| 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, 2018 (In thousands) |
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
Corporate debt securities |
$ |
505,296 |
|
|
$ |
— |
|
|
$ |
(4,702 |
) |
|
$ |
500,594 |
|
Money market funds and other |
877,527 |
|
|
— |
|
|
— |
|
|
877,527 |
|
Sovereign securities |
11,008 |
|
|
— |
|
|
(89 |
) |
|
10,919 |
|
U.S. Government agency securities |
174,058 |
|
|
2 |
|
|
(1,445 |
) |
|
172,615 |
|
U.S. Treasury securities |
881,704 |
|
|
36 |
|
|
(2,094 |
) |
|
879,646 |
|
Subtotal |
2,449,593 |
|
|
38 |
|
|
(8,330 |
) |
|
2,441,301 |
|
Add: Time deposits(1)
|
48,265 |
|
|
— |
|
|
— |
|
|
48,265 |
|
Less: Cash equivalents |
1,589,418 |
|
|
36 |
|
|
— |
|
|
1,589,454 |
|
Marketable securities |
$ |
908,440 |
|
|
$ |
2 |
|
|
$ |
(8,330 |
) |
|
$ |
900,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2018 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
Corporate debt securities |
$ |
747,763 |
|
|
$ |
148 |
|
|
$ |
(7,508 |
) |
|
$ |
740,403 |
|
Money market funds and other |
863,115 |
|
|
— |
|
|
— |
|
|
863,115 |
|
Sovereign securities |
17,293 |
|
|
— |
|
|
(151 |
) |
|
17,142 |
|
U.S. Government agency securities |
326,508 |
|
|
16 |
|
|
(2,827 |
) |
|
323,697 |
|
U.S. Treasury securities |
411,329 |
|
|
3 |
|
|
(3,682 |
) |
|
407,650 |
|
Subtotal |
2,366,008 |
|
|
167 |
|
|
(14,168 |
) |
|
2,352,007 |
|
Add: Time deposits(1)
|
54,537 |
|
|
— |
|
|
— |
|
|
54,537 |
|
Less: Cash equivalents |
930,608 |
|
|
— |
|
|
— |
|
|
930,608 |
|
Marketable securities |
$ |
1,489,937 |
|
|
$ |
167 |
|
|
$ |
(14,168 |
) |
|
$ |
1,475,936 |
|
________________
(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 our investments that were in an unrealized loss position as of the date indicated below:
|
|
|
|
|
|
|
|
|
As of December 31, 2018 (In thousands) |
Fair Value |
|
Gross
Unrealized
Losses(1)
|
Corporate debt securities |
$ |
497,833 |
|
|
$ |
(4,702 |
) |
U.S. Treasury securities |
211,588 |
|
|
(2,094 |
) |
U.S. Government agency securities |
169,967 |
|
|
(1,445 |
) |
Sovereign securities |
10,919 |
|
|
(89 |
) |
Total |
$ |
890,307 |
|
|
$ |
(8,330 |
) |
__________________
(1) As of December 31, 2018, the amount of total gross unrealized losses related to investments that had been in a continuous loss position for 12 months or more was $7.9 million.
|
| Contractual Maturities of Securities |
The contractual maturities of securities classified as available-for-sale, regardless of their classification on our Condensed Consolidated Balance Sheet, as of the date indicated below were as follows:
|
|
|
|
|
|
|
|
|
As of December 31, 2018 (In thousands) |
Amortized Cost |
|
Fair Value |
Due within one year |
$ |
567,385 |
|
|
$ |
563,316 |
|
Due after one year through three years |
341,055 |
|
|
336,796 |
|
|
$ |
908,440 |
|
|
$ |
900,112 |
|
|