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MARKETABLE DEBT SECURITIES
9 Months Ended
Sep. 30, 2018
Investments In Marketable Debt Securities [Abstract]  
MARKETABLE DEBT SECURITIES

6. MARKETABLE DEBT SECURITIES

 

We obtain fair value measurement data for our marketable debt securities from independent pricing services. We perform validation procedures to ensure the reasonableness of this data. This includes meeting with the independent pricing services to understand the methods and data sources used. Additionally, we perform our own review of prices received from the independent pricing services by comparing these prices to other sources and confirming those securities are trading in active markets. At September 30, 2018, $29.7 million due to us for marketable securities with a September 30, 2018 settlement date, for which cash was received in October 2018, is reflected in prepaid expenses and other current assets on our condensed consolidated balance sheet.  

The following tables summarize our marketable debt securities at September 30, 2018 and December 31, 2017, in thousands:

 

 

 

At September 30, 2018

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

Certificates of deposit

 

$

18,800

 

 

$

 

 

$

 

 

$

18,800

 

Commercial paper

 

 

101,379

 

 

 

 

 

 

(3

)

 

 

101,376

 

Corporate notes

 

 

324,615

 

 

 

11

 

 

 

(247

)

 

 

324,379

 

U.S. government-sponsored enterprise securities

 

 

111,427

 

 

 

 

 

 

(88

)

 

 

111,339

 

U.S. treasury securities

 

 

349,601

 

 

 

1

 

 

 

(274

)

 

 

349,328

 

Total

 

$

905,822

 

 

$

12

 

 

$

(612

)

 

$

905,222

 

 

 

 

At December 31, 2017

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

Certificates of deposit

 

$

30,200

 

 

$

 

 

$

 

 

$

30,200

 

Commercial paper

 

 

56,951

 

 

 

 

 

 

 

 

 

56,951

 

Corporate notes

 

 

373,736

 

 

 

11

 

 

 

(495

)

 

 

373,252

 

U.S. government-sponsored enterprise securities

 

 

399,281

 

 

 

 

 

 

(983

)

 

 

398,298

 

U.S. treasury securities

 

 

200,649

 

 

 

1

 

 

 

(175

)

 

 

200,475

 

Total

 

$

1,060,817

 

 

$

12

 

 

$

(1,653

)

 

$

1,059,176

 

 

We classify our debt security investments based on their contractual maturity dates. The following table summarizes our available-for-sale debt securities by contractual maturity, at September 30, 2018, in thousands:

 

 

 

At September 30, 2018

 

 

 

Amortized Cost

 

 

Fair Value

 

Less than one year

 

$

905,822

 

 

$

905,222

 

Greater than one year but less than two years

 

 

 

 

 

 

Total

 

$

905,822

 

 

$

905,222