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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Investments Measured at Fair Value on Recurring Basis | Investments, which were measured at fair value on a recurring basis using the inputs described above, consisted of the following:
|  | blank |  |  | Fair Value Measurements Using |
(in thousands) |  | Carrying Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Classified as current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds |  | $ | 166,637 |  |  | $ | 166,637 |  |  | $ | — |  |  | $ | — |
Certificates of deposit |  |  | 463 |  |  |  | 463 |  |  |  | — |  |  |  | — |
Commercial paper |  |  | 135,197 |  |  |  | — |  |  |  | 135,197 |  |  |  | — |
Securities of government-sponsored entities |  |  | 112,961 |  |  |  | — |  |  |  | 112,961 |  |  |  | — |
Corporate debt securities |  |  | 255,367 |  |  |  | — |  |  |  | 255,367 |  |  |  | — |
Subtotal |  |  | 670,625 |  |  |  | 167,100 |  |  |  | 503,525 |  |  |  | — |
Classified as long-term assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds |  |  | 1,500 |  |  |  | 1,500 |  |  |  | — |  |  |  | — |
Certificates of deposit |  |  | 3,206 |  |  |  | 3,206 |  |  |  | — |  |  |  | — |
Securities of government-sponsored entities |  |  | 45,209 |  |  |  | — |  |  |  | 45,209 |  |  |  | — |
Corporate debt securities |  |  | 159,584 |  |  |  | — |  |  |  | 159,584 |  |  |  | — |
Restricted equity securities |  |  | 48,915 |  |  |  | — |  |  |  | — |  |  |  | 48,915 |
Total |  |  | 929,039 |  |  |  | 171,806 |  |  |  | 708,318 |  |  |  | 48,915 |
Less cash, cash equivalents and restricted cash |  |  | (171,806 | ) |  |  | (171,806 | ) |  |  | — |  |  |  | — |
Total investments |  | $ | 757,233 |  |  | $ | — |  |  | $ | 708,318 |  |  | $ | 48,915 |
blank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Classified as current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds |  | $ | 141,714 |  |  | $ | 141,714 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 94,572 |  |  |  | — |  |  |  | 94,572 |  |  |  | — |
Securities of government-sponsored entities |  |  | 20,840 |  |  |  | — |  |  |  | 20,840 |  |  |  | — |
Corporate debt securities |  |  | 393,787 |  |  |  | — |  |  |  | 393,787 |  |  |  | — |
Subtotal |  |  | 650,913 |  |  |  | 141,714 |  |  |  | 509,199 |  |  |  | — |
Classified as long-term assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds |  |  | 1,500 |  |  |  | 1,500 |  |  |  | — |  |  |  | — |
Certificates of deposit |  |  | 3,977 |  |  |  | 3,977 |  |  |  | — |  |  |  | — |
Securities of government-sponsored entities |  |  | 64,837 |  |  |  | — |  |  |  | 64,837 |  |  |  | — |
Corporate debt securities |  |  | 151,191 |  |  |  | — |  |  |  | 151,191 |  |  |  | — |
Total |  |  | 872,418 |  |  |  | 147,191 |  |  |  | 725,227 |  |  |  | — |
Less cash, cash equivalents and restricted cash |  |  | (147,191 | ) |  |  | (147,191 | ) |  |  | — |  |  |  | — |
Total investments |  | $ | 725,227 |  |  | $ | — |  |  | $ | 725,227 |  |  | $ | — |
Reconciliation of Our Investment in Restricted Equity Securities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table presents a reconciliation of our investment in restricted equity securities, which is measured at fair value on a recurring basis using the significant unobservable inputs (Level 3) described above.
(in thousands) |  |  |
Balance at December 31, 2018 |  | $ | — |
Investment in restricted equity securities |  |  | 54,720 |
Net unrealized gain recognized on restricted equity securities during the period |  |  | 1,680 |
Balance at March 31, 2019 |  |  | 56,400 |
Net unrealized gain recognized on restricted equity securities during the period |  |  | 20,965 |
Balance at June 30, 2019 |  |  | 77,365 |
Net unrealized loss recognized on restricted equity securities during the period |  |  | (28,450 | )
Balance at September 30, 2019 |  | $ | 48,915 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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