v3.20.2

Marketable Investment Securities | 9 Months Ended
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Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
MARKETABLE INVESTMENT SECURITIES | MARKETABLE INVESTMENT SECURITIES The following table presents our Marketable investment securities:
|  | As of
|  | September 30, 2020 |  | December 31, 2019
Marketable investment securities: |  |  |  |
Debt securities: |  |  |  |
Available-for-sale: |  |  |  |
Corporate bonds |  | $ | 305,775 |  |  | $ | 568,442 |
Commercial paper |  | 1,330,726 |  |  | 321,706 |
Other debt securities |  | 270,444 |  |  | 13,874 |
Total available-for-sale debt securities |  | 1,906,945 |  |  | 904,022 |
Fair value option - corporate bonds |  | 26,355 |  |  | 9,128 |
Total debt securities |  | 1,933,300 |  |  | 913,150 |
Equity securities |  | 18,349 |  |  | 35,566 |
Total marketable investment securities, including restricted amounts |  | 1,951,649 |  |  | 948,716 |
Less: Restricted marketable investment securities |  | (845) |  |  | (8,093) |
Total marketable investment securities |  | $ | 1,950,804 |  |  | $ | 940,623 |
Debt Securities Our corporate bond portfolio includes debt instruments issued by individual corporations, primarily in the industrial and financial services industries. Our commercial paper portfolio includes instruments issued by individual corporations, primarily in the industrial, financial services and utilities industries. Our other debt securities portfolio includes investments in various debt instruments, including U.S. government bonds and mutual funds. We consider all liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Available-for-Sale The following table presents the components of our available-for-sale debt securities:
|  | Amortized |  | Unrealized |  | Estimated
|  | Cost |  | Gains |  | Losses |  | Fair Value
As of September 30, 2020 |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 305,628 |  |  | $ | 152 |  |  | $ | (5) |  |  | $ | 305,775 |
Commercial paper |  | 1,330,726 |  |  | — |  |  | — |  |  | 1,330,726 |
Other debt securities |  | 270,433 |  |  | 11 |  |  | — |  |  | 270,444 |
Total available-for-sale debt securities |  | $ | 1,906,787 |  |  | $ | 163 |  |  | $ | (5) |  |  | $ | 1,906,945 |
As of December 31, 2019 |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 567,926 |  |  | $ | 518 |  |  | $ | (2) |  |  | $ | 568,442 |
Commercial paper |  | 321,705 |  |  | 1 |  |  | — |  |  | 321,706 |
Other debt securities |  | 13,867 |  |  | 7 |  |  | — |  |  | 13,874 |
Total available-for-sale debt securities |  | $ | 903,498 |  |  | $ | 526 |  |  | $ | (2) |  |  | $ | 904,022 |
The following table presents the activity on our available-for-sale debt securities:
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Proceeds from sales |  | $ | 4,997 |  |  | $ | — |  |  | $ | 14,997 |  |  | $ | 435,978 |
Gains (losses) on sales, net |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 549 |
As of September 30, 2020, we have $1.9 billion of available-for-sale debt securities with contractual maturities of one year or less and $7.9 million with contractual maturities greater than one year. Fair Value Option The following table presents the activity on our fair value option corporate bonds:
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Proceeds from sales |  | $ | 1,906 |  |  | $ | — |  |  | $ | 1,906 |  |  | $ | 46,717 |
Gains (losses) on investments, net |  | $ | 15,882 |  |  | $ | 1,936 |  |  | $ | 11,377 |  |  | $ | 6,358 |
Equity Securities The following table presents the activity of our equity securities:
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Proceeds from sales |  | $ | 9,493 |  |  | $ | 22,847 |  |  | $ | 14,346 |  |  | $ | 102,775 |
Gains (losses) on investments, net |  | $ | 68 |  |  | $ | 8,473 |  |  | $ | (8,535) |  |  | $ | 51,750 |
Fair Value Measurements The following table presents our marketable investment securities categorized by the fair value hierarchy, certain of which have historically experienced volatility:
|  | As of
|  | September 30, 2020 |  | December 31, 2019
|  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Cash equivalents (including restricted) |  | $ | 49,755 |  |  | $ | 425,893 |  |  | $ | 475,648 |  |  | $ | 31,451 |  |  | $ | 1,408,043 |  |  | $ | 1,439,494 |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | — |  |  | $ | 305,775 |  |  | $ | 305,775 |  |  | $ | — |  |  | $ | 568,442 |  |  | $ | 568,442 |
Commercial Paper |  | — |  |  | 1,330,726 |  |  | 1,330,726 |  |  | — |  |  | 321,706 |  |  | 321,706 |
Other debt securities |  | 268,915 |  |  | 1,529 |  |  | 270,444 |  |  | 8,093 |  |  | 5,781 |  |  | 13,874 |
Total available-for-sale debt securities |  | 268,915 |  |  | 1,638,030 |  |  | 1,906,945 |  |  | 8,093 |  |  | 895,929 |  |  | 904,022 |
Fair value option - corporate bonds |  | — |  |  | 26,355 |  |  | 26,355 |  |  | — |  |  | 9,128 |  |  | 9,128 |
Total debt securities |  | 268,915 |  |  | 1,664,385 |  |  | 1,933,300 |  |  | 8,093 |  |  | 905,057 |  |  | 913,150 |
Equity securities |  | 9,767 |  |  | 8,582 |  |  | 18,349 |  |  | 27,933 |  |  | 7,633 |  |  | 35,566 |
Total marketable investment securities, including restricted amounts |  | 278,682 |  |  | 1,672,967 |  |  | 1,951,649 |  |  | 36,026 |  |  | 912,690 |  |  | 948,716 |
Less: Restricted marketable investment securities |  | (845) |  |  | — |  |  | (845) |  |  | (8,093) |  |  | — |  |  | (8,093) |
Total marketable investment securities |  | $ | 277,837 |  |  | $ | 1,672,967 |  |  | $ | 1,950,804 |  |  | $ | 27,933 |  |  | $ | 912,690 |  |  | $ | 940,623 |
As of September 30, 2020 and December 31, 2019, we did not have any investments that were categorized within Level 3 of the fair value hierarchy.

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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