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Investments (Tables)
 6 Months Ended
Jun. 30, 2022
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 June 30, 2022:

One year or less
    
68
%
After one year but within two years
    
26
%
After two years but within three and a half years
    
6
%
Total
    
100
%
Summary of Investments

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

  
Amortized
    
Gross Unrealized
    
Estimated
  
June 30, 2022
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale securities:
                        
Corporate debt securities (1)
  
$
481,866
    
$
4
    
$
(3,749
)
  
$
478,121
  
Debt securities issued by U.S. government agencies
    
55,207
      
—
      
(927
)
    
54,280
  
Debt securities issued by the U.S. Treasury (1)
    
340,480
      
34
      
(1,829
)
    
338,685
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
148,750
      
1
      
(493
)
    
148,258
  
Other municipal debt securities
    
6,384
      
—
      
(90
)
    
6,294
  
Total securities with a maturity of one year or less
    
1,032,687
      
39
      
(7,088
)
    
1,025,638
  
Corporate debt securities
    
294,276
      
1
      
(11,542
)
    
282,735
  
Debt securities issued by U.S. government agencies
    
35,545
      
—
      
(1,451
)
    
34,094
  
Debt securities issued by the U.S. Treasury
    
158,476
      
61
      
(3,100
)
    
155,437
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
26,109
      
2
      
(748
)
    
25,363
  
Total securities with a maturity of more than one year
    
514,406
      
64
      
(16,841
)
    
497,629
  
Total available-for-sale securities
  
$
1,547,093
    
$
103
    
$
(23,929
)
  
$
1,523,267
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
11,897
    
$
—
    
$
(7,159
)
  
$
4,738
  
Privately held equity securities included in deposits and other assets (3)
    
23,115
      
17,257
      
—
      
40,372
  
Total equity securities
    
35,012
      
17,257
      
(7,159
)
    
45,110
  
Total available-for-sale and equity securities
  
$
1,582,105
    
$
17,360
    
$
(31,088
)
  
$
1,568,377
  

 
Amortized
    
Gross Unrealized
    
Estimated
  
December 31, 2021
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale securities:
                        
Corporate debt securities (1)
  
$
383,870
    
$
728
    
$
(226
)
  
$
384,372
  
Debt securities issued by U.S. government agencies
    
48,493
      
19
      
(18
)
    
48,494
  
Debt securities issued by the U.S. Treasury (1)
    
45,424
      
—
      
(64
)
    
45,360
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
134,770
      
45
      
(37
)
    
134,778
  
Total securities with a maturity of one year or less
    
612,557
      
792
      
(345
)
    
613,004
  
Corporate debt securities
    
382,000
      
331
      
(2,644
)
    
379,687
  
Debt securities issued by U.S. government agencies
    
72,935
      
—
      
(561
)
    
72,374
  
Debt securities issued by the U.S. Treasury
    
137,635
      
139
      
(500
)
    
137,274
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
39,909
      
1
      
(224
)
    
39,686
  
Other municipal debt securities
    
6,136
      
—
      
(37
)
    
6,099
  
Total securities with a maturity of more than one year
    
638,615
      
471
      
(3,966
)
    
635,120
  
Total available-for-sale securities
  
$
1,251,172
    
$
1,263
    
$
(4,311
)
  
$
1,248,124
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
11,897
    
$
7,145
    
$
(837
)
  
$
18,205
  
Privately held equity securities included in deposits and other assets (3)
    
15,615
      
16,707
      
—
      
32,322
  
Total equity securities
    
27,512
      
23,852
      
(837
)
    
50,527
  
Total available-for-sale and equity securities
  
$
1,278,684
    
$
25,115
    
$
(5,148
)
  
$
1,298,651
  

(1)
Includes investments classified as cash equivalents on our condensed consolidated balance sheet.

(2)
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. In the six months ended June 30, 2022, we recognized a $13.5 million unrealized loss in our condensed consolidated statement of operations related to a decrease in the fair value of our investments in publicly traded companies.

(3)
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 June 30, 2022 (in thousands, except for number of investments). 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
    
380
    
$
703,643
    
$
(14,199
)
  
$
42,106
    
$
(1,092
)
  
$
745,749
    
$
(15,291
)
Debt securities issued by U.S. government agencies
    
11
      
65,974
      
(1,781
)
    
14,400
      
(597
)
    
80,374
      
(2,378
)
Debt securities issued by the U.S. Treasury
    
48
      
420,076
      
(4,767
)
    
4,837
      
(162
)
    
424,913
      
(4,929
)
Debt securities issued by states of the U.S. and political subdivisions of the states
    
403
      
119,174
      
(975
)
    
10,617
      
(266
)
    
129,791
      
(1,241
)
Other municipal debt securities
    
3
      
1,308
      
(14
)
    
4,986
      
(76
)
    
6,294
      
(90
)
Total temporarily impaired securities
    
845
    
$
1,310,175
    
$
(21,736
)
  
$
76,946
    
$
(2,193
)
  
$
1,387,121
    
$
(23,929
)