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v3.19.3.a.u2

Investments | 12 Months Ended
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Dec. 31, 2019
Investments [Abstract] |
Investments | 2. Investments The following table summarizes the contract maturity of the available-for-sale securities we held as of December 31, 2019:
One year or less |  |  | 70 | %
After one year but within two years |  |  | 20 | %
After two years but within three and a half years |  |  | 10 | %
Total |  |  | 100 | %
As illustrated above, at December 31, 2019, 90 percent of our available-for-sale securities had a maturity of less than two years. All of our available-for-sale securities are available to us for use in our current operations. As a result, we categorize all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date. At December 31, 2019, we had an ownership interest of less than 20 percent in five private companies and two public companies with which we conduct business. The privately-held companies are Atlantic Pharmaceuticals Limited, Dynacure SAS, Empirico, Inc., Seventh Sense Biosystems and Suzhou Ribo Life Science Co, Ltd.The publicly traded companies are ATL and ProQR. The following is a summary of our investments (in thousands):
|  |  |  |  | Gross Unrealized |  |  | Estimated |
December 31, 2019 |  | Cost (1) |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities (2) |  | $ | 669,665 |  |  | $ | 1,451 |  |  | $ | (43 | ) |  | $ | 671,073 |
Debt securities issued by U.S. government agencies |  |  | 188,216 |  |  |  | 303 |  |  |  | (43 | ) |  |  | 188,476 |
Debt securities issued by the U.S. Treasury (2) |  |  | 327,670 |  |  |  | 232 |  |  |  | (27 | ) |  |  | 327,875 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 21,065 |  |  |  | 26 |  |  |  | (5 | ) |  |  | 21,086 |
Total securities with a maturity of one year or less |  |  | 1,206,616 |  |  |  | 2,012 |  |  |  | (118 | ) |  |  | 1,208,510 |
Corporate debt securities |  |  | 428,627 |  |  |  | 2,911 |  |  |  | (43 | ) |  |  | 431,495 |
Debt securities issued by U.S. government agencies |  |  | 140,988 |  |  |  | 57 |  |  |  | (117 | ) |  |  | 140,928 |
Debt securities issued by the U.S. Treasury |  |  | 35,822 |  |  |  | 9 |  |  |  | (12 | ) |  |  | 35,819 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 19,309 |  |  |  | 18 |  |  |  | (6 | ) |  |  | 19,321 |
Total securities with a maturity of more than one year |  |  | 624,746 |  |  |  | 2,995 |  |  |  | (178 | ) |  |  | 627,563 |
Total available-for-sale securities |  | $ | 1,831,362 |  |  | $ | 5,007 |  |  | $ | (296 | ) |  | $ | 1,836,073 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity securities included in other current assets (3) |  | $ | 4,712 |  |  | $ | - |  |  | $ | (870 | ) |  | $ | 3,842 |
Total equity securities included in deposits and other assets (4) |  |  | 10,000 |  |  |  | - |  |  |  | - |  |  |  | 10,000 |
Total equity securities |  | $ | 14,712 |  |  | $ | - |  |  | $ | (870 | ) |  | $ | 13,842 |
Total available-for-sale and equity securities |  | $ | 1,846,074 |  |  | $ | 5,007 |  |  | $ | (1,166 | ) |  | $ | 1,849,915 |
|  |  |  |  | Gross Unrealized |  |  | Estimated |
December 31, 2018 |  | Cost (1) |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities (2) |  | $ | 956,879 |  |  | $ | 13 |  |  | $ | (1,858 | ) |  | $ | 955,034 |
Debt securities issued by U.S. government agencies |  |  | 168,839 |  |  |  | 3 |  |  |  | (104 | ) |  |  | 168,738 |
Debt securities issued by the U.S. Treasury |  |  | 244,640 |  |  |  | 15 |  |  |  | (77 | ) |  |  | 244,578 |
Debt securities issued by states of the U.S. and political subdivisions of the states (2) |  |  | 63,572 |  |  |  | — |  |  |  | (323 | ) |  |  | 63,249 |
Total securities with a maturity of one year or less |  |  | 1,433,930 |  |  |  | 31 |  |  |  | (2,362 | ) |  |  | 1,431,599 |
Corporate debt securities |  |  | 299,018 |  |  |  | 194 |  |  |  | (1,286 | ) |  |  | 297,926 |
Debt securities issued by U.S. government agencies |  |  | 107,789 |  |  |  | 194 |  |  |  | (109 | ) |  |  | 107,874 |
Debt securities issued by the U.S. Treasury |  |  | 15,600 |  |  |  | — |  |  |  | (24 | ) |  |  | 15,576 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 16,980 |  |  |  | — |  |  |  | (287 | ) |  |  | 16,693 |
Total securities with a maturity of more than one year |  |  | 439,387 |  |  |  | 388 |  |  |  | (1,706 | ) |  |  | 438,069 |
Total available-for-sale securities |  | $ | 1,873,317 |  |  | $ | 419 |  |  | $ | (4,068 | ) |  | $ | 1,869,668 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity securities included in other current assets (3) |  | $ | 1,212 |  |  | $ | 137 |  |  | $ | — |  |  | $ | 1,349 |
Total available-for-sale and equity securities |  | $ | 1,874,529 |  |  | $ | 556 |  |  | $ | (4,068 | ) |  | $ | 1,871,017 |
(1) | We hold our available-for-sale securities at amortized cost.
(2) | Includes investments classified as cash equivalents on our consolidated balance sheet.
(3) | Our equity securities included in other current assets consisted of our investment in ProQR, which is a public company. We recognize our public company equity securities at fair value.
(4) | Our equity securities included in deposits and other assets consisted of our investment in Empirico, which is a private company. We recognize our private company equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer on our consolidated balance sheet.
Investments we consider to be temporarily impaired at December 31, 2019 are as follows (in thousands):
|  |  |  |  | Less than 12 Months of Temporary Impairment |  |  | More than 12 Months of Temporary Impairment |  |  | Total Temporary Impairment |
|  | Number of Investments |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
Corporate debt securities |  |  | 49 |  |  | $ | 131,702 |  |  | $ | (75 | ) |  | $ | 11,840 |  |  | $ | (11 | ) |  | $ | 143,542 |  |  | $ | (86 | )
Debt securities issued by U.S. government agencies |  |  | 43 |  |  |  | 149,731 |  |  |  | (136 | ) |  |  | 37,041 |  |  |  | (24 | ) |  |  | 186,772 |  |  |  | (160 | )
Debt securities issued by the U.S. Treasury |  |  | 10 |  |  |  | 84,270 |  |  |  | (39 | ) |  |  | — |  |  |  | — |  |  |  | 84,270 |  |  |  | (39 | )
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 11 |  |  |  | 10,241 |  |  |  | (5 | ) |  |  | 10,303 |  |  |  | (6 | ) |  |  | 20,544 |  |  |  | (11 | )
Total temporarily impaired securities |  |  | 113 |  |  | $ | 375,944 |  |  | $ | (255 | ) |  | $ | 59,184 |  |  | $ | (41 | ) |  | $ | 435,128 |  |  | $ | (296 | )
We believe that the decline in value of our debt securities is temporary and primarily related to the change in market interest rates since purchase. We believe it is more likely than not that we will be able to hold these securities to maturity. Therefore, we anticipate full recovery of our debt securities’ amortized cost basis at maturity.

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