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Marketable Securities
 12 Months Ended
Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Marketable Securities

Note 3. Marketable Securities

Available-for-sale debt securities consisted of the following:

 

 

December 31,

 

(in thousands)

2019

 

 

2018

 

Commercial paper

$

144,472

 

 

$

94,572

 

Corporate debt securities

 

521,946

 

 

 

544,978

 

Securities of government-sponsored entities

 

191,481

 

 

 

85,677

 

Total marketable securities

$

857,899

 

 

$

725,227

 

 

The following table presents the amortized cost, gross unrealized gain (loss) positions and estimated fair value for available-for-sale debt securities, aggregated by investment category.

 

(in thousands)

Contractual

Maturity

(in years)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Aggregate

Estimated

Fair

Value

 

December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

Less than 1

 

$

144,460

 

 

$

27

 

 

$

(15

)

 

$

144,472

 

Corporate debt securities

Less than 1

 

 

270,485

 

 

 

557

 

 

 

(42

)

 

 

271,000

 

Securities of government-sponsored entities

Less than 1

 

 

142,351

 

 

 

422

 

 

 

—

 

 

 

142,773

 

blank

 

 

$

557,296

 

 

$

1,006

 

 

$

(57

)

 

$

558,245

 

Classified as non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

1 to 2

 

$

250,499

 

 

$

515

 

 

$

(68

)

 

$

250,946

 

Securities of government-sponsored entities

1 to 2

 

 

48,691

 

 

 

19

 

 

 

(2

)

 

 

48,708

 

blank

 

 

$

299,190

 

 

$

534

 

 

$

(70

)

 

$

299,654

 

blank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

blank

 

 

$

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

 

blank

 

 

$

216,270

 

 

$

228

 

 

$

(470

)

 

$

216,028

 

 

The following table presents the estimated fair value and gross unrealized loss position for available-for-sale debt securities, aggregated by investment category and length of time that such 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, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

$

33,070

 

 

$

(15

)

 

$

—

 

 

$

—

 

 

$

33,070

 

 

$

(15

)

Corporate debt securities

 

186,052

 

 

 

(110

)

 

 

—

 

 

 

—

 

 

 

186,052

 

 

 

(110

)

Securities of government-sponsored entities

 

15,002

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

15,002

 

 

 

(2

)

blank

$

234,124

 

 

$

(127

)

 

$

—

 

 

$

—

 

 

$

234,124

 

 

$

(127

)

blank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

blank

$

331,622

 

 

$

(792

)

 

$

245,745

 

 

$

(1,376

)

 

$

577,367

 

 

$

(2,168

)