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v3.22.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments [Abstract] |
Contract Maturity of Available-for-Sale Securities | The following table summarizes the contract maturity of the available-for-sale securities we held as of March 31, 2022:
One year or less |  |  | 63 | %
After one year but within two years |  |  | 30 | %
After two years but within three and a half years |  |  | 7 | %
Total |  |  | 100 | %
Summary of Investments | The following is a summary of our investments (in thousands):
|  | Amortized |  |  | Gross Unrealized |  |  | Estimated |
March 31, 2022 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities (1) |  | $ | 420,081 |  |  | $ | 131 |  |  | $ | (1,766 | ) |  | $ | 418,446 |
Debt securities issued by U.S. government agencies |  |  | 34,407 |  |  |  | — |  |  |  | (49 | ) |  |  | 34,358 |
Debt securities issued by the U.S. Treasury (1) |  |  | 330,358 |  |  |  | 1 |  |  |  | (1,133 | ) |  |  | 329,226 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 158,548 |  |  |  | 1 |  |  |  | (376 | ) |  |  | 158,173 |
Other municipal debt securities |  |  | 6,419 |  |  |  | — |  |  |  | (99 | ) |  |  | 6,320 |
Total securities with a maturity of one year or less |  |  | 949,813 |  |  |  | 133 |  |  |  | (3,423 | ) |  |  | 946,523 |
Corporate debt securities |  |  | 345,813 |  |  |  | 24 |  |  |  | (10,275 | ) |  |  | 335,562 |
Debt securities issued by U.S. government agencies |  |  | 72,844 |  |  |  | — |  |  |  | (1,974 | ) |  |  | 70,870 |
Debt securities issued by the U.S. Treasury |  |  | 164,040 |  |  |  | 70 |  |  |  | (2,544 | ) |  |  | 161,566 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 34,995 |  |  |  | — |  |  |  | (818 | ) |  |  | 34,177 |
Total securities with a maturity of more than one year |  |  | 617,692 |  |  |  | 94 |  |  |  | (15,611 | ) |  |  | 602,175 |
Total available-for-sale securities |  | $ | 1,567,505 |  |  | $ | 227 |  |  | $ | (19,034 | ) |  | $ | 1,548,698 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity securities included in other current assets (2) |  | $ | 11,897 |  |  | $ | 3,946 |  |  | $ | (4,274 | ) |  | $ | 11,569 |
Total equity securities included in deposits and other assets (3) |  |  | 23,115 |  |  |  | 16,707 |  |  |  | — |  |  |  | 39,822 |
Total equity securities |  |  | 35,012 |  |  |  | 20,653 |  |  |  | (4,274 | ) |  |  | 51,391 |
Total available-for-sale and equity securities |  | $ | 1,602,517 |  |  | $ | 20,880 |  |  | $ | (23,308 | ) |  | $ | 1,600,089 |
|  | Amortized |  |  | Gross Unrealized |  |  | Estimated |
December 31, 2021 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities (1) |  | $ | 383,870 |  |  | $ | 728 |  |  | $ | (226 | ) |  | $ | 384,372 |
Debt securities issued by U.S. government agencies |  |  | 48,493 |  |  |  | 19 |  |  |  | (18 | ) |  |  | 48,494 |
Debt securities issued by the U.S. Treasury (1) |  |  | 45,424 |  |  |  | — |  |  |  | (64 | ) |  |  | 45,360 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 134,770 |  |  |  | 45 |  |  |  | (37 | ) |  |  | 134,778 |
Total securities with a maturity of one year or less |  |  | 612,557 |  |  |  | 792 |  |  |  | (345 | ) |  |  | 613,004 |
Corporate debt securities |  |  | 382,000 |  |  |  | 331 |  |  |  | (2,644 | ) |  |  | 379,687 |
Debt securities issued by U.S. government agencies |  |  | 72,935 |  |  |  | — |  |  |  | (561 | ) |  |  | 72,374 |
Debt securities issued by the U.S. Treasury |  |  | 137,635 |  |  |  | 139 |  |  |  | (500 | ) |  |  | 137,274 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 39,909 |  |  |  | 1 |  |  |  | (224 | ) |  |  | 39,686 |
Other municipal debt securities |  |  | 6,136 |  |  |  | — |  |  |  | (37 | ) |  |  | 6,099 |
Total securities with a maturity of more than one year |  |  | 638,615 |  |  |  | 471 |  |  |  | (3,966 | ) |  |  | 635,120 |
Total available-for-sale securities |  | $ | 1,251,172 |  |  | $ | 1,263 |  |  | $ | (4,311 | ) |  | $ | 1,248,124 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity securities included in other current assets (2) |  | $ | 11,897 |  |  | $ | 7,145 |  |  | $ | (837 | ) |  | $ | 18,205 |
Total equity securities included in deposits and other assets (3) |  |  | 15,615 |  |  |  | 16,707 |  |  |  | — |  |  |  | 32,322 |
Total equity securities |  |  | 27,512 |  |  |  | 23,852 |  |  |  | (837 | ) |  |  | 50,527 |
Total available-for-sale and equity securities |  | $ | 1,278,684 |  |  | $ | 25,115 |  |  | $ | (5,148 | ) |  | $ | 1,298,651 |
(1) | Includes investments classified as cash equivalents on our condensed consolidated balance sheet.
(2) | Our equity securities included in other current assets consisted of our investments in two publicly traded companies, ProQR and Bicycle, which we classify as Level 1 and Level 3 investments, respectively. We recognize publicly traded equity securities at fair value. In the three months ended March 31, 2022, we recognized a $3.4 million and a $3.2 million unrealized loss on our condensed consolidated statement of operations related to our investments in ProQR and Bicycle, respectively. In the three months ended March 31, 2021, our equity securities included in other current assets only consisted of ProQR.
(3) | Our equity securities included in deposits and other assets consisted of our investments in privately held companies. 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.
Temporarily Impaired Investments | The following is a summary of our investments we consider to be temporarily impaired at March 31, 2022 (in thousands, except for number of investments). We believe that the decline in value of these securities is temporary and is 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 our debt securities to maturity. Therefore, we anticipate full recovery of our debt securities’ amortized cost basis at maturity.
|  |  |  |  | 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 |  |  | 337 |  |  | $ | 647,390 |  |  | $ | (11,694 | ) |  | $ | 11,300 |  |  | $ | (347 | ) |  | $ | 658,690 |  |  | $ | (12,041 | )
Debt securities issued by U.S. government agencies |  |  | 14 |  |  |  | 95,543 |  |  |  | (1,697 | ) |  |  | 9,685 |  |  |  | (326 | ) |  |  | 105,228 |  |  |  | (2,023 | )
Debt securities issued by the U.S. Treasury |  |  | 44 |  |  |  | 406,747 |  |  |  | (3,539 | ) |  |  | 4,860 |  |  |  | (138 | ) |  |  | 411,607 |  |  |  | (3,677 | )
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 619 |  |  |  | 173,537 |  |  |  | (1,096 | ) |  |  | 5,455 |  |  |  | (98 | ) |  |  | 178,992 |  |  |  | (1,194 | )
Other municipal debt securities |  |  | 3 |  |  |  | 1,315 |  |  |  | (16 | ) |  |  | 5,005 |  |  |  | (83 | ) |  |  | 6,320 |  |  |  | (99 | )
Total temporarily impaired securities |  |  | 1,017 |  |  | $ | 1,324,532 |  |  | $ | (18,042 | ) |  | $ | 36,305 |  |  | $ | (992 | ) |  | $ | 1,360,837 |  |  | $ | (19,034 | )

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