	$	2,974,765	$	1,243,469

The Company has a limited number of available-for-sale debt securities in insignificant loss positions as of June 30, 2020, 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 six months ended June 30, 2020 and 2019.

As of June 30, 2020 and December 31, 2019, the total fair value of the Company’s strategic investments in the common stock of publicly traded companies, which was primarily related to its investment in CRISPR, was $219.3 million and $282.1 million, respectively, and was classified as “Marketable securities” on its condensed consolidated balance sheets.

The Company records changes in the fair value of its investments in corporate equity securities to “Other income, net” on its condensed consolidated statements of operations. During the three and six months ended June 30, 2020, the Company recorded net unrealized gains of $85.5 million and $35.2 million, respectively, on corporate equity securities held as of June

30, 2020. During the three and six months ended June 30, 2019, the Company recorded net unrealized gains of $56.5 million and $100.1 million, respectively, on corporate equity securities held as of June 30, 2019. During the six months ended June 30, 2020, the Company received proceeds of $127.9 million related to the sale of the common stock of publicly traded companies, which had a total original weighted-average cost basis of $46.8 million. There were no sales of the common stock of publicly traded companies during the six months ended June 30, 2019.

As of June 30, 2020, 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 $46.6 million.