| 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, 2019 (In thousands) |
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
Corporate debt securities |
$ |
385,444 |
|
|
$ |
623 |
|
|
$ |
(32 |
) |
|
$ |
386,035 |
|
Money market funds and other |
435,933 |
|
|
— |
|
|
— |
|
|
435,933 |
|
Municipal securities |
9,212 |
|
|
9 |
|
|
(3 |
) |
|
9,218 |
|
Sovereign securities |
6,005 |
|
|
8 |
|
|
— |
|
|
6,013 |
|
U.S. Government agency securities |
94,739 |
|
|
50 |
|
|
(13 |
) |
|
94,776 |
|
U.S. Treasury securities |
247,182 |
|
|
239 |
|
|
(37 |
) |
|
247,384 |
|
Subtotal |
1,178,515 |
|
|
929 |
|
|
(85 |
) |
|
1,179,359 |
|
Add: Time deposits(1)
|
85,667 |
|
|
— |
|
|
— |
|
|
85,667 |
|
Less: Cash equivalents |
527,368 |
|
|
— |
|
|
— |
|
|
527,368 |
|
Marketable securities |
$ |
736,814 |
|
|
$ |
929 |
|
|
$ |
(85 |
) |
|
$ |
737,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2019 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
Corporate debt securities |
$ |
433,518 |
|
|
$ |
141 |
|
|
$ |
(582 |
) |
|
$ |
433,077 |
|
Money market funds and other |
352,708 |
|
|
— |
|
|
— |
|
|
352,708 |
|
Municipal securities |
1,910 |
|
|
3 |
|
|
— |
|
|
1,913 |
|
Sovereign securities |
6,001 |
|
|
1 |
|
|
(8 |
) |
|
5,994 |
|
U.S. Government agency securities |
159,454 |
|
|
5 |
|
|
(241 |
) |
|
159,218 |
|
U.S. Treasury securities |
208,058 |
|
|
39 |
|
|
(401 |
) |
|
207,696 |
|
Subtotal |
1,161,649 |
|
|
189 |
|
|
(1,232 |
) |
|
1,160,606 |
|
Add: Time deposits(1)
|
99,006 |
|
|
— |
|
|
— |
|
|
99,006 |
|
Less: Cash equivalents |
536,206 |
|
|
17 |
|
|
(2 |
) |
|
536,221 |
|
Marketable securities |
$ |
724,449 |
|
|
$ |
172 |
|
|
$ |
(1,230 |
) |
|
$ |
723,391 |
|
________________
(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, $68.3 million of which were in a continuous loss position for 12 months or more:
|
|
|
|
|
|
|
|
|
As of December 31, 2019 (In thousands) |
Fair Value |
|
Gross
Unrealized
Losses
|
Corporate debt securities |
$ |
88,354 |
|
|
$ |
(32 |
) |
Municipal securities |
3,671 |
|
|
(3 |
) |
U.S. Government agency securities |
37,246 |
|
|
(13 |
) |
U.S Treasury securities |
87,526 |
|
|
(37 |
) |
Total |
$ |
216,797 |
|
|
$ |
(85 |
) |
|
| Contractual Maturities of Securities |
The contractual maturities of securities classified as available-for-sale, regardless of their classification on our Condensed Consolidated Balance Sheets, as of the date indicated below were as follows:
|
|
|
|
|
|
|
|
|
As of December 31, 2019 (In thousands) |
Amortized Cost |
|
Fair Value |
Due within one year |
$ |
386,442 |
|
|
$ |
386,617 |
|
Due after one year through three years |
350,372 |
|
|
351,041 |
|
|
$ |
736,814 |
|
|
$ |
737,658 |
|
|