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INVESTMENTS
 12 Months Ended
Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]  
INVESTMENTS

NOTE 3. INVESTMENTS

Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in comprehensive income (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 are 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 and other, net. 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 and other, net.

Investments at December 31, 2018 and 2017 consisted of the following:

 

 

December 31,

 

(in thousands)

2018

 

 

2017

 

Commercial paper

$

94,572

 

 

$

75,362

 

Corporate debt securities

 

544,978

 

 

 

414,815

 

Securities of government-sponsored entities

 

85,677

 

 

 

18,401

 

Total investments

$

725,227

 

 

$

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

 

 

Gross

Unrealized

Losses

 

 

Aggregate

Estimated

Fair

Value

 

December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

Less than 1

 

$

94,617

 

 

$

—

 

 

$

(45

)

 

$

94,572

 

Corporate debt securities

Less than 1

 

 

395,385

 

 

 

—

 

 

 

(1,598

)

 

 

393,787

 

Securities of government-sponsored entities

Less than 1

 

 

20,887

 

 

 

8

 

 

 

(55

)

 

 

20,840

 

Total short-term available-for-sale securities

 

 

$

510,889

 

 

$

8

 

 

$

(1,698

)

 

$

509,199

 

Classified as non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

1 to 2

 

$

151,594

 

 

$

66

 

 

$

(469

)

 

$

151,191

 

Securities of government-sponsored entities

1 to 2

 

 

64,676

 

 

 

162

 

 

 

(1

)

 

 

64,837

 

Total long-term available-for-sale securities

 

 

$

216,270

 

 

$

228

 

 

$

(470

)

 

$

216,028

 

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

 

 

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 December 31, 2018 and 2017, aggregated by investment category and length of time that individual securities have been in a continuous loss position:

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

(in thousands)

Estimated

Fair Value

 

 

Unrealized

Losses

 

 

Estimated

Fair Value

 

 

Unrealized

Losses

 

 

Estimated

Fair Value

 

 

Unrealized

Losses

 

December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

$

51,927

 

 

$

(45

)

 

$

—

 

 

$

—

 

 

$

51,927

 

 

$

(45

)

Corporate debt securities

 

274,696

 

 

 

(746

)

 

 

234,798

 

 

 

(1,321

)

 

 

509,494

 

 

 

(2,067

)

Securities of government-sponsored entities

 

4,999

 

 

 

(1

)

 

 

10,947

 

 

 

(55

)

 

 

15,946

 

 

 

(56

)

Total

$

331,622

 

 

$

(792

)

 

$

245,745

 

 

$

(1,376

)

 

$

577,367

 

 

$

(2,168

)

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

)

 

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, and the Company’s intent and ability to hold the investment until recovery of its amortized cost basis. The Company intends, and has the ability, to hold its investments in unrealized loss positions until their amortized cost basis has been recovered. Based on its evaluation, the Company determined that its unrealized losses were not other-than-temporary at December 31, 2018 and 2017.