XML 30 R13.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Investments
5. Investments


The following table summarizes the contract maturity of the available-for-sale securities we held as of December 31, 2024:

One year or less
    
69
%
After one year but within two years
    
24
%
After two years but within three and a half years
    
7
%
Total
    
100
%


As illustrated above, at December 31, 2024, 93 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 debt securities with strong credit ratings and an investment grade rating at or above A-1, P-1 or F-1 by Standard & Poor’s, Moody’s or Fitch, respectively.


At December 31, 2024, we had an ownership interest of less than 20 percent in seven 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
  
December 31, 2024
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale securities:
                        
Corporate debt securities (1)
  
$
593,810
    
$
487
    
$
(240
)
  
$
594,057
  
Debt securities issued by U.S. government agencies
    
143,647
      
287
      
(39
)
    
143,895
  
Debt securities issued by the U.S. Treasury (1)
    
657,285
      
825
      
(120
)
    
657,990
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
7,516
      
8
      
—
      
7,524
  
Total securities with a maturity of one year or less
    
1,402,258
      
1,607
      
(399
)
    
1,403,466
  
Corporate debt securities
    
439,561
      
723
      
(2,275
)
    
438,009
  
Debt securities issued by U.S. government agencies
    
65,255
      
137
      
(289
)
    
65,103
  
Debt securities issued by the U.S. Treasury
    
149,086
      
124
      
(476
)
    
148,734
  
Other municipal debt securities
    
698
      
—
      
(2
)
    
696
  
Total securities with a maturity of more than one year
    
654,600
      
984
      
(3,042
)
    
652,542
  
Total available-for-sale securities
  
$
2,056,858
    
$
2,591
    
$
(3,441
)
  
$
2,056,008
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
11,897
    
$
26
    
$
(6,660
)
  
$
5,263
  
Privately held equity securities included in deposits and other assets (3)
    
23,115
      
25,001
      
(7,093
)
    
41,023
  
Total equity securities
  
$
35,012
    
$
25,027
    
$
(13,753
)
  
$
46,286
  
Total available-for-sale and equity securities
  
$
2,091,870
    
$
27,618
    
$
(17,194
)
  
$
2,102,294
  

 
Amortized
    
Gross Unrealized
    
Estimated
  
December 31, 2023
  
Cost
    
Gains
    
Losses
    
Fair Value
  
Available-for-sale securities:
                        
Corporate debt securities (1)
  
$
559,967
    
$
157
    
$
(2,625
)
  
$
557,499
  
Debt securities issued by U.S. government agencies
    
224,711
      
64
      
(611
)
    
224,164
  
Debt securities issued by the U.S. Treasury (1)
    
513,784
      
152
      
(1,889
)
    
512,047
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
17,757
      
42
      
(113
)
    
17,686
  
Total securities with a maturity of one year or less
    
1,316,219
      
415
      
(5,238
)
    
1,311,396
  
Corporate debt securities
    
243,151
      
1,270
      
(692
)
    
243,729
  
Debt securities issued by U.S. government agencies
    
110,138
      
547
      
(21
)
    
110,664
  
Debt securities issued by the U.S. Treasury
    
294,873
      
1,239
      
(480
)
    
295,632
  
Debt securities issued by states of the U.S. and political subdivisions of the states
    
3,466
      
7
      
(4
)
    
3,469
  
Total securities with a maturity of more than one year
    
651,628
      
3,063
      
(1,197
)
    
653,494
  
Total available-for-sale securities
  
$
1,967,847
    
$
3,478
    
$
(6,435
)
  
$
1,964,890
  
Equity securities:
                                
Publicly traded equity securities included in other current assets (2)
  
$
11,897
    
$
236
    
$
(5,832
)
  
$
6,301
  
Privately held equity securities included in deposits and other assets (3)
    
23,115
      
25,001
      
(5,125
)
    
42,991
  
Total equity securities
  
$
35,012
    
$
25,237
    
$
(10,957
)
  
$
49,292
  
Total available-for-sale and equity securities
  
$
2,002,859
    
$
28,715
    
$
(17,392
)
  
$
2,014,182
  
________________
(1)
Includes investments classified as cash equivalents in our 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 year ended December 31, 2024, we recorded a $1.0 million net unrealized loss in our consolidated statement of operations related to changes 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 year ended December 31, 2024, we recorded a $2.0 million net unrealized loss in our consolidated statements of operations related to observable price changes of our investments in privately held companies.


The following is a summary of our investments we considered to be temporarily impaired at December 31, 2024 (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
    
274
    
$
488,949
    
$
(2,463
)
  
$
27,713
    
$
(52
)
  
$
516,662
    
$
(2,515
)
Debt securities issued by U.S. government agencies
    
30
      
67,854
      
(328
)
    
—
      
—
      
67,854
      
(328
)
Debt securities issued by the U.S. Treasury
    
38
      
252,926
      
(503
)
    
24,173
      
(93
)
    
277,099
      
(596
)
Debt securities issued by states of the U.S. and political subdivisions of the states
    
3
      
643
      
—
      
129
      
—
      
772
      
—
  
Other municipal debt securities
    
1
      
696
      
(2
)
    
—
      
—
      
696
      
(2
)
Total temporarily impaired securities
    
346
    
$
811,068
    
$
(3,296
)
  
$
52,015
    
$
(145
)
  
$
863,083
    
$
(3,441
)


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 intend to hold these securities to maturity and anticipate full recovery of our debt securities’ amortized cost basis at maturity.