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Investments
 9 Months Ended
Sep. 30, 2022
Investments [Abstract]  
Investments
3.  Investments


The following table summarizes the contract maturity of the available-for-sale securities we held as of September 30, 2022:

One year or less
    
66
%
After one year but within two years
    
31
%
After two years but within three and a half years
    
3
%
Total
    
100
%


As illustrated above, at September 30, 2022, 97 percent of our available-for-sale securities had a maturity of less than two years.


All of our available-for-sale debt 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. This reflects our intention to use the proceeds from the sale of these investments to fund our operations, as necessary.


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, 2022, we had an equity ownership interest of less than 20 percent in eight private companies and three public companies with which we conduct business.


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

  
Amortized
    
Gross Unrealized
    
Estimated
  
September 30, 2022
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale securities:
                        
Corporate debt securities (1)
  
$
487,666
    
$
1
    
$
(5,327
)
  
$
482,340
  
Debt securities issued by U.S. government agencies
    
104,987
      
12
      
(1,686
)
    
103,313
  
Debt securities issued by the U.S. Treasury (1)
    
462,475
      
22
      
(3,761
)
    
458,736
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
72,059
      
—
      
(797
)
    
71,262
  
Other municipal debt securities
    
6,040
      
—
      
(76
)
    
5,964
  
Total securities with a maturity of one year or less
    
1,133,227
      
35
      
(11,647
)
    
1,121,615
  
Corporate debt securities
    
258,362
      
6
      
(12,654
)
    
245,714
  
Debt securities issued by U.S. government agencies
    
28,987
      
8
      
(1,541
)
    
27,454
  
Debt securities issued by the U.S. Treasury
    
298,431
      
13
      
(6,247
)
    
292,197
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
14,591
      
2
      
(540
)
    
14,053
  
Total securities with a maturity of more than one year
    
600,371
      
29
      
(20,982
)
    
579,418
  
Total available-for-sale securities
  
$
1,733,598
    
$
64
    
$
(32,629
)
  
$
1,701,033
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
15,097
    
$
—
    
$
(7,841
)
  
$
7,256
  
Privately held equity securities included in deposits and other assets (3)
    
23,115
      
17,257
      
—
      
40,372
  
Total equity securities
    
38,212
      
17,257
      
(7,841
)
    
47,628
  
Total available-for-sale and equity securities
  
$
1,771,810
    
$
17,321
    
$
(40,470
)
  
$
1,748,661
  

 
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 in 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 nine months ended September 30, 2022, we recognized a $10.9 million unrealized non-cash 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.


The following is a summary of our investments we consider to be temporarily impaired at September 30, 2022 (in thousands, except for number of investments).

        
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
    
397
    
$
591,245
    
$
(10,897
)
  
$
133,763
    
$
(7,084
)
  
$
725,008
    
$
(17,981
)
Debt securities issued by U.S. government agencies
    
31
      
69,640
      
(875
)
    
53,299
      
(2,352
)
    
122,939
      
(3,227
)
Debt securities issued by the U.S. Treasury
    
74
      
643,231
      
(8,327
)
    
52,767
      
(1,681
)
    
695,998
      
(10,008
)
Debt securities issued by states of the U.S. and political subdivisions of the states
    
140
      
40,160
      
(658
)
    
21,769
      
(679
)
    
61,929
      
(1,337
)
Other municipal debt securities
    
2
      
994
      
(12
)
    
4,970
      
(64
)
    
5,964
      
(76
)
Total temporarily impaired securities
    
644
    
$
1,345,270
    
$
(20,769
)
  
$
266,568
    
$
(11,860
)
  
$
1,611,838
    
$
(32,629
)


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 rather than underlying credit deterioration for any of the issuers. We believe it is more likely than not that we will be able to hold our debt securities with declines in value to maturity. Therefore, we anticipate full recovery of our debt securities’ amortized cost basis at maturity.