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Fair Value Measurements (Tables)

9 Months Ended

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

X

- 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

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X

- 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

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No definition available.

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