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Investments
 9 Months Ended
Sep. 30, 2020
Investments [Abstract]  
Investments
3.  Investments


The following table summarizes the contract maturity of the available-for-sale securities we held as of September 30, 2020:

One year or less
    
71
%
After one year but within two years
    
20
%
After two years but within three years
    
9
%
Total
    
100
%


As illustrated above, at September 30, 2020, 91 percent of our available-for-sale securities had a maturity of less than two years.


All of our available-for-sale securities are available to us for use in our current operations. As a result, we categorize all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date.


We invest in available-for-sale securities with strong credit ratings and an investment grade rating at or above A-1, P-1 or F-1 by Standard & Poor’s, or S&P, Moody’s or Fitch, respectively.


At September 30, 2020, we had an ownership interest of less than 20 percent in five private companies and two public companies with which we conduct business. The privately held companies are Atlantic Pharmaceuticals Limited, Dynacure SAS, Empirico, Inc., Seventh Sense Biosystems and Suzhou Ribo Life Science Co, Ltd. The publicly traded companies are ATL and ProQR.


The following is a summary of our investments (in thousands):

        
Gross Unrealized
    
Estimated
  
September 30, 2020
  
Cost (1)
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale securities:
                        
Corporate debt securities (2)
  
$
568,857
    
$
3,443
    
$
(12
)
  
$
572,288
  
Debt securities issued by U.S. government agencies
    
104,329
      
391
      
(1
)
    
104,719
  
Debt securities issued by the U.S. Treasury (2)
    
358,758
      
485
      
(7
)
    
359,236
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
96,363
      
238
      
(2
)
    
96,599
  
Other municipal debt securities
    
901
      
6
      
—
      
907
  
Total securities with a maturity of one year or less
    
1,129,208
      
4,563
      
(22
)
    
1,133,749
  
Corporate debt securities
    
392,836
      
6,315
      
(87
)
    
399,064
  
Debt securities issued by U.S. government agencies
    
120,065
      
440
      
(31
)
    
120,474
  
Debt securities issued by the U.S. Treasury
    
31,598
      
424
      
(6
)
    
32,016
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
27,637
      
237
      
(1
)
    
27,873
  
Total securities with a maturity of more than one year
    
578,428
      
7,416
      
(148
)
    
585,696
  
Total available-for-sale securities
  
$
1,707,636
    
$
11,979
    
$
(170
)
  
$
1,719,445
  
Equity securities:
                                
Total equity securities included in other current assets (3)
  
$
4,712
    
$
—
    
$
(2,565
)
  
$
2,147
  
Total equity securities included in deposits and other assets (4)
    
15,031
      
9,318
      
—
      
24,349
  
Total equity securities
    
19,743
      
9,318
      
(2,565
)
    
26,496
  
Total available-for-sale and equity securities
  
$
1,727,379
    
$
21,297
    
$
(2,735
)
  
$
1,745,941
  

       
Gross Unrealized
    
Estimated
  
December 31, 2019
  
Cost (1)
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale securities:
                        
Corporate debt securities (2)
  
$
669,665
    
$
1,451
    
$
(43
)
  
$
671,073
  
Debt securities issued by U.S. government agencies
    
188,216
      
303
      
(43
)
    
188,476
  
Debt securities issued by the U.S. Treasury (2)
    
327,670
      
232
      
(27
)
    
327,875
  
Debt securities issued by states of the U.S. and political subdivisions of the states (2)
    
21,065
      
26
      
(5
)
    
21,086
  
Total securities with a maturity of one year or less
    
1,206,616
      
2,012
      
(118
)
    
1,208,510
  
Corporate debt securities
    
428,627
      
2,911
      
(43
)
    
431,495
  
Debt securities issued by U.S. government agencies
    
140,988
      
57
      
(117
)
    
140,928
  
Debt securities issued by the U.S. Treasury
    
35,822
      
9
      
(12
)
    
35,819
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
19,309
      
18
      
(6
)
    
19,321
  
Total securities with a maturity of more than one year
    
624,746
      
2,995
      
(178
)
    
627,563
  
Total available-for-sale securities
  
$
1,831,362
    
$
5,007
    
$
(296
)
  
$
1,836,073
  
Equity securities:
                                
Total equity securities included in other current assets (3)
    
4,712
      
—
      
(870
)
    
3,842
  
Total equity securities included in deposits and other assets (4)
    
10,000
      
—
      
—
      
10,000
  
Total equity securities
    
14,712
      
—
      
(870
)
    
13,842
  
Total available-for-sale and equity securities
  
$
1,846,074
    
$
5,007
    
$
(1,166
)
  
$
1,849,915
  

(1)
We hold our available-for-sale securities at amortized cost.

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

(3)
Our equity securities included in other current assets consisted of our investments in publicly traded companies. We recognize publicly traded equity securities at fair value.

(4)
Our equity securities included in deposits and other assets consisted of our investments in privately held companies. We recognize our private company 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.


The following is a summary of our investments we consider to be temporarily impaired at September 30, 2020 (in thousands). 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
  
   
Number of
Investments
    
Estimated
Fair Value
    
Unrealized
Losses
    
Estimated
Fair Value
    
Unrealized
Losses
    
Estimated
Fair Value
    
Unrealized
Losses
  
Corporate debt securities
    
54
    
$
104,736
    
$
(99
)
  
$
—
    
$
—
    
$
104,736
    
$
(99
)
Debt securities issued by U.S. government agencies
    
4
      
37,963
      
(32
)
    
7,000
      
—
      
44,963
      
(32
)
Debt securities issued by the U.S. Treasury
    
5
      
55,273
      
(13
)
    
—
      
—
      
55,273
      
(13
)
Debt securities issued by states of the U.S. and political subdivisions of the states
    
45
      
14,719
      
(3
)
    
—
      
—
      
14,719
      
(3
)
Other municipal debt securities
    
2
      
6,269
      
(23
)
    
—
      
—
      
6,269
      
(23
)
Total temporarily impaired securities
    
110
    
$
218,960
    
$
(170
)
  
$
7,000
    
$
—
    
$
225,960
    
$
(170
)