XML 29 R19.htm IDEA: XBRL DOCUMENT v3.19.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2019
Investments [Abstract]  
Contract Maturity of Available-for-Sale Securities
The following table summarizes the contract maturity of the available-for-sale securities we held as of March 31, 2019:

One year or less
74%
After one year but within two years
21%
After two years but within three years
5%
Total
100%
Summary of Investments
The following is a summary of our investments (in thousands):

   
Gross Unrealized
   
March 31, 2019
 
Cost (1)
  
Gains
  
Losses
  
Estimated Fair Value
 
Available-for-sale securities:
            
Corporate debt securities (2)
 
$
869,483
  
$
326
  
$
(531
)
 
$
869,278
 
Debt securities issued by U.S. government agencies
  
124,744
   
71
   
(15
)
  
124,800
 
Debt securities issued by the U.S. Treasury (2)
  
328,340
   
110
   
(12
)
  
328,438
 
Debt securities issued by states of the U.S. and political subdivisions of the states
  
63,366
   
10
   
(203
)
  
63,173
 
Other municipal debt securities
  
2,931
   
1
   
—
   
2,932
 
Total securities with a maturity of one year or less
  
1,388,864
   
518
   
(761
)
  
1,388,621
 
Corporate debt securities
  
360,976
   
1,236
   
(336
)
  
361,876
 
Debt securities issued by U.S. government agencies
  
120,341
   
279
   
(112
)
  
120,508
 
Debt securities issued by the U.S. Treasury
  
33,569
   
12
   
(22
)
  
33,559
 
Debt securities issued by states of the U.S. and political subdivisions of the states
  
15,615
   
—
   
(125
)
  
15,490
 
Total securities with a maturity of more than one year
  
530,501
   
1,527
   
(595
)
  
531,433
 
Total available-for-sale securities
 
$
1,919,365
  
$
2,045
  
$
(1,356
)
 
$
1,920,054
 
Equity securities:
                
Total equity securities included in other current assets (3)
 
$
1,212
  
$
—
  
$
(244
)
 
$
968
 
Total available-for-sale and equity securities
 
$
1,920,577
  
$
2,045
  
$
(1,600
)
 
$
1,921,022
 



   
Gross Unrealized
   
December 31, 2018
 
Cost (1)
  
Gains
  
Losses
  
Estimated Fair Value
 
Available-for-sale securities:
            
Corporate debt securities
 
$
956,879
  
$
13
  
$
(1,858
)
 
$
955,034
 
Debt securities issued by U.S. government agencies
  
168,839
   
3
   
(104
)
  
168,738
 
Debt securities issued by the U.S. Treasury
  
244,640
   
15
   
(77
)
  
244,578
 
Debt securities issued by states of the U.S. and political subdivisions of the states (2)
  
63,572
   
—
   
(323
)
  
63,249
 
Total securities with a maturity of one year or less
  
1,433,930
   
31
   
(2,362
)
  
1,431,599
 
Corporate debt securities
  
299,018
   
194
   
(1,286
)
  
297,926
 
Debt securities issued by U.S. government agencies
  
107,789
   
194
   
(109
)
  
107,874
 
Debt securities issued by the U.S. Treasury
  
15,600
   
—
   
(24
)
  
15,576
 
Debt securities issued by states of the U.S. and political subdivisions of the states
  
16,980
   
—
   
(287
)
  
16,693
 
Total securities with a maturity of more than one year
  
439,387
   
388
   
(1,706
)
  
438,069
 
Total available-for-sale securities
 
$
1,873,317
  
$
419
  
$
(4,068
)
 
$
1,869,668
 
Equity securities:
                
Total equity securities included in other current assets (3)
  
1,212
   
137
   
—
   
1,349
 
Total available-for-sale and equity securities
 
$
1,874,529
  
$
556
  
$
(4,068
)
 
$
1,871,017
 

(1)
Our available-for-sale securities are held at amortized cost.

(2)
Includes investments classified as cash equivalents on our condensed consolidated balance sheet.

(3)
We recognize our equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer on our condensed consolidated balance sheet.
Temporarily Impaired Investments
The following is a summary of our investments we consider to be temporarily impaired at March 31, 2019. We believe that the decline in value of these securities is temporary and is primarily related to the change in market interest rates since purchase. We believe it is more likely than not that we will be able to hold our debt securities to maturity. Therefore, we anticipate full recovery of our debt securities’ amortized cost basis at maturity.

     
Less than 12 Months of
Temporary Impairment
  
More than 12 Months of
Temporary Impairment
  
Total Temporary
Impairment
 
 (In thousands)
 
Number of
Investments
  
Estimated
Fair Value
  
Unrealized
Losses
  
Estimated
Fair Value
  
Unrealized
Losses
  
Estimated
Fair Value
  
Unrealized
Losses
 
Corporate debt securities
  
275
  
$
530,786
  
$
(306
)
 
$
102,815
  
$
(561
)
 
$
633,601
  
$
(867
)
Debt securities issued by U.S. government agencies
  
24
   
91,005
   
(81
)
  
16,534
   
(46
)
  
107,539
   
(127
)
Debt securities issued by the U.S. Treasury
  
15
   
94,603
   
(34
)
  
—
   
—
   
94,603
   
(34
)
Debt securities issued by states of the U.S. and political subdivisions of the states
  
39
   
11,254
   
(9
)
  
51,579
   
(319
)
  
62,833
   
(328
)
Total temporarily impaired securities
  
353
  
$
727,648
  
$
(430
)
 
$
170,928
  
$
(926
)
 
$
898,576
  
$
(1,356
)