Investment Securities (Tables)

3 Months Ended

Mar. 31, 2017

Investments [Abstract]

Schedule of marketable investment securities and restricted cash and cash equivalents

Our marketable investment securities and restricted cash and cash equivalents consisted of the following:

	As of
	March 31, 2017		December 31, 2016
	(In thousands)
Marketable investment securities—current, at fair value:
Corporate bonds	$	231,956	$	402,670
Strategic equity securities	140,136		94,816
Other	10,923		25,030
Total marketable investment securities—current	383,015		522,516
Restricted marketable investment securities (1)	7,576		12,203
Total	$	390,591	$	534,719
Restricted cash and cash equivalents (1)	$	767	$	723

(1)

Restricted marketable investment securities and restricted cash and cash equivalents are included in “Restricted cash and marketable investment securities” in our condensed 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 March 31, 2017
Debt securities:
Corporate bonds	$	231,838	$	153	$	(35	)	$	231,956
Other (including restricted)	13,723		—		(28		)	13,695
Equity securities - strategic	101,816		31,030		—			132,846
Total available-for-sale securities	$	347,377	$	31,183	$	(63	)	$	378,497
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

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
	March 31, 2017					December 31, 2016
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In thousands)
Less than 12 months	$	68,725	$	(63	)	$	154,826	$	(2,760	)
12 months or more	—		—			1,571		(2		)
Total	$	68,725	$	(63	)	$	156,397	$	(2,762	)

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 March 31, 2017 and December 31, 2016, we did not have investments that were categorized within Level 3 of the fair value hierarchy.

	As of
	March 31, 2017						December 31, 2016
	Total		Level 1		Level 2		Total		Level 1		Level 2
	(In thousands)
Cash equivalents (including restricted)	$	2,717,719	$	71,834	$	2,645,885	$	2,490,168	$	62,332	$	2,427,836
Debt securities:
Corporate bonds	$	231,956	$	—	$	231,956	$	402,670	$	—	$	402,670
Other (including restricted)	18,499		12,202		6,297		37,233		13,517		23,716
Equity securities - strategic	140,136		140,136		—		94,816		94,816		—
Total marketable investment securities	$	390,591	$	152,338	$	238,253	$	534,719	$	108,333	$	426,386

Schedule of investments in unconsolidated entities

Our investments in unconsolidated entities consisted of the following:

	As of
	March 31, 2017		December 31, 2016
	(In thousands)
Investments in unconsolidated entities—noncurrent:
Cost method	$	69,513	$	80,052
Equity method	96,479		90,964
Total investments in unconsolidated entities—noncurrent	$	165,992	$	171,016