Investment Securities (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of marketable investment securities, restricted cash and cash equivalents, and investments in unconsolidated entities

Our marketable investment securities, restricted cash and cash equivalents, and investments in unconsolidated entities consisted of the following:



	As of December 31,
	2016		2015
	(In thousands)
Marketable investment securities—current, at fair value:
Corporate bonds	$	402,670	$	562,236
Strategic equity securities	94,816		38,864
Other	25,030		11,238
Total marketable investment securities—current	522,516		612,338
Restricted marketable investment securities (1)	12,203		13,227
Total	534,719		625,565

Restricted cash and cash equivalents (1)	723		7,775

Investments in unconsolidated entities—noncurrent:
Cost method	81,174		81,174
Equity method	116,045		128,090
Total investments in unconsolidated entities—noncurrent	197,219		209,264
Total marketable investment securities, restricted cash and cash equivalents, and investments in unconsolidated entities	$	732,661	$	842,604

(1)

Restricted marketable investment securities and restricted cash and cash equivalents are included in “Restricted cash and marketable investment securities” in our consolidated balance sheets.

Schedule of unrealized gains (losses) on available-for-sale securities

The components of our available-for-sale securities are summarized in the table below.



	Amortized		Unrealized					Estimated
	Cost		Gains		Losses			Fair Value
	(In thousands)
As of December 31, 2016
Debt securities:
Corporate bonds	$	402,472	$	285	$	(87	)	$	402,670
Other (including restricted)	32,488		3		(23		)	32,468
Equity securities - strategic	77,149		13,120		(2,652		)	87,617
Total available-for-sale securities	$	512,109	$	13,408	$	(2,762	)	$	522,755
As of December 31, 2015
Debt securities:
Corporate bonds	$	562,849	$	10	$	(623	)	$	562,236
Other (including restricted)	24,495		—		(30		)	24,465
Equity securities - strategic	20,855		7,748		(82		)	28,521
Total available-for-sale securities	$	608,199	$	7,758	$	(735	)	$	615,222

Schedule of available-for-sale securities in continuous unrealized loss position by length of time and their fair value

The following table reflects the length of time that our available-for-sale securities have been in an unrealized loss position. We do not intend to sell these securities before they recover or mature, and it is more likely than not that we will hold these securities until they recover or mature. We believe that changes in the estimated fair values of these securities are primarily related to temporary market conditions.



	As of December 31,
	2016					2015
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In thousands)
Less than 12 months	$	154,826	$	(2,760	)	$	364,160	$	(609	)
12 months or more	1,571		(2		)	149,889		(126		)
Total	$	156,397	$	(2,762	)	$	514,049	$	(735	)

Schedule of fair value measurements

Our current marketable investment securities are measured at fair value on a recurring basis as summarized in the table below. As of December 31, 2016 and 2015, we did not have investments that were categorized within Level 3 of the fair value hierarchy.



	As of December 31,
	2016						2015
	Total		Level 1		Level 2		Total		Level 1		Level 2
	(In thousands)
Cash equivalents (including restricted)	$	2,490,168	$	62,332	$	2,427,836	$	840,950	$	38,771	$	802,179
Debt securities:
Corporate bonds	$	402,670	$	—	$	402,670	$	562,236	$	—	$	562,236
Other (including restricted)	37,233		13,517		23,716		24,465		12,078		12,387
Equity securities - strategic	94,816		94,816		—		38,864		38,864		—
Total marketable investment securities	$	534,719	$	108,333	$	426,386	$	625,565	$	50,942	$	574,623