Marketable Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of marketable investment securities

The following table presents our Marketable investment securities:

	As of
	September 30, 2020		December 31, 2019
Marketable investment securities:
Debt securities:
Available-for-sale:
Corporate bonds	$	305,775	$	568,442
Commercial paper	1,330,726		321,706
Other debt securities	270,444		13,874
Total available-for-sale debt securities	1,906,945		904,022
Fair value option - corporate bonds	26,355		9,128
Total debt securities	1,933,300		913,150
Equity securities	18,349		35,566
Total marketable investment securities, including restricted amounts	1,951,649		948,716
Less: Restricted marketable investment securities	(845)		(8,093)
Total marketable investment securities	$	1,950,804	$	940,623

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

The following table presents the components of our available-for-sale debt securities:

	Amortized		Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
As of September 30, 2020
Corporate bonds	$	305,628	$	152	$	(5)	$	305,775
Commercial paper	1,330,726		—		—		1,330,726
Other debt securities	270,433		11		—		270,444
Total available-for-sale debt securities	$	1,906,787	$	163	$	(5)	$	1,906,945
As of December 31, 2019
Corporate bonds	$	567,926	$	518	$	(2)	$	568,442
Commercial paper	321,705		1		—		321,706
Other debt securities	13,867		7		—		13,874
Total available-for-sale debt securities	$	903,498	$	526	$	(2)	$	904,022

Schedule of activity on available-for-sale debt securities

The following table presents the activity on our available-for-sale debt securities:

	For the three months ended September 30,				For the nine months ended September 30,
	2020		2019		2020		2019
Proceeds from sales	$	4,997	$	—	$	14,997	$	435,978
Gains (losses) on sales, net	$	1	$	—	$	1	$	549

Schedule of activity on fair value option bonds

The following table presents the activity on our fair value option corporate bonds:

	For the three months ended September 30,				For the nine months ended September 30,
	2020		2019		2020		2019
Proceeds from sales	$	1,906	$	—	$	1,906	$	46,717
Gains (losses) on investments, net	$	15,882	$	1,936	$	11,377	$	6,358

Schedule of activity in equity securities

The following table presents the activity of our equity securities:

	For the three months ended September 30,				For the nine months ended September 30,
	2020		2019		2020		2019
Proceeds from sales	$	9,493	$	22,847	$	14,346	$	102,775
Gains (losses) on investments, net	$	68	$	8,473	$	(8,535)	$	51,750

Schedule of fair value measurements

The following table presents our marketable investment securities categorized by the fair value hierarchy, certain of which have historically experienced volatility:

	As of
	September 30, 2020						December 31, 2019
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents (including restricted)	$	49,755	$	425,893	$	475,648	$	31,451	$	1,408,043	$	1,439,494
Debt securities:
Available-for-sale:
Corporate bonds	$	—	$	305,775	$	305,775	$	—	$	568,442	$	568,442
Commercial Paper	—		1,330,726		1,330,726		—		321,706		321,706
Other debt securities	268,915		1,529		270,444		8,093		5,781		13,874
Total available-for-sale debt securities	268,915		1,638,030		1,906,945		8,093		895,929		904,022
Fair value option - corporate bonds	—		26,355		26,355		—		9,128		9,128
Total debt securities	268,915		1,664,385		1,933,300		8,093		905,057		913,150
Equity securities	9,767		8,582		18,349		27,933		7,633		35,566
Total marketable investment securities, including restricted amounts	278,682		1,672,967		1,951,649		36,026		912,690		948,716
Less: Restricted marketable investment securities	(845)		—		(845)		(8,093)		—		(8,093)
Total marketable investment securities	$	277,837	$	1,672,967	$	1,950,804	$	27,933	$	912,690	$	940,623

As of September 30, 2020 and December 31, 2019, we did not have any investments that were categorized within Level 3 of the fair value hierarchy.