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v3.23.1

Investments | 3 Months Ended
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Mar. 31, 2023
Investments [Abstract] |
Investments | 6. Investments The following table summarizes the contract maturity of the available-for-sale securities we held as of March 31, 2023:
One year or less |  |  | 74 | %
After one year but within two years |  |  | 23 | %
After two years but within three and a half years |  |  | 3 | %
Total |  |  | 100 | %
As illustrated above, at March 31, 2023, 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. 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, Moody’s or Fitch, respectively. At March 31, 2023, we had an equity ownership interest of less than 20 percent in seven 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 |
March 31, 2023 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities (1) |  | $ | 623,940 |  |  | $ | 62 |  |  | $ | (6,026 | ) |  | $ | 617,976 |
Debt securities issued by U.S. government agencies |  |  | 247,629 |  |  |  | 69 |  |  |  | (1,283 | ) |  |  | 246,415 |
Debt securities issued by the U.S. Treasury (1) |  |  | 556,394 |  |  |  | 62 |  |  |  | (3,738 | ) |  |  | 552,718 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 57,322 |  |  |  | 4 |  |  |  | (498 | ) |  |  | 56,828 |
Total debt securities with a maturity of one year or less |  |  | 1,485,285 |  |  |  | 197 |  |  |  | (11,545 | ) |  |  | 1,473,937 |
Corporate debt securities |  |  | 200,661 |  |  |  | 336 |  |  |  | (5,205 | ) |  |  | 195,792 |
Debt securities issued by U.S. government agencies |  |  | 99,635 |  |  |  | 256 |  |  |  | (649 | ) |  |  | 99,242 |
Debt securities issued by the U.S. Treasury |  |  | 257,651 |  |  |  | 364 |  |  |  | (2,726 | ) |  |  | 255,289 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 14,564 |  |  |  | 106 |  |  |  | (182 | ) |  |  | 14,488 |
Total debt securities with a maturity of more than one year |  |  | 572,511 |  |  |  | 1,062 |  |  |  | (8,762 | ) |  |  | 564,811 |
Total available-for-sale debt securities |  | $ | 2,057,796 |  |  | $ | 1,259 |  |  | $ | (20,307 | ) |  | $ | 2,038,748 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Publicly traded equity securities included in other current assets (2) |  | $ | 11,897 |  |  | $ | — |  |  | $ | (4,508 | ) |  | $ | 7,389 |
Privately held equity securities included in deposits and other assets (3) |  |  | 23,115 |  |  |  | 25,001 |  |  |  | (5,125 | ) |  |  | 42,991 |
Total equity securities |  |  | 35,012 |  |  |  | 25,001 |  |  |  | (9,633 | ) |  |  | 50,380 |
Total available-for-sale debt and equity securities |  | $ | 2,092,808 |  |  | $ | 26,260 |  |  | $ | (29,940 | ) |  | $ | 2,089,128 |
|  | Amortized |  |  | Gross Unrealized |  |  | Estimated |
December 31, 2022 |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities (1) |  | $ | 513,790 |  |  | $ | 23 |  |  | $ | (4,365 | ) |  | $ | 509,448 |
Debt securities issued by U.S. government agencies |  |  | 133,585 |  |  |  | — |  |  |  | (1,829 | ) |  |  | 131,756 |
Debt securities issued by the U.S. Treasury (1) |  |  | 512,655 |  |  |  | 23 |  |  |  | (5,124 | ) |  |  | 507,554 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 57,484 |  |  |  | 18 |  |  |  | (686 | ) |  |  | 56,816 |
Other municipal debt securities |  |  | 6,008 |  |  |  | — |  |  |  | (14 | ) |  |  | 5,994 |
Total debt securities with a maturity of one year or less |  |  | 1,223,522 |  |  |  | 64 |  |  |  | (12,018 | ) |  |  | 1,211,568 |
Corporate debt securities |  |  | 227,631 |  |  |  | 14 |  |  |  | (10,143 | ) |  |  | 217,502 |
Debt securities issued by U.S. government agencies |  |  | 34,339 |  |  |  | — |  |  |  | (1,040 | ) |  |  | 33,299 |
Debt securities issued by the U.S. Treasury |  |  | 245,030 |  |  |  | — |  |  |  | (4,109 | ) |  |  | 240,921 |
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 18,314 |  |  |  | 116 |  |  |  | (329 | ) |  |  | 18,101 |
Total debt securities with a maturity of more than one year |  |  | 525,314 |  |  |  | 130 |  |  |  | (15,621 | ) |  |  | 509,823 |
Total available-for-sale debt securities |  | $ | 1,748,836 |  |  | $ | 194 |  |  | $ | (27,639 | ) |  | $ | 1,721,391 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Publicly traded equity securities included in other current assets (2) |  | $ | 11,897 |  |  | $ | — |  |  | $ | (1,358 | ) |  | $ | 10,539 |
Privately held equity securities included in deposits and other assets (3) |  |  | 23,115 |  |  |  | 17,257 |  |  |  | — |  |  |  | 40,372 |
Total equity securities |  |  | 35,012 |  |  |  | 17,257 |  |  |  | (1,358 | ) |  |  | 50,911 |
Total available-for-sale debt and equity securities |  | $ | 1,783,848 |  |  | $ | 17,451 |  |  | $ | (28,997 | ) |  | $ | 1,772,302 |
(1) | Includes investments classified as cash equivalents in our condensed consolidated balance sheets.
(2) | Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the three months ended March 31, 2023, we recognized a $3.2 million unrealized loss in our condensed consolidated statements of operations related to a decrease in the fair value of our investments in publicly traded companies.
(3) | Our privately held equity securities are included in deposits and other assets. We recognize our privately held 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, which are Level 3 inputs. In the three months ended March 31, 2023, we recorded a net gain of $2.6 million in our condensed consolidated statements of operations related to changes in the fair value of our investments in privately held companies.
The following is a summary of our investments we consider to be temporarily impaired at March 31, 2023 (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 |  |  | 361 |  |  | $ | 434,500 |  |  | $ | (1,697 | ) |  | $ | 291,713 |  |  | $ | (9,534 | ) |  | $ | 726,213 |  |  | $ | (11,231 | )
Debt securities issued by U.S. government agencies |  |  | 68 |  |  |  | 138,211 |  |  |  | (424 | ) |  |  | 70,965 |  |  |  | (1,508 | ) |  |  | 209,176 |  |  |  | (1,932 | )
Debt securities issued by the U.S. Treasury |  |  | 64 |  |  |  | 603,444 |  |  |  | (3,873 | ) |  |  | 91,448 |  |  |  | (2,591 | ) |  |  | 694,892 |  |  |  | (6,464 | )
Debt securities issued by states of the U.S. and political subdivisions of the states |  |  | 110 |  |  |  | 22,778 |  |  |  | (140 | ) |  |  | 32,792 |  |  |  | (540 | ) |  |  | 55,570 |  |  |  | (680 | )
Total temporarily impaired securities |  |  | 603 |  |  | $ | 1,198,933 |  |  | $ | (6,134 | ) |  | $ | 486,918 |  |  | $ | (14,173 | ) |  | $ | 1,685,851 |  |  | $ | (20,307 | )
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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