Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Notes To Financial Statements [Abstract]

Short-Term And Long-Term Marketable Securities

As of June 30, 2019 and December 31, 2018, the estimated fair value of our short-term and long-term marketable securities, classified as available for sale, are as follows (in thousands):

Short-term

June 30, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	29,556	$	—	$	—		$	29,556
Corporate bonds	125,299		74		(8		)	125,365
U.S. government agency bonds	20,507		2		(13		)	20,496
U.S. government treasury bonds	108,945		56		(6		)	108,995
Foreign bonds	12,976		14		—			12,990
Certificates of deposit	20		—		—			20
Total marketable securities, short-term	$	297,303	$	146	$	(27	)	$	297,422

Long-term

June 30, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	23,879	$	40	$	(1	)	$	23,918
U.S. government treasury bonds	21,038		16		(3		)	21,051
Total marketable securities, long-term	$	44,917	$	56	$	(4	)	$	44,969

Short-term

December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	17,793	$	—	$	—		$	17,793
Corporate bonds	45,100		—		(48		)	45,052
U.S. government agency bonds	19,981		—		(77		)	19,904
U.S. government treasury bonds	15,292		—		(1		)	15,291
Certificates of deposit	420		1		(1		)	420
Total marketable securities, short-term	$	98,586	$	1	$	(127	)	$	98,460

Long-term 

December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	4,957	$	5	$	(2	)	$	4,960
U.S. government agency bonds	1,399		8		—			1,407
U.S. government treasury bonds	2,235		9		—			2,244
Certificates of deposit	500		1		—			501
Total marketable securities, long-term	$	9,091	$	23	$	(2	)	$	9,112

Investments Classified by Contractual Maturity Date

As the carrying value approximates the fair value for our short-term and long-term marketable securities shown in the tables above, the following table summarizes the fair value of our short-term and long-term marketable securities classified by contractual maturity as of June 30, 2019 and December 31, 2018 (in thousands):

	June 30, 2019		December 31, 2018
One year or less	$	297,422	$	98,460
Due in greater than one year	44,969		9,112
Total available for sale short-term and long-term marketable securities	$	342,391	$	107,572

Investments in privately held companies

Our investments in privately held companies as of June 30, 2019 and December 31, 2018 are as follows (in thousands):

	June 30, 2019		December 31, 2018
Equity securities under the equity method investment 1	$	—	$	45,913
Equity securities without readily determinable fair values 2	$	5,887	$	9,862

¹  Refer to Note 5 “Equity Method Investments” of the Notes to Condensed Consolidated Financial Statements for more information.

²  

The equity securities are reported as a nonrecurring investment within other assets in our Condensed Consolidated Balance Sheet. During the six months ended June 30, 2019, there was approximately $4.0 million of impairment resulting from an observable price change.

Financial Assets Measured At Fair Value On Recurring Basis

The following tables summarize our financial assets measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 (in thousands):

Description	Balance as of June 30, 2019		Level 1		Level 2
Cash equivalents:
Money market funds	$	193,390	$	193,390	$	—
Commercial paper	15,993		—		15,993
Corporate bonds	3,716		—		3,716
U.S. government treasury bonds	8,505		8,505		—
Short-term investments:
Commercial paper	29,556		—		29,556
Corporate bonds	125,365		—		125,365
U.S. government agency bonds	20,496		—		20,496
U.S. government treasury bonds	108,995		108,995		—
Foreign bonds	12,990		—		12,990
Certificates of deposit	20		—		20
Long-term investments:
Corporate bonds	23,918		—		23,918
U.S. government treasury bonds	21,051		21,051		—
Prepaid expenses and other current assets:
Israeli funds	2,983		—		2,983
	$	566,978	$	331,941	$	235,037

Description	Balance as of December 31, 2018		Level 1		Level 2
Cash equivalents:
Money market funds	$	431,081	$	431,081	$	—
Commercial paper	4,681		—		4,681
Corporate bonds	3,880		—		3,880
U.S. government treasury bonds	2,195		2,195		—
Short-term investments:
Commercial paper	17,793		—		17,793
Corporate bonds	45,052		—		45,052
U.S. government agency bonds	19,904		—		19,904
U.S. government treasury bonds	15,291		15,291		—
Certificates of deposit	420		—		420
Long-term investments:
Corporate bonds	4,960		—		4,960
U.S. government agency bonds	1,407		—		1,407
U.S. government treasury bonds	2,244		2,244		—
Certificates of deposit	501		—		501
Prepaid expenses and other current assets:
Israeli funds	3,047		—		3,047
	$	552,456	$	450,811	$	101,645

Notional value of derivative instruments

The following table presents the gross notional value of all our foreign exchange forward contracts outstanding as of June 30, 2019 and December 31, 2018 (in thousands):

	June 30, 2019
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€92,000	$	104,871
Chinese Yuan	¥465,000	67,626
British Pound	£21,000	26,702
Canadian Dollar	C$31,000	23,706
Brazilian Real	R$83,000	21,581
Japanese Yen	¥1,800,000	16,716
Mexican Peso	M$140,000	7,263
Australian Dollar	A$3,000	2,104
Israeli Shekel	ILS74,500	20,928
		$	291,497

	December 31, 2018
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€62,000	$	71,095
Chinese Yuan	¥375,000	54,515
Brazilian Real	R$81,000	20,858
Canadian Dollar	C$27,000	19,808
British Pound	£13,000	16,635
Japanese Yen	¥1,700,000	15,357
Australian Dollar	A$3,000	2,114
		$	200,382