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INVESTMENTS | 6 Months Ended
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Jun. 30, 2018
Investments Schedule [Abstract] |
INVESTMENTS | 3. INVESTMENTS Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in comprehensive loss. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in investment income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in investment income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income. Investments consist of the following (in thousands):
|  | June 30, 2018 |  |  | December 31, 2017 |
Commercial paper |  | $ | 37,157 |  |  | $ | 75,362 |
Corporate debt securities |  |  | 543,648 |  |  |  | 414,815 |
Securities of government sponsored entities |  |  | 10,901 |  |  |  | 18,401 |
Total investments |  | $ | 591,706 |  |  | $ | 508,578 |
The following is a summary of investments classified as available-for-sale securities (in thousands):
|  | Contractual Maturity (in years) |  | Amortized Cost |  |  | Gross Unrealized Gains(1) |  |  | Gross Unrealized Losses(1) |  |  | Aggregate Estimated Fair Value |
June 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Classified as current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Less than 1 |  | $ | 37,211 |  |  | $ | — |  |  | $ | (54 | ) |  | $ | 37,157 |
Corporate debt securities |  | Less than 1 |  |  | 300,451 |  |  |  | — |  |  |  | (1,243 | ) |  |  | 299,208 |
Securities of government-sponsored entities |  | Less than 1 |  |  | 6,000 |  |  |  | — |  |  |  | (47 | ) |  |  | 5,953 |
Total short-term available-for-sale securities |  |  |  | $ | 343,662 |  |  | $ | — |  |  | $ | (1,344 | ) |  | $ | 342,318 |
Classified as non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | 1 to 2 |  | $ | 245,850 |  |  | $ | — |  |  | $ | (1,410 | ) |  | $ | 244,440 |
Securities of government-sponsored entities |  | 1 to 2 |  |  | 5,003 |  |  |  | — |  |  |  | (55 | ) |  |  | 4,948 |
Total long-term available-for-sale securities |  |  |  | $ | 250,853 |  |  | $ | — |  |  | $ | (1,465 | ) |  | $ | 249,388 |
December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Classified as current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Less than 1 |  | $ | 75,396 |  |  | $ | 1 |  |  | $ | (35 | ) |  | $ | 75,362 |
Corporate debt securities |  | Less than 1 |  |  | 178,776 |  |  |  | — |  |  |  | (400 | ) |  |  | 178,376 |
Securities of government-sponsored entities |  | Less than 1 |  |  | 7,503 |  |  |  | — |  |  |  | (24 | ) |  |  | 7,479 |
Total short-term available-for-sale securities |  |  |  | $ | 261,675 |  |  | $ | 1 |  |  | $ | (459 | ) |  | $ | 261,217 |
Classified as non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | 1 to 2 |  | $ | 237,749 |  |  | $ | — |  |  | $ | (1,310 | ) |  | $ | 236,439 |
Securities of government-sponsored entities |  | 1 to 2 |  |  | 11,004 |  |  |  | — |  |  |  | (82 | ) |  |  | 10,922 |
Total long-term available-for-sale securities |  |  |  | $ | 248,753 |  |  | $ | — |  |  | $ | (1,392 | ) |  | $ | 247,361 |
(1) | Unrealized gains and losses are included in other comprehensive loss.
The following table presents gross unrealized losses and fair value for those available-for-sale investments that were in an unrealized loss position as of June 30, 2018 and December 31, 2017, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
June 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 37,157 |  |  | $ | (54 | ) |  | $ | — |  |  | $ | — |  |  | $ | 37,157 |  |  | $ | (54 | )
Corporate debt securities |  |  | 398,814 |  |  |  | (1,803 | ) |  |  | 138,935 |  |  |  | (850 | ) |  |  | 537,749 |  |  |  | (2,653 | )
Securities of government-sponsored entities |  |  | 10,901 |  |  |  | (102 | ) |  |  | — |  |  |  | — |  |  |  | 10,901 |  |  |  | (102 | )
Total |  | $ | 446,872 |  |  | $ | (1,959 | ) |  | $ | 138,935 |  |  | $ | (850 | ) |  | $ | 585,807 |  |  | $ | (2,809 | )
December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 62,602 |  |  | $ | (35 | ) |  | $ | — |  |  | $ | — |  |  | $ | 62,602 |  |  | $ | (35 | )
Corporate debt securities |  |  | 386,728 |  |  |  | (1,660 | ) |  |  | 28,087 |  |  |  | (50 | ) |  |  | 414,815 |  |  |  | (1,710 | )
Securities of government-sponsored entities |  |  | 10,922 |  |  |  | (82 | ) |  |  | 7,479 |  |  |  | (24 | ) |  |  | 18,401 |  |  |  | (106 | )
Total |  | $ | 460,252 |  |  | $ | (1,777 | ) |  | $ | 35,566 |  |  | $ | (74 | ) |  | $ | 495,818 |  |  | $ | (1,851 | )
The primary objective of the Company’s investment portfolio is to enhance overall returns in an efficient manner while maintaining safety of principal, prudent levels of liquidity and acceptable levels of risk. The Company’s investment policy limits interest-bearing security investments to certain types of instruments issued by institutions with primarily investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer. The Company reviews the available-for-sale investments for other-than-temporary declines in fair value below cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. This evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below the cost basis and adverse conditions related specifically to the security, including any changes to the credit rating of the security, and the intent to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis. The assessment of whether a security is other-than-temporarily impaired could change in the future due to new developments or changes in assumptions related to any particular security. As of June 30, 2018 and December 31, 2017, the Company believed the cost bases for available-for-sale investments were recoverable in all material respects.

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- Definition The entire disclosure for investments, including all tables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 6 -Section 10 -Paragraph (c) -Subparagraph (1) + Details
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- References No definition available. + Details
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