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Investments (Tables)
6 Months Ended
Jun. 30, 2023
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, 2023:

One year or less
   
77
%
After one year but within two years
   
16
%
After two years but within three and a half years
   
7
%
Total
   
100
%
Summary of Investments

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

 
Amortized
   
Gross Unrealized
   
Estimated
 
June 30, 2023
 
Cost
   
Gains
   
Losses
   
Fair Value
 
Available-for-sale debt securities:
                       
Corporate debt securities (1)
 
$
605,532
   
$
25
   
$
(4,763
)
 
$
600,794
 
Debt securities issued by U.S. government agencies
   
281,703
     
4
     
(1,314
)
   
280,393
 
Debt securities issued by the U.S. Treasury (1)
   
622,829
     
6
     
(5,031
)
   
617,804
 
Debt securities issued by states of the U.S. and political subdivisions of the states
   
42,230
     
     
(269
)
   
41,961
 
Total debt securities with a maturity of one year or less
   
1,552,294
     
35
     
(11,377
)
   
1,540,952
 
Corporate debt securities
   
220,569
     
133
     
(5,135
)
   
215,567
 
Debt securities issued by U.S. government agencies
   
39,443
     
     
(870
)
   
38,573
 
Debt securities issued by the U.S. Treasury
   
194,967
     
     
(3,659
)
   
191,308
 
Debt securities issued by states of the U.S. and political subdivisions of the states
   
12,000
     
66
     
(235
)
   
11,831
 
Total debt securities with a maturity of more than one year
   
466,979
     
199
     
(9,899
)
   
457,279
 
Total available-for-sale debt securities
 
$
2,019,273
   
$
234
   
$
(21,276
)
 
$
1,998,231
 
Equity securities:
                               
Publicly traded equity securities included in other current assets (2)
 
$
11,897
   
$
253
   
$
(3,928
)
 
$
8,222
 
Privately held equity securities included in deposits and other assets (3)
   
23,115
     
25,001
     
(5,125
)
   
42,991
 
Total equity securities
   
35,012
     
25,254
     
(9,053
)
   
51,213
 
Total available-for-sale debt and equity securities
 
$
2,054,285
   
$
25,488
   
$
(30,329
)
 
$
2,049,444
 

 
Amortized
   
Gross Unrealized
   
Estimated
 
December 31, 2022
 
Cost
   
Gains
   
Losses
   
Fair Value
 
Available-for-sale debt securities:
                       
Corporate debt securities (1)
 
$
513,790
   
$
23
   
$
(4,365
)
 
$
509,448
 
Debt securities issued by U.S. government agencies
   
133,585
     
     
(1,829
)
   
131,756
 
Debt securities issued by the U.S. Treasury (1)
   
512,655
     
23
     
(5,124
)
   
507,554
 
Debt securities issued by states of the U.S. and political subdivisions of the states
   
57,484
     
18
     
(686
)
   
56,816
 
Other municipal debt securities
   
6,008
     
     
(14
)
   
5,994
 
Total debt securities with a maturity of one year or less
   
1,223,522
     
64
     
(12,018
)
   
1,211,568
 
Corporate debt securities
   
227,631
     
14
     
(10,143
)
   
217,502
 
Debt securities issued by U.S. government agencies
   
34,339
     
     
(1,040
)
   
33,299
 
Debt securities issued by the U.S. Treasury
   
245,030
     
     
(4,109
)
   
240,921
 
Debt securities issued by states of the U.S. and political subdivisions of the states
   
18,314
     
116
     
(329
)
   
18,101
 
Total debt securities with a maturity of more than one year
   
525,314
     
130
     
(15,621
)
   
509,823
 
Total available-for-sale debt securities
 
$
1,748,836
   
$
194
   
$
(27,639
)
 
$
1,721,391
 
Equity securities:
                               
Publicly traded equity securities included in other current assets (2)
 
$
11,897
   
$
   
$
(1,358
)
 
$
10,539
 
Privately held equity securities included in deposits and other assets (3)
   
23,115
     
17,257
     
     
40,372
 
Total equity securities
   
35,012
     
17,257
     
(1,358
)
   
50,911
 
Total available-for-sale debt and equity securities
 
$
1,783,848
   
$
17,451
   
$
(28,997
)
 
$
1,772,302
 

(1)
Includes investments classified as cash equivalents in our condensed consolidated balance sheets.

(2)
Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the six months ended June 30, 2023, we recognized a $2.3 million unrealized loss in our condensed consolidated statements of operations related to a decrease in the fair value of our investments in publicly traded companies.

(3)
Our privately held equity securities are included in deposits and other assets. We recognize our privately held 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, which are Level 3 inputs. In the six months ended June 30, 2023, we recorded a net gain of $2.6 million in our condensed consolidated statements of operations related to changes in the fair value of our investments in privately held companies.
Temporarily Impaired Investments

The following is a summary of our investments we consider to be temporarily impaired at June 30, 2023 (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
   
406
   
$
512,975
   
$
(2,381
)
 
$
238,238
   
$
(7,517
)
 
$
751,213
   
$
(9,898
)
Debt securities issued by U.S. government agencies
   
86
     
265,446
     
(1,208
)
   
36,037
     
(976
)
   
301,483
     
(2,184
)
Debt securities issued by the U.S. Treasury
   
70
     
674,046
     
(6,202
)
   
103,565
     
(2,488
)
   
777,611
     
(8,690
)
Debt securities issued by states of the U.S. and political subdivisions of the states
   
130
     
25,394
     
(183
)
   
22,593
     
(321
)
   
47,987
     
(504
)
Total temporarily impaired securities
   
692
   
$
1,477,861
   
$
(9,974
)
 
$
400,433
   
$
(11,302
)
 
$
1,878,294
   
$
(21,276
)