v3.20.2

Marketable Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of 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

Schedule of unrealized gains (losses) on available-for-sale securities

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

Schedule of activity on available-for-sale debt securities

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

Schedule of activity on fair value option bonds

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

Schedule of activity in 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

Schedule of 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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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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