Investments

9 Months Ended

Sep. 30, 2025

7. Investments

The following table summarizes the contract maturity of the available-for-sale securities we held as of September 30, 2025:

One year or less	67	%
After one year but within two years	29	%
After two years but within three and a half years	4	%
Total	100	%

As illustrated above, at September 30, 2025, 96 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 debt 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 September 30, 2025, 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
September 30, 2025		Cost		Gains		Losses			Fair Value
Available-for-sale debt securities:
Corporate debt securities (1)	$	639,937	$	815	$	(69	)	$	640,683
Debt securities issued by U.S. government agencies		73,905		66		(16	)		73,955
Debt securities issued by the U.S. Treasury (1)		562,662		384		(61	)		562,985
Debt securities issued by states of the U.S. and political subdivisions of the states		5,151		11		-			5,162
Total debt securities with a maturity of one year or less		1,281,655		1,276		(146	)		1,282,785
Corporate debt securities		415,818		1,688		(121	)		417,385
Debt securities issued by U.S. government agencies		76,548		147		(60	)		76,635
Debt securities issued by the U.S. Treasury		204,656		493		(49	)		205,100
Debt securities issued by states of the U.S. and political subdivisions of the states		1,117		5		-			1,122
Other municipal debt securities		698		-		-			698
Total debt securities with a maturity of more than one year		698,837		2,333		(230	)		700,940
Total available-for-sale debt securities	$	1,980,492	$	3,609	$	(376	)	$	1,983,725
Equity securities:
Publicly traded equity securities included in other current assets (2)	$	11,897	$	40	$	(8,681	)	$	3,256
Privately held equity securities included in deposits and other assets (3)		4,905		54,395		(7,090	)		52,210
Total equity securities		16,802		54,435		(15,771	)		55,466
Total available-for-sale debt and equity securities	$	1,997,294	$	58,044	$	(16,147	)	$	2,039,191


		Amortized	Gross Unrealized						Estimated
December 31, 2024		Cost		Gains		Losses			Fair Value
Available-for-sale debt securities:
Corporate debt securities (1)	$	593,810	$	487	$	(240	)	$	594,057
Debt securities issued by U.S. government agencies		143,647		287		(39	)		143,895
Debt securities issued by the U.S. Treasury (1)		657,285		825		(120	)		657,990
Debt securities issued by states of the U.S. and political subdivisions of the states		7,516		8		-			7,524
Total debt securities with a maturity of one year or less		1,402,258		1,607		(399	)		1,403,466
Corporate debt securities		439,561		723		(2,275	)		438,009
Debt securities issued by U.S. government agencies		65,255		137		(289	)		65,103
Debt securities issued by the U.S. Treasury		149,086		124		(476	)		148,734
Other municipal debt securities		698		-		(2	)		696
Total debt securities with a maturity of more than one year		654,600		984		(3,042	)		652,542
Total available-for-sale debt securities	$	2,056,858	$	2,591	$	(3,441	)	$	2,056,008
Equity securities:
Publicly traded equity securities included in other current assets (2)	$	11,897	$	26	$	(6,660	)	$	5,263
Privately held equity securities included in deposits and other assets (3)		23,115		25,001		(7,093	)		41,023
Total equity securities		35,012		25,027		(13,753	)		46,286
Total available-for-sale debt and equity securities	$	2,091,870	$	27,618	$	(17,194	)	$	2,102,294

(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 nine months ended September 30, 2025, we recorded a $2.0 million net unrealized loss in our condensed consolidated statements of operations related to changes 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 nine months ended September 30, 2025, the amortized cost of our privately held equity securities increased $11.2 million. In the third quarter of 2025, we recorded a $29.4 million unrealized gain related to our investment in a privately held company due to an observable price change in an orderly transaction for a similar investment of the investee. This increase was partially offset by a loss of $18.2 million related to an impairment of our investment in another privately held company that we recorded in the second quarter of 2025.

The following is a summary of our investments we consider to be temporarily impaired at September 30, 2025 (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	105	$	179,031	$	(127	)	$	55,955	$	(63	)	$	234,986	$	(190	)
Debt securities issued by U.S. government agencies	43		71,369		(60	)		17,286		(16	)		88,655		(76	)
Debt securities issued by the U.S. Treasury	25		141,191		(74	)		46,285		(36	)		187,476		(110	)
Other municipal debt securities	1		698		-			-		-			698		-
Total temporarily impaired debt securities	174	$	392,289	$	(261	)	$	119,526	$	(115	)	$	511,815	$	(376	)

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 intend to hold these securities to maturity and anticipate full recovery of our debt securities’ amortized cost basis at maturity.