| Summary of Marketable Securities |
The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015 (In thousands) |
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
U.S. Treasury securities |
$ |
274,142 |
|
|
$ |
12 |
|
|
$ |
(630 |
) |
|
$ |
273,524 |
|
U.S. Government agency securities |
404,990 |
|
|
71 |
|
|
(745 |
) |
|
404,316 |
|
Municipal securities |
7,719 |
|
|
2 |
|
|
(4 |
) |
|
7,717 |
|
Corporate debt securities |
707,685 |
|
|
61 |
|
|
(1,993 |
) |
|
705,753 |
|
Money market and other |
470,811 |
|
|
— |
|
|
— |
|
|
470,811 |
|
Sovereign securities |
60,555 |
|
|
4 |
|
|
(44 |
) |
|
60,515 |
|
Subtotal |
1,925,902 |
|
|
150 |
|
|
(3,416 |
) |
|
1,922,636 |
|
Add: Time deposits(1)
|
67,733 |
|
|
— |
|
|
— |
|
|
67,733 |
|
Less: Cash equivalents |
635,535 |
|
|
3 |
|
|
(3 |
) |
|
635,535 |
|
Marketable securities |
$ |
1,358,100 |
|
|
$ |
147 |
|
|
$ |
(3,413 |
) |
|
$ |
1,354,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2015 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
U.S. Treasury securities |
$ |
274,965 |
|
|
$ |
605 |
|
|
$ |
(15 |
) |
|
$ |
275,555 |
|
U.S. Government agency securities |
571,843 |
|
|
551 |
|
|
(126 |
) |
|
572,268 |
|
Municipal securities |
31,819 |
|
|
7 |
|
|
(10 |
) |
|
31,816 |
|
Corporate debt securities |
625,965 |
|
|
511 |
|
|
(515 |
) |
|
625,961 |
|
Money market and other |
611,385 |
|
|
— |
|
|
— |
|
|
611,385 |
|
Sovereign securities |
57,091 |
|
|
33 |
|
|
(31 |
) |
|
57,093 |
|
Subtotal |
2,173,068 |
|
|
1,707 |
|
|
(697 |
) |
|
2,174,078 |
|
Add: Time deposits(1)
|
29,941 |
|
|
— |
|
|
— |
|
|
29,941 |
|
Less: Cash equivalents |
654,933 |
|
|
— |
|
|
— |
|
|
654,933 |
|
Marketable securities |
$ |
1,548,076 |
|
|
$ |
1,707 |
|
|
$ |
(697 |
) |
|
$ |
1,549,086 |
|
________________
|
|
(1) |
Time deposits excluded from fair value measurements. |
|
| Investments with Gross Unrealized Losses |
The following table summarizes the fair value and gross unrealized losses of the Company’s investments that were in an unrealized loss position as of the date indicated below:
|
|
|
|
|
|
|
|
|
As of December 31, 2015 (In thousands) |
Fair Value |
|
Gross
Unrealized
Losses(1)
|
U.S. Treasury securities |
$ |
250,397 |
|
|
$ |
(630 |
) |
U.S. Government agency securities |
298,143 |
|
|
(745 |
) |
Municipal securities |
3,005 |
|
|
(4 |
) |
Corporate debt securities |
584,219 |
|
|
(1,990 |
) |
Sovereign securities |
35,752 |
|
|
(44 |
) |
Total |
$ |
1,171,516 |
|
|
$ |
(3,413 |
) |
__________________
|
|
(1) |
As of December 31, 2015, the amount of total gross unrealized losses related to investments that had been in a continuous loss position for 12 months or more was immaterial.
|
|
| Contractual Maturities of Securities |
The contractual maturities of securities classified as available-for-sale, regardless of their classification on the Company’s Condensed Consolidated Balance Sheet, as of the date indicated below were as follows:
|
|
|
|
|
|
|
|
|
As of December 31, 2015 (In thousands) |
Amortized Cost |
|
Fair Value |
Due within one year |
$ |
379,750 |
|
|
$ |
379,437 |
|
Due after one year through three years |
978,350 |
|
|
975,397 |
|
|
$ |
1,358,100 |
|
|
$ |
1,354,834 |
|
|