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Supplemental Financial Statement Information
3 Months Ended
Mar. 31, 2019
Balance Sheet Components Disclosure [Abstract]  
Supplemental Financial Statement Information

3.

Supplemental Financial Statement Information

Cash Equivalents and Short-Term Investments

The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss and fair value of the Company’s cash equivalents and short-term investments as of the dates indicated (in thousands):

 

 

 

March 31, 2019

 

 

 

Cost or

Amortized

 

 

Unrealized

 

 

Estimated

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Unrestricted Balances (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

1,406

 

 

$

 

 

$

 

 

$

1,406

 

Certificates of deposit

 

 

168,700

 

 

 

203

 

 

 

 

 

 

168,903

 

Commercial paper

 

 

441,803

 

 

 

190

 

 

 

(32

)

 

 

441,961

 

Corporate bonds

 

 

94,415

 

 

 

93

 

 

 

(1

)

 

 

94,507

 

Total unrestricted cash equivalents and short-term investments

 

 

706,324

 

 

 

486

 

 

 

(33

)

 

 

706,777

 

Restricted Balances (2)(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

2,822

 

 

 

 

 

 

 

 

 

2,822

 

Certificates of deposit

 

 

348,007

 

 

 

364

 

 

 

(2

)

 

 

348,369

 

Commercial paper

 

 

696,251

 

 

 

176

 

 

 

(90

)

 

 

696,337

 

Corporate bonds

 

 

62,204

 

 

 

58

 

 

 

(8

)

 

 

62,254

 

Total restricted cash equivalents and investments

 

 

1,109,284

 

 

 

598

 

 

 

(100

)

 

 

1,109,782

 

Total unrestricted and restricted cash equivalents and investments

 

$

1,815,608

 

 

$

1,084

 

 

$

(133

)

 

$

1,816,559

 

 

(1)

Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of March 31, 2019 in addition to $328.1 million of cash.

(2)

Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of March 31, 2019 in addition to $58.0 million of restricted cash.

(3)

Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of March 31, 2019 is $1.9 million of restricted cash.

 

 

 

December 31, 2018

 

 

 

Cost or

Amortized

 

 

Unrealized

 

 

Estimated

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Unrestricted Balances (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

38,528

 

 

$

 

 

$

 

 

$

38,528

 

Certificates of deposit

 

 

497,748

 

 

 

19

 

 

 

(213

)

 

 

497,554

 

Commercial paper

 

 

1,135,092

 

 

 

38

 

 

 

(409

)

 

 

1,134,721

 

Corporate bonds

 

 

119,043

 

 

 

19

 

 

 

(23

)

 

 

119,039

 

Total unrestricted cash equivalents and short-term investments

 

 

1,790,411

 

 

 

76

 

 

 

(645

)

 

 

1,789,842

 

Restricted Balances (2)(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

4,620

 

 

 

 

 

 

 

 

 

4,620

 

Certificates of deposit

 

 

307,650

 

 

 

41

 

 

 

(87

)

 

 

307,604

 

Commercial paper

 

 

624,719

 

 

 

17

 

 

 

(227

)

 

 

624,509

 

Corporate bonds

 

 

65,616

 

 

 

6

 

 

 

(36

)

 

 

65,586

 

Total restricted cash equivalents and investments

 

 

1,002,605

 

 

 

64

 

 

 

(350

)

 

 

1,002,319

 

Total unrestricted and restricted cash equivalents and investments

 

$

2,793,016

 

 

$

140

 

 

$

(995

)

 

$

2,792,161

 

 

(1)

Included in cash and cash equivalents and short-term investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $248.0 million of cash.

(2)

Included in restricted cash and cash equivalents and restricted investments in the Company’s condensed consolidated balance sheet as of December 31, 2018 in addition to $50.2 million of restricted cash.

(3)

Included in prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of December 31, 2018 is $1.4 million of restricted cash.

The Company’s short-term investments are classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains and losses, included as a separate component of stockholders’ deficit within accumulated other comprehensive income.

The weighted-average remaining maturity of the Company’s investment portfolio was less than one year as of the periods presented. No individual security incurred continuous unrealized losses for greater than 12 months.

 

Insurance Reserves

The following table provides a rollforward of the insurance reserve for the periods presented (in thousands):

 

 

 

Three Months Ended

March 31,

 

 

 

2019

 

 

2018

 

Beginning balance

 

$

810,273

 

 

$

376,538

 

Losses paid

 

 

(99,551

)

 

 

(48,855

)

Change in estimates

 

 

23,820

 

 

 

3,392

 

Reserves for current period

 

 

202,442

 

 

 

135,193

 

Ending balance

 

$

936,984

 

 

$

466,268