Marketable Investment Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

The following table presents our Marketable investment securities:


	As of
	June 30, 2022		December 31, 2021
Marketable investment securities:
Available-for-sale debt securities:
Corporate bonds	$	167,917	$	289,784
Commercial paper	153,023		498,358
Other debt securities	58,902		92,673
Total available-for-sale debt securities	379,842		880,815
Equity securities	163,477		142,943
Total marketable investment securities, including restricted amounts	543,319		1,023,758
Less: Restricted marketable investment securities	(13,465)		(13,262)
Total marketable investment securities	$	529,854	$	1,010,496

Debt Securities

Available-for-Sale

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


	Amortized		Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
As of June 30, 2022
Corporate bonds	$	168,830	$	2	$	(915)	$	167,917
Commercial paper	153,023		—		—		153,023
Other debt securities	59,074		—		(172)		58,902
Total available-for-sale debt securities	$	380,927	$	2	$	(1,087)	$	379,842
As of December 31, 2021
Corporate bonds	$	290,169	$	—	$	(385)	$	289,784
Commercial paper	498,358		—		—		498,358
Other debt securities	92,742		—		(69)		92,673
Total available-for-sale debt securities	$	881,269	$	—	$	(454)	$	880,815

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


	For the three months ended June 30,				For the six months ended June 30,
	2022		2021		2022		2021
Proceeds from sales	$	8,886	$	80,500	$	37,904	$	262,495

As of June 30, 2022, we have $379.8 million of available-for-sale debt securities with contractual maturities of one year or less and zero with contractual maturities greater than one year.

Equity Securities

The following table presents the activity of our equity securities:


	For the three months ended June 30,				For the six months ended June 30,
	2022		2021		2022		2021
Gains (losses) on investments, net	$	(22,752)	$	28,533	$	8,263	$	94,101

Fair Value Measurements

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


	Level 1		Level 2		Total
As of June 30, 2022
Cash equivalents (including restricted)	$	743	$	902,037	$	902,780
Available-for-sale debt securities:
Corporate bonds	$	—	$	167,917	$	167,917
Commercial paper	—		153,023		153,023
Other debt securities	14,090		44,812		58,902
Total available-for-sale debt securities	14,090		365,752		379,842
Equity securities	154,312		9,165		163,477
Total marketable investment securities, including restricted amounts	168,402		374,917		543,319
Less: Restricted marketable investment securities	(13,465)		—		(13,465)
Total marketable investment securities	$	154,937	$	374,917	$	529,854

As of December 31, 2021
Cash equivalents (including restricted)	$	7,872	$	423,123	$	430,995
Available-for-sale debt securities:
Corporate bonds	$	—	$	289,784	$	289,784
Commercial paper	—		498,358		498,358
Other debt securities	14,274		78,399		92,673
Total available-for-sale debt securities	14,274		866,541		880,815
Equity securities	131,413		11,530		142,943
Total marketable investment securities, including restricted amounts	145,687		878,071		1,023,758
Less: Restricted marketable investment securities	(13,262)		—		(13,262)
Total marketable investment securities	$	132,425	$	878,071	$	1,010,496

As of June 30, 2022 and December 31, 2021, we did not have any investments that were categorized within Level 3 of the fair value hierarchy.