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Investments (Tables)
 3 Months Ended
Mar. 31, 2019
Investments Schedule [Abstract]  
Investments

Investments consist of the following:

 

(in thousands)

 

March 31,

2019

 

 

December 31,

2018

 

Commercial paper

 

$

97,490

 

 

$

94,572

 

Corporate debt securities

 

 

441,615

 

 

 

544,978

 

Securities of government sponsored entities

 

 

88,874

 

 

 

85,677

 

Restricted equity securities

 

 

56,400

 

 

 

—

 

Total investments

 

$

684,379

 

 

$

725,227

 
Summary of Investments Classified as Available-For-Sale Securities

Investments classified as available-for-sale securities consist of the following:

 

(in thousands)

 

Contractual

Maturity

(in years)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains(1)

 

 

Gross

Unrealized

Losses(1)

 

 

Aggregate

Estimated

Fair

Value

 

March 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

Less than 1

 

$

97,517

 

 

$

14

 

 

$

(41

)

 

$

97,490

 

Corporate debt securities

 

Less than 1

 

 

308,363

 

 

 

79

 

 

 

(404

)

 

 

308,038

 

Securities of government-sponsored entities

 

Less than 1

 

 

45,718

 

 

 

65

 

 

 

(21

)

 

 

45,762

 

Total short-term available-for-sale securities

 

 

 

$

451,598

 

 

$

158

 

 

$

(466

)

 

$

451,290

 

Classified as non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

1 to 2

 

$

133,179

 

 

$

438

 

 

$

(40

)

 

 

133,577

 

Securities of government-sponsored entities

 

1 to 2

 

 

42,868

 

 

 

244

 

 

 

—

 

 

 

43,112

 

Total long-term available-for-sale securities

 

 

 

$

176,047

 

 

$

682

 

 

$

(40

)

 

$

176,689

 

blank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

Less than 1

 

$

94,617

 

 

$

—

 

 

$

(45

)

 

$

94,572

 

Corporate debt securities

 

Less than 1

 

 

395,385

 

 

 

—

 

 

 

(1,598

)

 

 

393,787

 

Securities of government-sponsored entities

 

Less than 1

 

 

20,887

 

 

 

8

 

 

 

(55

)

 

 

20,840

 

Total short-term available-for-sale securities

 

 

 

$

510,889

 

 

$

8

 

 

$

(1,698

)

 

$

509,199

 

Classified as non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

1 to 2

 

$

151,594

 

 

$

66

 

 

$

(469

)

 

$

151,191

 

Securities of government-sponsored entities

 

1 to 2

 

 

64,676

 

 

 

162

 

 

 

(1

)

 

 

64,837

 

Total long-term available-for-sale securities

 

 

 

$

216,270

 

 

$

228

 

 

$

(470

)

 

$

216,028

 

 

(1)

Unrealized gains and losses, net of tax, are included in other comprehensive loss.

Gross Unrealized Losses and Fair Value Available-For-Sale Investments in Unrealized Loss Position

The following table presents gross unrealized losses and fair value for those available-for-sale investments that were in an unrealized loss position, aggregated by investment category and length of time that individual securities have been in a continuous loss position:

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

(in thousands)

 

Estimated

Fair

Value

 

 

Unrealized

Losses

 

 

Estimated

Fair

Value

 

 

Unrealized

Losses

 

 

Estimated

Fair

Value

 

 

Unrealized

Losses

 

March 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

31,457

 

 

$

(41

)

 

$

—

 

 

$

—

 

 

$

31,457

 

 

$

(41

)

Corporate debt securities

 

 

63,323

 

 

 

(50

)

 

 

174,206

 

 

 

(394

)

 

 

237,529

 

 

 

(444

)

Securities of government-sponsored entities

 

 

—

 

 

 

—

 

 

 

10,979

 

 

 

(21

)

 

 

10,979

 

 

 

(21

)

Total

 

$

94,780

 

 

$

(91

)

 

$

185,185

 

 

$

(415

)

 

$

279,965

 

 

$

(506

)

blank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

51,927

 

 

$

(45

)

 

$

—

 

 

$

—

 

 

$

51,927

 

 

$

(45

)

Corporate debt securities

 

 

274,696

 

 

 

(746

)

 

 

234,798

 

 

 

(1,321

)

 

 

509,494

 

 

 

(2,067

)

Securities of government-sponsored entities

 

 

4,999

 

 

 

(1

)

 

 

10,947

 

 

 

(55

)

 

 

15,946

 

 

 

(56

)

Total

 

$

331,622

 

 

$

(792

)

 

$

245,745

 

 

$

(1,376

)

 

$

577,367

 

 

$

(2,168

)

 

At each reporting date, we perform an evaluation of impairment to determine if any unrealized losses are other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, and our intent and ability to hold the investment until recovery of the amortized cost basis. We intend and have the ability to hold our investments in unrealized loss positions until their amortized cost basis has been recovered. Further, based on our evaluation, we determined that unrealized losses were not other-than-temporary at March 31, 2019 and December 31, 2018.