| Unrealized Gain (Loss) on Investments |
The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of December 31, 2022 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Corporate debt securities |
$ |
492,548 |
|
|
$ |
133 |
|
|
$ |
(8,388) |
|
|
$ |
484,293 |
|
| Money market funds and other |
839,867 |
|
|
— |
|
|
— |
|
|
839,867 |
|
|
|
|
|
|
|
|
|
| Municipal securities |
38,909 |
|
|
— |
|
|
(1,116) |
|
|
37,793 |
|
| Sovereign securities |
6,034 |
|
|
— |
|
|
(30) |
|
|
6,004 |
|
| U.S. Government agency securities |
88,752 |
|
|
8 |
|
|
(1,238) |
|
|
87,522 |
|
| U.S. Treasury securities |
451,374 |
|
|
43 |
|
|
(11,014) |
|
|
440,403 |
|
Equity securities(1)
|
3,211 |
|
|
16,113 |
|
|
— |
|
|
19,324 |
|
|
|
|
|
|
|
|
|
| Subtotal |
1,920,695 |
|
|
16,297 |
|
|
(21,786) |
|
|
1,915,206 |
|
Add: Time deposits(2)
|
341,003 |
|
|
— |
|
|
— |
|
|
341,003 |
|
| Less: Cash equivalents |
961,336 |
|
|
— |
|
|
— |
|
|
961,336 |
|
| Marketable securities |
$ |
1,300,362 |
|
|
$ |
16,297 |
|
|
$ |
(21,786) |
|
|
$ |
1,294,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of June 30, 2022 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Corporate debt securities |
$ |
481,881 |
|
|
$ |
3 |
|
|
$ |
(8,915) |
|
|
$ |
472,969 |
|
| Money market funds and other |
948,027 |
|
|
— |
|
|
— |
|
|
948,027 |
|
| Municipal securities |
61,973 |
|
|
— |
|
|
(1,249) |
|
|
60,724 |
|
| Sovereign securities |
6,041 |
|
|
2 |
|
|
(53) |
|
|
5,990 |
|
| U.S. Government agency securities |
92,273 |
|
|
26 |
|
|
(1,183) |
|
|
91,116 |
|
| U.S. Treasury securities |
378,871 |
|
|
18 |
|
|
(8,378) |
|
|
370,511 |
|
Equity securities(1)
|
3,211 |
|
|
7,824 |
|
|
— |
|
|
11,035 |
|
|
|
|
|
|
|
|
|
| Subtotal |
1,972,277 |
|
|
7,873 |
|
|
(19,778) |
|
|
1,960,372 |
|
Add: Time deposits(2)
|
274,873 |
|
|
— |
|
|
— |
|
|
274,873 |
|
| Less: Cash equivalents |
1,112,146 |
|
|
— |
|
|
(1) |
|
|
1,112,145 |
|
| Marketable securities |
$ |
1,135,004 |
|
|
$ |
7,873 |
|
|
$ |
(19,777) |
|
|
$ |
1,123,100 |
|
________________
(1) Unrealized gains on equity securities included in our portfolio include the initial fair value adjustment recorded upon a security becoming marketable.
(2) Time deposits excluded from fair value measurements.
|
| Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
The following table summarizes the fair value and gross unrealized losses of our investments that were in an unrealized loss position as of the dates indicated below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of December 31, 2022 |
Less than 12 Months |
|
12 Months or Greater |
|
Total |
| (In thousands) |
Fair Value |
|
Gross
Unrealized
Losses |
|
Fair Value |
|
Gross
Unrealized
Losses |
|
Fair Value |
|
Gross
Unrealized
Losses |
| Corporate debt securities |
$ |
226,806 |
|
|
$ |
(3,852) |
|
|
$ |
216,074 |
|
|
$ |
(4,536) |
|
|
$ |
442,880 |
|
|
$ |
(8,388) |
|
| Municipal securities |
6,879 |
|
|
(183) |
|
|
30,914 |
|
|
(933) |
|
|
37,793 |
|
|
(1,116) |
|
| Sovereign securities |
1,006 |
|
|
(3) |
|
|
1,974 |
|
|
(27) |
|
|
2,980 |
|
|
(30) |
|
| U.S. Government agency securities |
30,398 |
|
|
(140) |
|
|
36,268 |
|
|
(1,098) |
|
|
66,666 |
|
|
(1,238) |
|
| U.S. Treasury securities |
216,402 |
|
|
(5,024) |
|
|
197,099 |
|
|
(5,990) |
|
|
413,501 |
|
|
(11,014) |
|
| Total |
$ |
481,491 |
|
|
$ |
(9,202) |
|
|
$ |
482,329 |
|
|
$ |
(12,584) |
|
|
$ |
963,820 |
|
|
$ |
(21,786) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of June 30, 2022 (In thousands) |
Fair Value(1)
|
|
Gross
Unrealized
Losses(1)
|
| Corporate debt securities |
$ |
458,699 |
|
|
$ |
(8,915) |
|
| Municipal securities |
58,722 |
|
|
(1,249) |
|
| Sovereign securities |
2,963 |
|
|
(53) |
|
| U.S. Government agency securities |
60,285 |
|
|
(1,183) |
|
| U.S. Treasury securities |
336,819 |
|
|
(8,378) |
|
| Total |
$ |
917,488 |
|
|
$ |
(19,778) |
|
________________
(1) As of June 30, 2022, our investments that were in a continuous loss position of 12 months or more, as well as the unrealized losses on those investments, were immaterial.
|
| Schedule of 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, 2022 (In thousands) |
Amortized Cost |
|
Fair Value |
| Due within one year |
$ |
810,100 |
|
|
$ |
816,047 |
|
| Due after one year through three years |
490,262 |
|
|
478,826 |
|
| Total |
$ |
1,300,362 |
|
|
$ |
1,294,873 |
|
|