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v3.22.2.2

Investments | 9 Months Ended
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Sep. 30, 2022
Investments [Abstract] |
Investments | 3. Investments The following table summarizes the contract maturity of the available-for-sale securities we held as of September 30, 2022:
One year or less |  |  | 66 | %
After one year but within two years |  |  | 31 | %
After two years but within three and a half years |  |  | 3 | %
Total |  |  | 100 | %
As illustrated above, at September 30, 2022, 97 percent of our available-for-sale securities had a maturity of less than two years. All of our available-for-sale debt 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. This reflects our intention to use the proceeds from the sale of these investments to fund our operations, as necessary. We invest in available-for-sale securities with strong credit ratings and an investment grade rating at or above A-1, P-1 or F-1 by Standard & Poor’s, or S&P, Moody’s or Fitch, respectively. At September 30, 2022, we had an equity ownership interest of less than 20 percent in eight private companies and three public companies with which we conduct business. The following is a summary of our investments (in thousands):
|  | Amortized |  |  | Gross Unrealized |  |  | Estimated |
September 30, 2022 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities (1) |  | $ | 487,666 |  |  | $ | 1 |  |  | $ | (5,327 | ) |  | $ | 482,340 |
Debt securities issued by U.S. government agencies |  |  | 104,987 |  |  |  | 12 |  |  |  | (1,686 | ) |  |  | 103,313 |
Debt securities issued by the U.S. Treasury (1) |  |  | 462,475 |  |  |  | 22 |  |  |  | (3,761 | ) |  |  | 458,736 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 72,059 |  |  |  | — |  |  |  | (797 | ) |  |  | 71,262 |
Other municipal debt securities |  |  | 6,040 |  |  |  | — |  |  |  | (76 | ) |  |  | 5,964 |
Total securities with a maturity of one year or less |  |  | 1,133,227 |  |  |  | 35 |  |  |  | (11,647 | ) |  |  | 1,121,615 |
Corporate debt securities |  |  | 258,362 |  |  |  | 6 |  |  |  | (12,654 | ) |  |  | 245,714 |
Debt securities issued by U.S. government agencies |  |  | 28,987 |  |  |  | 8 |  |  |  | (1,541 | ) |  |  | 27,454 |
Debt securities issued by the U.S. Treasury |  |  | 298,431 |  |  |  | 13 |  |  |  | (6,247 | ) |  |  | 292,197 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 14,591 |  |  |  | 2 |  |  |  | (540 | ) |  |  | 14,053 |
Total securities with a maturity of more than one year |  |  | 600,371 |  |  |  | 29 |  |  |  | (20,982 | ) |  |  | 579,418 |
Total available-for-sale securities |  | $ | 1,733,598 |  |  | $ | 64 |  |  | $ | (32,629 | ) |  | $ | 1,701,033 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Publicly traded equity securities included in other current assets (2) |  | $ | 15,097 |  |  | $ | — |  |  | $ | (7,841 | ) |  | $ | 7,256 |
Privately held equity securities included in deposits and other assets (3) |  |  | 23,115 |  |  |  | 17,257 |  |  |  | — |  |  |  | 40,372 |
Total equity securities |  |  | 38,212 |  |  |  | 17,257 |  |  |  | (7,841 | ) |  |  | 47,628 |
Total available-for-sale and equity securities |  | $ | 1,771,810 |  |  | $ | 17,321 |  |  | $ | (40,470 | ) |  | $ | 1,748,661 |
|  | 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 in 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 nine months ended September 30, 2022, we recognized a $10.9 million unrealized non-cash 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.
The following is a summary of our investments we consider to be temporarily impaired at September 30, 2022 (in thousands, except for number of investments).
|  |  |  |  | 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 |  |  | 397 |  |  | $ | 591,245 |  |  | $ | (10,897 | ) |  | $ | 133,763 |  |  | $ | (7,084 | ) |  | $ | 725,008 |  |  | $ | (17,981 | )
Debt securities issued by U.S. government agencies |  |  | 31 |  |  |  | 69,640 |  |  |  | (875 | ) |  |  | 53,299 |  |  |  | (2,352 | ) |  |  | 122,939 |  |  |  | (3,227 | )
Debt securities issued by the U.S. Treasury |  |  | 74 |  |  |  | 643,231 |  |  |  | (8,327 | ) |  |  | 52,767 |  |  |  | (1,681 | ) |  |  | 695,998 |  |  |  | (10,008 | )
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 140 |  |  |  | 40,160 |  |  |  | (658 | ) |  |  | 21,769 |  |  |  | (679 | ) |  |  | 61,929 |  |  |  | (1,337 | )
Other municipal debt securities |  |  | 2 |  |  |  | 994 |  |  |  | (12 | ) |  |  | 4,970 |  |  |  | (64 | ) |  |  | 5,964 |  |  |  | (76 | )
Total temporarily impaired securities |  |  | 644 |  |  | $ | 1,345,270 |  |  | $ | (20,769 | ) |  | $ | 266,568 |  |  | $ | (11,860 | ) |  | $ | 1,611,838 |  |  | $ | (32,629 | )
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 rather than underlying credit deterioration for any of the issuers. We believe it is more likely than not that we will be able to hold our debt securities with declines in value to maturity. Therefore, we anticipate full recovery of our debt securities’ amortized cost basis at maturity.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI https://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI https://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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