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Investments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2022:
One year or less |  |  | 68 | %
After one year but within two years |  |  | 26 | %
After two years but within three and a half years |  |  | 6 | %
Total |  |  | 100 | %
Summary of Investments | The following is a summary of our investments (in thousands):
|  | Amortized |  |  | Gross Unrealized |  |  | Estimated |
June 30, 2022 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities (1) |  | $ | 481,866 |  |  | $ | 4 |  |  | $ | (3,749 | ) |  | $ | 478,121 |
Debt securities issued by U.S. government agencies |  |  | 55,207 |  |  |  | — |  |  |  | (927 | ) |  |  | 54,280 |
Debt securities issued by the U.S. Treasury (1) |  |  | 340,480 |  |  |  | 34 |  |  |  | (1,829 | ) |  |  | 338,685 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 148,750 |  |  |  | 1 |  |  |  | (493 | ) |  |  | 148,258 |
Other municipal debt securities |  |  | 6,384 |  |  |  | — |  |  |  | (90 | ) |  |  | 6,294 |
Total securities with a maturity of one year or less |  |  | 1,032,687 |  |  |  | 39 |  |  |  | (7,088 | ) |  |  | 1,025,638 |
Corporate debt securities |  |  | 294,276 |  |  |  | 1 |  |  |  | (11,542 | ) |  |  | 282,735 |
Debt securities issued by U.S. government agencies |  |  | 35,545 |  |  |  | — |  |  |  | (1,451 | ) |  |  | 34,094 |
Debt securities issued by the U.S. Treasury |  |  | 158,476 |  |  |  | 61 |  |  |  | (3,100 | ) |  |  | 155,437 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 26,109 |  |  |  | 2 |  |  |  | (748 | ) |  |  | 25,363 |
Total securities with a maturity of more than one year |  |  | 514,406 |  |  |  | 64 |  |  |  | (16,841 | ) |  |  | 497,629 |
Total available-for-sale securities |  | $ | 1,547,093 |  |  | $ | 103 |  |  | $ | (23,929 | ) |  | $ | 1,523,267 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Publicly traded equity securities included in other current assets (2) |  | $ | 11,897 |  |  | $ | — |  |  | $ | (7,159 | ) |  | $ | 4,738 |
Privately held equity securities included in deposits and other assets (3) |  |  | 23,115 |  |  |  | 17,257 |  |  |  | — |  |  |  | 40,372 |
Total equity securities |  |  | 35,012 |  |  |  | 17,257 |  |  |  | (7,159 | ) |  |  | 45,110 |
Total available-for-sale and equity securities |  | $ | 1,582,105 |  |  | $ | 17,360 |  |  | $ | (31,088 | ) |  | $ | 1,568,377 |
|  | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Publicly traded equity securities included in other current assets (2) |  | $ | 11,897 |  |  | $ | 7,145 |  |  | $ | (837 | ) |  | $ | 18,205 |
Privately held 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 publicly traded companies. We recognize publicly traded equity securities at fair value. In the six months ended June 30, 2022, we recognized a $13.5 million unrealized loss in our condensed consolidated statement of operations related to a decrease in the fair value of our investments in publicly traded companies.
(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 June 30, 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 |  |  | 380 |  |  | $ | 703,643 |  |  | $ | (14,199 | ) |  | $ | 42,106 |  |  | $ | (1,092 | ) |  | $ | 745,749 |  |  | $ | (15,291 | )
Debt securities issued by U.S. government agencies |  |  | 11 |  |  |  | 65,974 |  |  |  | (1,781 | ) |  |  | 14,400 |  |  |  | (597 | ) |  |  | 80,374 |  |  |  | (2,378 | )
Debt securities issued by the U.S. Treasury |  |  | 48 |  |  |  | 420,076 |  |  |  | (4,767 | ) |  |  | 4,837 |  |  |  | (162 | ) |  |  | 424,913 |  |  |  | (4,929 | )
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 403 |  |  |  | 119,174 |  |  |  | (975 | ) |  |  | 10,617 |  |  |  | (266 | ) |  |  | 129,791 |  |  |  | (1,241 | )
Other municipal debt securities |  |  | 3 |  |  |  | 1,308 |  |  |  | (14 | ) |  |  | 4,986 |  |  |  | (76 | ) |  |  | 6,294 |  |  |  | (90 | )
Total temporarily impaired securities |  |  | 845 |  |  | $ | 1,310,175 |  |  | $ | (21,736 | ) |  | $ | 76,946 |  |  | $ | (2,193 | ) |  | $ | 1,387,121 |  |  | $ | (23,929 | )

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- Definition Tabular disclosure of investments in an unrealized loss position for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), including: (a) the aggregate related fair value of investments with unrealized losses, (b) the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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