| 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, 2017 (In thousands) |
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
Corporate debt securities |
$ |
918,399 |
|
|
$ |
204 |
|
|
$ |
(4,245 |
) |
|
$ |
914,358 |
|
Money market funds and other |
569,287 |
|
|
— |
|
|
— |
|
|
569,287 |
|
Sovereign securities |
11,496 |
|
|
— |
|
|
(69 |
) |
|
11,427 |
|
U.S. Government agency securities |
342,325 |
|
|
16 |
|
|
(2,611 |
) |
|
339,730 |
|
U.S. Treasury securities |
411,669 |
|
|
— |
|
|
(2,941 |
) |
|
408,728 |
|
Subtotal |
2,253,176 |
|
|
220 |
|
|
(9,866 |
) |
|
2,243,530 |
|
Add: Time deposits(1)
|
33,581 |
|
|
— |
|
|
— |
|
|
33,581 |
|
Less: Cash equivalents |
592,315 |
|
|
— |
|
|
— |
|
|
592,315 |
|
Marketable securities |
$ |
1,694,442 |
|
|
$ |
220 |
|
|
$ |
(9,866 |
) |
|
$ |
1,684,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2017 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
Corporate debt securities |
$ |
1,120,548 |
|
|
$ |
598 |
|
|
$ |
(1,951 |
) |
|
$ |
1,119,195 |
|
Money market funds and other |
616,039 |
|
|
— |
|
|
— |
|
|
616,039 |
|
Sovereign securities |
52,621 |
|
|
— |
|
|
(56 |
) |
|
52,565 |
|
U.S. Government agency securities |
510,553 |
|
|
62 |
|
|
(1,789 |
) |
|
508,826 |
|
U.S. Treasury securities |
374,676 |
|
|
52 |
|
|
(1,429 |
) |
|
373,299 |
|
Subtotal |
2,674,437 |
|
|
712 |
|
|
(5,225 |
) |
|
2,669,924 |
|
Add: Time deposits(1)
|
39,389 |
|
|
— |
|
|
— |
|
|
39,389 |
|
Less: Cash equivalents |
845,639 |
|
|
— |
|
|
(15 |
) |
|
845,624 |
|
Marketable securities |
$ |
1,868,187 |
|
|
$ |
712 |
|
|
$ |
(5,210 |
) |
|
$ |
1,863,689 |
|
________________
|
|
(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, 2017 (In thousands) |
Fair Value |
|
Gross
Unrealized
Losses(1)
|
Corporate debt securities |
$ |
792,436 |
|
|
$ |
(4,245 |
) |
U.S. Treasury securities |
404,982 |
|
|
(2,941 |
) |
U.S. Government agency securities |
334,064 |
|
|
(2,611 |
) |
Sovereign securities |
11,427 |
|
|
(69 |
) |
Total |
$ |
1,542,909 |
|
|
$ |
(9,866 |
) |
__________________
|
|
(1) |
As of December 31, 2017, the amount of total gross unrealized losses related to investments that had been in a continuous loss position for 12 months or more was $5.3 million.
|
|
| 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, 2017 (In thousands) |
Amortized Cost |
|
Fair Value |
Due within one year |
$ |
521,930 |
|
|
$ |
520,623 |
|
Due after one year through three years |
1,172,512 |
|
|
1,164,173 |
|
|
$ |
1,694,442 |
|
|
$ |
1,684,796 |
|
|