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Investments (Tables)
9 Months Ended
Sep. 30, 2019
Schedule Of Investments [Abstract]  
Investments

Investments consisted of the following:

 

(in thousands)

 

September 30,

2019

 

 

December 31,

2018

 

Commercial paper

 

$

135,197

 

 

$

94,572

 

Corporate debt securities

 

 

414,951

 

 

 

544,978

 

Securities of government-sponsored entities

 

 

158,170

 

 

 

85,677

 

Restricted equity securities

 

 

48,915

 

 

 

 

Total investments

 

$

757,233

 

 

$

725,227

 

Summary of Investments Classified as AFS Debt Securities

Investments classified as AFS debt securities consisted of the following:

 

(in thousands)

 

Contractual

Maturity

(in years)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Aggregate

Estimated

Fair

Value

 

September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

Less than 1

 

$

135,156

 

 

$

45

 

 

$

(4

)

 

$

135,197

 

Corporate debt securities

 

Less than 1

 

 

254,811

 

 

 

577

 

 

 

(21

)

 

 

255,367

 

Securities of government-sponsored entities

 

Less than 1

 

 

112,693

 

 

 

272

 

 

 

(4

)

 

 

112,961

 

Total short-term available-for-sale debt securities

 

 

 

$

502,660

 

 

$

894

 

 

$

(29

)

 

$

503,525

 

Classified as non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

1 to 2

 

$

159,035

 

 

$

602

 

 

$

(53

)

 

$

159,584

 

Securities of government-sponsored entities

 

1 to 2

 

 

45,017

 

 

 

192

 

 

 

 

 

 

45,209

 

Total long-term available-for-sale debt securities

 

 

 

$

204,052

 

 

$

794

 

 

$

(53

)

 

$

204,793

 

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 debt 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 debt securities

 

 

 

$

216,270

 

 

$

228

 

 

$

(470

)

 

$

216,028

 

 

Estimated Fair Value and Gross Unrealized Loss Position for AFS Debt Securities

The following table presents the estimated fair value and gross unrealized loss position for AFS debt securities, as applicable, aggregated by investment category and length of time that such securities have been in a continuous loss position:

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

(in thousands)

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

28,839

 

 

$

(4

)

 

$

 

 

$

 

 

$

28,839

 

 

$

(4

)

Corporate debt securities

 

 

84,753

 

 

 

(63

)

 

 

42,451

 

 

 

(11

)

 

 

127,204

 

 

 

(74

)

Securities of government-sponsored entities

 

 

28,953

 

 

 

(4

)

 

 

 

 

 

 

 

 

28,953

 

 

 

(4

)

Total

 

$

142,545

 

 

$

(71

)

 

$

42,451

 

 

$

(11

)

 

$

184,996

 

 

$

(82

)

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 on investments in AFS debt securities 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 such investments in unrealized loss positions until their amortized cost basis has been recovered. Further, based on our evaluation, we determined that any such unrealized losses were not other-than-temporary at September 30, 2019 and December 31, 2018.