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Cash, Cash Equivalents, and Investments (Tables)
 12 Months Ended
Dec. 31, 2017
Cash and Cash Equivalents [Abstract]  
Components of Cash, Cash Equivalents and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 
December 31,
 
2017
 
2016
Cash
$
97,951

 
$
77,307

Money market instruments
8,631

 
2,334

Cash and cash equivalents
106,582

 
79,641

Treasury bills
150,371

 
67,175

Asset-backed securities
59,203

 
69,614

Corporate bonds
47,395

 
141,188

Sovereign bonds
21,579

 
7,298

Agency bonds
10,608

 
2,903

Municipal bonds
8,805

 
6,517

Euro liquidity fund
—

 
46,499

Short-term investments
297,961

 
341,194

Corporate bonds
296,014

 
169,952

Asset-backed securities
71,727

 
26,946

Treasury bills
23,459

 
92,280

Agency bonds
14,890

 
10,339

Sovereign bonds
13,147

 
23,585

Municipal bonds
4,204

 
1,233

Long-term investments
423,441

 
324,335

 
$
827,984

 
$
745,170
Summary of Available-for-Sale Investments
The following table summarizes the Company’s available-for-sale investments as of December 31, 2017 (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Short-term:
 
 
 
 
 
 
 
Treasury bills
$
150,726

 
$
—

 
$
(355
)
 
$
150,371

Asset-backed securities
59,267

 
8

 
(72
)
 
59,203

Corporate bonds
47,391

 
29

 
(25
)
 
47,395

Sovereign bonds
21,607

 
1

 
(29
)
 
21,579

Agency bonds
10,600

 
8

 
—

 
10,608

Municipal bonds
8,805

 
—

 
—

 
8,805

Long-term:
 
 
 
 
 
 


Corporate bonds
295,427

 
981

 
(394
)
 
296,014

Asset-backed securities
71,801

 
30

 
(104
)
 
71,727

Treasury bills
23,567

 
—

 
(108
)
 
23,459

Agency bonds
14,878

 
14

 
(2
)
 
14,890

Sovereign bonds
13,171

 
35

 
(59
)
 
13,147

Municipal bonds
4,220

 
—

 
(16
)
 
4,204

 
$
721,460

 
$
1,106

 
$
(1,164
)
 
$
721,402
Gross Unrealized Losses and Fair Value for Available-for-Sale Investments
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2017 (in thousands):
 
Unrealized Loss
Position For Less than
12 Months
 
Unrealized Loss
Position For Greater than
12 Months
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Treasury bills
$
145,051

 
$
(403
)
 
$
25,176

 
$
(60
)
 
$
170,227

 
$
(463
)
Corporate bonds
126,659

 
(241
)
 
19,324

 
(178
)
 
145,983

 
(419
)
Asset-backed securities
75,842

 
(171
)
 
2,698

 
(5
)
 
78,540

 
(176
)
Sovereign bonds
3,809

 
(4
)
 
17,941

 
(84
)
 
21,750

 
(88
)
Agency Bonds
5,928

 
(2
)
 
—

 
—

 
5,928

 
(2
)
Municipal bonds
4,203

 
(16
)
 
—

 
—

 
4,203

 
(16
)
 
$
361,492

 
$
(837
)
 
$
65,139

 
$
(327
)
 
$
426,631

 
$
(1,164
)
Effective Maturity Dates of Available-for-Sale Investments
The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2017 (in thousands):
 
<1 Year
 
1-2 Years
 
2-3 Years
 
3-4 Years
 
4-5 Years
 
5-7 Years
 
Total
Corporate bonds
$
47,395

 
$
154,541

 
$
77,772

 
$
26,545

 
$
32,352

 
$
4,804

 
$
343,409

Treasury bills
150,371

 
23,459

 
—

 
—

 
—

 
—

 
173,830

Asset-backed securities
59,203

 
46,985

 
13,456

 
3,262

 
2,334

 
5,690

 
130,930

Sovereign bonds
21,579

 
4,580

 
8,567

 
—

 
—

 
—

 
34,726

Agency bonds
10,608

 
8,962

 
—

 
—

 
5,928

 
—

 
25,498

Municipal bonds
8,805

 
2,854

 
1,350

 
—

 
—

 
—

 
13,009

 
$
297,961

 
$
241,381

 
$
101,145

 
$
29,807

 
$
40,614

 
$
10,494

 
$
721,402