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Cash, Cash Equivalents, and Investments (Tables) | 3 Months Ended
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Mar. 31, 2019
Cash and Cash Equivalents [Abstract] |
Components of Cash, Cash Equivalents, and Investments | Cash, cash equivalents, and investments consisted of the following (in thousands):
| March 31, 2019 |  | December 31, 2018
Cash | $ | 94,413 |  |  | $ | 104,655 |
Money market instruments | 10,883 |  |  | 3,557 |
Cash and cash equivalents | 105,296 |  |  | 108,212 |
Treasury bills | 189,808 |  |  | 198,477 |
Corporate bonds | 137,228 |  |  | 137,871 |
Asset-backed securities | 98,910 |  |  | 78,407 |
Sovereign bonds | 10,900 |  |  | 8,101 |
Municipal bonds | 4,491 |  |  | 4,492 |
Current investments | 441,337 |  |  | 427,348 |
Corporate bonds | 152,645 |  |  | 162,566 |
Treasury bills | 105,298 |  |  | 32,760 |
Asset-backed securities | 41,460 |  |  | 53,631 |
Sovereign bonds | 10,891 |  |  | 6,316 |
Agency bonds | 5,913 |  |  | 5,921 |
Municipal bonds | 847 |  |  | 845 |
Non-current investments | 317,054 |  |  | 262,039 |
| $ | 863,687 |  |  | $ | 797,599 |
Summary of Available-for-Sale Investments | The following table summarizes the Company’s available-for-sale investments as of March 31, 2019 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Current: |  |  |  |  |  |  |
Treasury bills | $ | 189,599 |  |  | $ | 211 |  |  | $ | (2 | ) |  | $ | 189,808 |
Corporate bonds | 137,294 |  |  | 87 |  |  | (153 | ) |  | 137,228 |
Asset-backed securities | 98,902 |  |  | 135 |  |  | (127 | ) |  | 98,910 |
Sovereign bonds | 10,898 |  |  | 14 |  |  | (12 | ) |  | 10,900 |
Municipal bonds | 4,492 |  |  | — |  |  | (1 | ) |  | 4,491 |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 152,668 |  |  | 329 |  |  | (352 | ) |  | 152,645 |
Treasury bills | 104,987 |  |  | 332 |  |  | (21 | ) |  | 105,298 |
Asset-backed securities | 41,342 |  |  | 130 |  |  | (12 | ) |  | 41,460 |
Sovereign bonds | 10,876 |  |  | 15 |  |  | — |  |  | 10,891 |
Agency bonds | 5,930 |  |  | — |  |  | (17 | ) |  | 5,913 |
Municipal bonds | 855 |  |  | — |  |  | (8 | ) |  | 847 |
| $ | 757,843 |  |  | $ | 1,253 |  |  | $ | (705 | ) |  | $ | 758,391 |
Gross Unrealized Losses and Fair Values for Available-for-Sale Investments | The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of March 31, 2019 (in thousands):
| Unrealized Loss Position For: |  |
| Less than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 63,106 |  |  | $ | (253 | ) |  | $ | 74,227 |  |  | $ | (252 | ) |  | $ | 137,333 |  |  | $ | (505 | )
Treasury bills | 62,560 |  |  | (23 | ) |  | — |  |  | — |  |  | 62,560 |  |  | (23 | )
Asset-backed securities | 5,476 |  |  | (4 | ) |  | 38,434 |  |  | (135 | ) |  | 43,910 |  |  | (139 | )
Sovereign bonds | 3,458 |  |  | — |  |  | 4,628 |  |  | (12 | ) |  | 8,086 |  |  | (12 | )
Agency bonds | 5,913 |  |  | (17 | ) |  | — |  |  | — |  |  | 5,913 |  |  | (17 | )
Municipal bonds | 1,301 |  |  | (1 | ) |  | 847 |  |  | (8 | ) |  | 2,148 |  |  | (9 | )
| $ | 141,814 |  |  | $ | (298 | ) |  | $ | 118,136 |  |  | $ | (407 | ) |  | $ | 259,950 |  |  | $ | (705 | )
Effective Maturity Dates of Available-for-Sale Investments | The following table presents the effective maturity dates of the Company’s available-for-sale investments as of March 31, 2019 (in thousands):
| <1 year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-7 Years |  | Total
Treasury bills | $ | 189,808 |  |  | $ | 105,298 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 295,106 |
Corporate bonds | 137,228 |  |  | 102,129 |  |  | 35,329 |  |  | 12,360 |  |  | 2,827 |  |  | — |  |  | 289,873 |
Asset-backed securities | 98,910 |  |  | 19,283 |  |  | 8,119 |  |  | 7,767 |  |  | 3,425 |  |  | 2,866 |  |  | 140,370 |
Sovereign bonds | 10,900 |  |  | 3,499 |  |  | 7,392 |  |  | — |  |  | — |  |  | — |  |  | 21,791 |
Agency bonds | — |  |  | — |  |  | — |  |  | 5,913 |  |  | — |  |  | — |  |  | 5,913 |
Municipal bonds | 4,491 |  |  | 847 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,338 |
| $ | 441,337 |  |  | $ | 231,056 |  |  | $ | 50,840 |  |  | $ | 26,040 |  |  | $ | 6,252 |  |  | $ | 2,866 |  |  | $ | 758,391 |

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