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.
|