XML 30 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021:

One year or less
    
67
%
After one year but within two years
    
20
%
After two years but within three and a half years
    
13
%
Total
    
100
%
Summary of Investments

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

        
Gross Unrealized
    
Estimated
  
March 31, 2021
  
Cost (1)
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale securities:
                        
Corporate debt securities (2)
  
$
446,816
    
$
1,838
    
$
(76
)
  
$
448,578
  
Debt securities issued by U.S. government agencies
    
80,703
      
292
      
(2
)
    
80,993
  
Debt securities issued by the U.S. Treasury (2)
    
234,164
      
126
      
—
      
234,290
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
121,776
      
220
      
(22
)
    
121,974
  
Other municipal debt securities
    
5,137
      
—
      
(7
)
    
5,130
  
Total securities with a maturity of one year or less
    
888,596
      
2,476
      
(107
)
    
890,965
  
Corporate debt securities
    
325,335
      
3,108
      
(245
)
    
328,198
  
Debt securities issued by U.S. government agencies
    
96,698
      
36
      
(164
)
    
96,570
  
Debt securities issued by the U.S. Treasury
    
59,030
      
326
      
(35
)
    
59,321
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
34,515
      
81
      
(25
)
    
34,571
  
Other municipal debt
    
6,233
      
—
      
(20
)
    
6,213
  
Total securities with a maturity of more than one year
    
521,811
      
3,551
      
(489
)
    
524,873
  
Total available-for-sale securities
  
$
1,410,407
    
$
6,027
    
$
(596
)
  
$
1,415,838
  
Equity securities:
                                
Total equity securities included in other current assets (3)
  
$
4,712
    
$
—
    
$
(1,514
)
  
$
3,198
  
Total equity securities included in deposits and other assets (4)
    
15,062
      
15,938
      
—
      
31,000
  
Total equity securities
    
19,774
      
15,938
      
(1,514
)
    
34,198
  
Total available-for-sale and equity securities
  
$
1,430,181
    
$
21,965
    
$
(2,110
)
  
$
1,450,036
  

       
Gross Unrealized
    
Estimated
  
December 31, 2020
  
Cost (1)
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale securities:
                        
Corporate debt securities (2)
  
$
514,182
    
$
2,194
    
$
(41
)
  
$
516,335
  
Debt securities issued by U.S. government agencies
    
94,234
      
354
      
(2
)
    
94,586
  
Debt securities issued by the U.S. Treasury (2)
    
307,576
      
233
      
(9
)
    
307,800
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
104,271
      
196
      
(12
)
    
104,455
  
Other municipal debt securities
    
5,191
      
—
      
(7
)
    
5,184
  
Total securities with a maturity of one year or less
    
1,025,454
      
2,977
      
(71
)
    
1,028,360
  
Corporate debt securities
    
325,079
      
4,941
      
(40
)
    
329,980
  
Debt securities issued by U.S. government agencies
    
80,099
      
185
      
(9
)
    
80,275
  
Debt securities issued by the U.S. Treasury
    
50,318
      
383
      
(4
)
    
50,697
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
31,779
      
91
      
(16
)
    
31,854
  
Other municipal debt securities
    
1,041
      
—
      
—
      
1,041
  
Total securities with a maturity of more than one year
    
488,316
      
5,600
      
(69
)
    
493,847
  
Total available-for-sale securities
  
$
1,513,770
    
$
8,577
    
$
(140
)
  
$
1,522,207
  
Equity securities:
                                
Total equity securities included in other current assets (3)
  
$
4,712
    
$
—
    
$
(2,681
)
  
$
2,031
  
Total equity securities included in deposits and other assets (4)
    
15,062
      
15,938
      
—
      
31,000
  
Total equity securities
    
19,774
      
15,938
      
(2,681
)
    
33,031
  
Total available-for-sale and equity securities
  
$
1,533,544
    
$
24,515
    
$
(2,821
)
  
$
1,555,238
  

(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.
Temporarily Impaired Investments

The following is a summary of our investments we consider to be temporarily impaired at March 31, 2021 (in thousands). All of these investments have less than 12 months of temporary impairment. 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.

  
Number of
Investments
    
Estimated
Fair Value
    
Unrealized
Losses
  
Corporate debt securities
    
101
    
$
233,665
    
$
(321
)
Debt securities issued by U.S. government agencies
    
7
      
60,681
      
(166
)
Debt securities issued by the U.S. Treasury
    
6
      
52,838
      
(35
)
Debt securities issued by states of the U.S. and political subdivisions of the states
    
297
      
76,712
      
(47
)
Other municipal debt securities
    
3
      
11,343
      
(27
)
Total temporarily impaired securities
    
414
    
$
435,239
    
$
(596
)