Investment Securities (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 2017		December 31, 2016
	(In thousands)
Marketable investment securities—current, at fair value:
Corporate bonds	$	245,419	$	402,670
Strategic equity securities	139,373		94,816
Other	100,243		25,030
Total marketable investment securities—current	485,035		522,516
Restricted marketable investment securities (1)	12,961		12,203
Total	$	497,996	$	534,719
Restricted cash and cash equivalents (1)	$	775	$	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 September 30, 2017
Debt securities:
Corporate bonds	$	245,426	$	38	$	(45	)	$	245,419
Other (including restricted)	107,823		1		(30		)	107,794
Equity securities - strategic	101,808		14,439		(802		)	115,445
Total available-for-sale securities	$	455,057	$	14,478	$	(877	)	$	468,658
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
	September 30, 2017					December 31, 2016
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In thousands)
Less than 12 months	$	225,437	$	(871	)	$	154,826	$	(2,760	)
12 months or more	23,233		(6		)	1,571		(2		)
Total	$	248,670	$	(877	)	$	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 September 30, 2017 and December 31, 2016, we did not have investments that were categorized within Level 3 of the fair value hierarchy.

	As of
	September 30, 2017						December 31, 2016
	Total		Level 1		Level 2		Total		Level 1		Level 2
	(In thousands)
Cash equivalents (including restricted)	$	2,736,932	$	17,355	$	2,719,577	$	2,490,168	$	62,332	$	2,427,836
Debt securities:
Corporate bonds	$	245,419	$	—	$	245,419	$	402,670	$	—	$	402,670
Other (including restricted)	113,204		13,298		99,906		37,233		13,517		23,716
Equity securities - strategic	139,373		139,373		—		94,816		94,816		—
Total marketable investment securities	$	497,996	$	152,671	$	345,325	$	534,719	$	108,333	$	426,386

Schedule of investments in unconsolidated entities

Our investments in unconsolidated entities consisted of the following:

	As of
	September 30, 2017		December 31, 2016
	(In thousands)
Investments in unconsolidated entities—noncurrent:
Cost method	$	65,438	$	80,052
Equity method	99,852		90,964
Total investments in unconsolidated entities—noncurrent	$	165,290	$	171,016