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Marketable Securities (Notes)
 6 Months Ended
Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Marketable Securities
Marketable securities as of June 30, 2017 and December 31, 2016 consist of both debt securities of investment grade issuers as well as equity securities.
The following tables summarize the Company's investments in marketable securities:
 
 
Amortized
 
Unrealized
 
Fair
As of June 30, 2017
 
Cost Basis
 
Gains
 
Losses
 
Value
Corporate bonds
 
$
1,350,232

 
$
2,416

 
$
(2,661
)
 
$
1,349,987

U.S. government and government agency obligations
 
147,563

 
70

 
(570
)
 
147,063

Municipal bonds
 
4,624

 
1

 
(9
)
 
4,616

Commercial paper
 
13,614

 
—

 
—

 
13,614

Certificates of deposit
 
12,565

 
—

 
—

 
12,565

Equity securities
 
57,251

 
9,397

 
(6,279
)
 
60,369

 
 
$
1,585,849

 
$
11,884

 
$
(9,519
)
 
$
1,588,214

 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
Corporate bonds
 
$
1,076,964

 
$
630

 
$
(4,743
)
 
$
1,072,851

U.S. government and government agency obligations
 
132,923

 
58

 
(641
)
 
132,340

Municipal bonds
 
7,663

 
1

 
(20
)
 
7,644

Commercial paper
 
63,074

 
1

 
—

 
63,075

Certificates of deposit
 
42,612

 
—

 
—

 
42,612

Equity securities
 
57,251

 
5,551

 
(13,583
)
 
49,219

 
 
$
1,380,487

 
$
6,241

 
$
(18,987
)
 
$
1,367,741

The Company classifies its debt security investments based on their contractual maturity dates. The debt securities listed as of June 30, 2017 mature at various dates through May 2022. The fair values of debt security investments by contractual maturity consist of the following:
 
 
June 30, 2017
 
December 31, 2016
Maturities within one year
 
$
523,537

 
$
503,481

Maturities after one year through five years
 
1,004,308

 
815,041

 
 
$
1,527,845

 
$
1,318,522


The following table shows the fair value of the Company's marketable securities that have unrealized losses and that are deemed to be only temporarily impaired, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
 
Less than 12 Months
 
12 Months or Greater
 
Total
As of June 30, 2017
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
Corporate bonds
$
644,801

 
$
(2,656
)
 
$
7,444

 
$
(5
)
 
$
652,245

 
$
(2,661
)
U.S. government and government agency obligations
120,102

 
(570
)
 
—

 
—

 
120,102

 
(570
)
Municipal bonds
4,113

 
(9
)
 
—

 
—

 
4,113

 
(9
)
Equity securities
48,967

 
(6,279
)
 
—

 
—

 
48,967

 
(6,279
)
 
$
817,983


$
(9,514
)
 
$
7,444

 
$
(5
)
 
$
825,427

 
$
(9,519
)
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
759,222

 
$
(4,685
)
 
$
36,407

 
$
(58
)
 
$
795,629

 
$
(4,743
)
U.S. government and government agency obligations
81,170

 
(641
)
 
—

 
—

 
81,170

 
(641
)
Municipal bonds
7,141

 
(20
)
 
—

 
—

 
7,141

 
(20
)
Equity securities
36,417

 
(13,583
)
 
—

 
—

 
36,417

 
(13,583
)
 
$
883,950

 
$
(18,929
)
 
$
36,407

 
$
(58
)
 
$
920,357

 
$
(18,987
)

There were no realized losses on sales of marketable securities, and realized gains were not material, for the three and six months ended June 30, 2017. Realized gains and losses on sales of marketable securities were not material for the three and six months ended June 30, 2016.
As it relates to marketable securities, for the three and six months ended June 30, 2017 and 2016, amounts reclassified from accumulated other comprehensive income (loss) into other (expense) income, net were related to realized gains and losses on sales.