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Investments | 3 Months Ended
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Mar. 31, 2018
Investments [Abstract] |
Investments | Investments The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements about a company’s use of fair-value measurements, including the effect of such measurement on earnings. The cost of securities sold is based on the specific identification method. Effective January 1, 2018, the Company adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilitie s. The standard amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The most significant impact on the Company's consolidated financial statements relates to the recognition and measurement of equity investments at fair value with changes recognized in net income, though there are also updates to certain presentation and disclosures. The Company had a cumulative-effect adjustment in the first quarter of 2018 of approximately $6.6 million related to the reclassification of the net unrealized gain on available-for-sale securities as of January 1, 2018 from other comprehensive income to retained earnings as a result of the implementation of this guidance. The Company’s investments in common stock are stated at fair value based on quoted market prices, and as such are classified as Level 1 assets. The Company determines the fair value of its government securities and corporate bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit have remaining maturities of less than one year and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value. During the year ended December 31, 2017, the Company made technology investments in certain non-consolidated affiliates for ownership interests of less than 20%. These investments do not have readily determinable fair values, and the Company has not to date identified any observable events that would cause adjustment, and therefore these investments are held at cost at a total of $3.2 million as of March 31, 2018. These investments are classified within Long-Term Investments in the consolidated balance sheet. Long-term investments decreased from December 31, 2017 to March 31, 2018 as a result of the sale of the majority of the Company's available-for-sale equity investments as part of its previously announced capital allocation strategy. Assets or liabilities that have recurring fair value measurements are shown below as of March 31, 2018 and December 31, 2017: As of March 31, 2018:
|  |  | Fair Value Measurements at Reporting Date Using
| Total as of |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description | March 31, 2018 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 524,323,560 |  | $ | 524,323,560 |  | $ | — |  | $ | —
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 130,000,000 |  | 130,000,000 |  | — |  | —
Corporate Bonds | 15,891,817 |  | — |  | 15,891,817 |  | —
Government Securities | 6,003,510 |  | — |  | 6,003,510 |  | —
Other | 284,081 |  | 284,081 |  | — |  | —
Long-Term Investments: |  |  |  |  |  |  |
Common Stocks | 40,000 |  | 40,000 |  | — |  | —
Total | $ | 676,542,968 |  | $ | 654,647,641 |  | $ | 21,895,327 |  | $ | —
As of December 31, 2017:
|  |  | Fair Value Measurements at Reporting Date Using
| Total as of |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description | December 31, 2017 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 569,734,496 |  | $ | 569,734,496 |  | $ | — |  | $ | —
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 130,000,000 |  | 130,000,000 |  | — |  | —
Government Securities | 9,011,130 |  | — |  | 9,011,130 |  | —
Mutual Funds | 393,581 |  | — |  | 393,581 |  | —
Corporate Bonds | 12,944,999 |  | — |  | 12,944,999 |  | —
Other | 188,344 |  | 188,344 |  | — |  | —
Long-Term Investments: |  |  |  |  |  |  |
Corporate Bonds | 3,018,720 |  | — |  | 3,018,720 |  | —
Common Stocks | 15,703,371 |  | 15,703,371 |  | — |  | —
Mutual Funds | 34,681,337 |  | 34,681,337 |  | — |  | —
Preferred Stock | 1,178,991 |  | 1,178,991 |  | — |  | —
Total | $ | 776,854,969 |  | $ | 751,486,539 |  | $ | 25,368,430 |  | $ | —
The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of March 31, 2018, and December 31, 2017: As of March 31, 2018:
|  |  | Unrealized |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 130,000,000 |  | $ | — |  | $ | — |  | $ | 130,000,000
Government Securities | 6,009,310 |  | — |  | (5,800) |  | 6,003,510
Corporate Bonds | 15,919,177 |  | — |  | (27,360) |  | 15,891,817
Other | 284,081 |  | — |  | — |  | 284,081
Long-Term Investments: |  |  |  |  |  |  |
Common Stocks | 40,000 |  | — |  | — |  | 40,000
Total | $ | 152,252,568 |  | $ | — |  | $ | (33,160) |  | $ | 152,219,408
As of December 31, 2017:
|  |  | Unrealized |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 130,000,000 |  | $ | — |  | $ | — |  | $ | 130,000,000
Government Securities | 9,024,777 |  | — |  | (13,647) |  | 9,011,130
Mutual Funds | 392,482 |  | 1,575 |  | (476) |  | 393,581
Corporate Bonds | 12,952,229 |  | — |  | (7,230) |  | 12,944,999
Other | 188,344 |  | — |  | — |  | 188,344
Long-Term Investments: |  |  |  |  |  |  |
Corporate Bonds | 3,022,994 |  | — |  | (4,274) |  | 3,018,720
Common Stocks | 10,897,219 |  | 5,079,815 |  | (273,663) |  | 15,703,371
Mutual Funds | 29,306,540 |  | 5,440,344 |  | (65,547) |  | 34,681,337
Preferred Stock | 1,141,458 |  | 40,533 |  | (3,000) |  | 1,178,991
Total | $ | 196,926,043 |  | $ | 10,562,267 |  | $ | (367,837) |  | $ | 207,120,473
Unrealized losses on investments as of March 31, 2018, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value
Less than one year | $ | 33,160 |  | $ | 21,895,327
Greater than one year | — |  | —
Total | $ | 33,160 |  | $ | 21,895,327
Unrealized losses on investments as of December 31, 2017, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value
Less than one year | $ | 263,655 |  | $ | 31,223,557
Greater than one year | 104,182 |  | 285,077
Total | $ | 367,837 |  | $ | 31,508,634
ASC 320, “Accounting for Certain Investments in Debt and Equity Securities”, as amended, provides guidance on determining when an investment is other than temporarily impaired. No investment losses were considered to be other than temporary during the periods presented. The Company has the intention and current ability to hold its debt investments until the amortized cost basis has been recovered. Fixed income securities as of March 31, 2018 have contractual maturities as follows:
Due within one year | $ | 151,895,327
Due between one and five years | —
Due over five years | —
| $ | 151,895,327

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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- References No definition available. + Details
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