v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Investments
7.  Investments
 
The following table summarizes the contract maturity of the available-for-sale securities we held as of June 30, 2026:
 
One year or less  66%
After one year but within two years  27%
After two years but within three and a half years 7%
Total  100%
 
As illustrated above, at June 30, 2026, 93 percent of our available-for-sale securities had a maturity of less than two years.
 
All of our available-for-sale debt securities are available to us for use in our current operations. As a result, we categorize all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date.
 
We invest in debt securities with strong credit ratings and an investment grade rating at or above A-1, P-1 or F-1 by Standard & Poor’s, Moody’s or Fitch, respectively.
 
At June 30, 2026, we had an equity ownership interest of less than 20 percent in four private companies and four public companies with which we conduct business.
 
The following is a summary of our investments (in thousands):
 
 Amortized Gross Unrealized Estimated
June 30, 2026Cost Gains Losses Fair Value
Available-for-sale debt securities:       
Corporate debt securities (1)$638,688  $311  $(474)  $638,525 
Debt securities issued by U.S. government agencies 26,439   26   (20)   26,445 
Debt securities issued by the U.S. Treasury (1) 467,565   88   (604)   467,049 
Debt securities issued by states of the U.S. and political subdivisions of the states 5,025    -    (3)   5,022 
Total debt securities with a maturity of one year or less 1,137,717   425   (1,101)   1,137,041 
Corporate debt securities 349,545   87   (1,692)   347,940 
Debt securities issued by U.S. government agencies 119,701   4   (878)   118,827 
Debt securities issued by the U.S. Treasury  181,168    -    (1,340)   179,828 
Debt securities issued by states of the U.S. and political subdivisions of the states 731    -    (1)   730 
Total debt securities with a maturity of more than one year 651,145   91   (3,911)   647,325 
Total available-for-sale debt securities$1,788,862  $516  $(5,012)  $1,784,366 
Equity securities:       
Publicly traded equity securities included in other current assets (2)$11,897  $45,670  $(9,799)  $47,768 
Privately held equity securities included in deposits and other assets (3) 10,000   9,816    -    19,816 
Total equity securities  21,897   55,486   (9,799)   67,584 
Total available-for-sale debt and equity securities$1,810,759  $56,002  $(14,811)  $1,851,950 
 Amortized Gross Unrealized Estimated
December 31, 2025Cost Gains Losses Fair Value
Available-for-sale debt securities:       
Corporate debt securities (1)$746,814  $991  $(27)  $747,778 
Debt securities issued by U.S. government agencies 55,768   92   (5)   55,855 
Debt securities issued by the U.S. Treasury (1) 769,034   843   (13)   769,864 
Debt securities issued by states of the U.S. and political subdivisions of the states 5,709   11    -    5,720 
Total debt securities with a maturity of one year or less 1,577,325   1,937   (45)   1,579,217 
Corporate debt securities 435,350   1,586   (106)   436,830 
Debt securities issued by U.S. government agencies 92,770   100   (94)   92,776 
Debt securities issued by the U.S. Treasury  242,288   595   (1)   242,882 
Other municipal debt securities 1,219   4    -    1,223 
Total debt securities with a maturity of more than one year 771,627   2,285   (201)   773,711 
Total available-for-sale debt securities$2,348,952  $4,222  $(246)  $2,352,928 
Equity securities:       
Publicly traded equity securities included in other current assets (2)$11,897  $35  $(8,920)  $3,012 
Privately held equity securities included in deposits and other assets (3) (2) 4,905   54,395   (7,091)   52,209 
Total equity securities  16,802   54,430   (16,011)   55,221 
Total available-for-sale debt and equity securities$2,365,754  $58,652  $(16,257)  $2,408,149 
 
(1)   Includes investments classified as cash equivalents in our condensed consolidated balance sheets.
 
(2)  Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the first quarter of 2026, one of our privately held investees became a publicly traded entity after completing an initial public offering. As a result, we recorded a $23.4 million unrealized gain in our condensed consolidated statements of operations in the first quarter of 2026, which reflected the difference between the carrying value of this investment as of December 31, 2025 and its fair value of $55.8 million as of March 31, 2026. In the second quarter of 2026, we recorded an unrealized loss of $10.2 million, which reflected the difference between the carrying value of this investment as of March 31, 2026 and its fair value of $45.7 million as of June 30, 2026. This investment is subject to a 12-month contractual sale restriction that ends in January 2027. In the six months ended June 30, 2026, we recorded a $0.9 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our other investments in publicly traded companies.
 
(3)  Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs. In the six months ended June 30, 2026, there were no changes to the carrying value of our privately held equity securities.
The following is a summary of our investments we consider to be temporarily impaired at June 30, 2026 (in thousands, except for number of investments):
 
   Less than 12 Months of Temporary Impairment More than 12 Months of Temporary Impairment Total Temporary Impairment
 Number of Investments Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses
Corporate debt securities  303  $659,038  $(2,154)  $3,984  $(12)  $663,022  $(2,166) 
Debt securities issued by U.S. government agencies 62   125,253   (885)   2,866   (13)   128,119   (898) 
Debt securities issued by the U.S. Treasury  75   510,400   (1,944)    -     -    510,400   (1,944) 
Debt securities issued by states of the U.S. and political subdivisions of the states 8   5,002   (4)    -     -    5,002   (4) 
Total temporarily impaired debt securities 448  $1,299,693  $(4,987)  $6,850  $(25)  $1,306,543  $(5,012) 
 
We believe that the decline in value of these securities is temporary and is primarily related to the change in market interest rates since purchase rather than underlying credit deterioration for any of the issuers. We believe it is more likely than not that we will be able to hold our debt securities with declines in value to maturity. Therefore, we intend to hold these securities to maturity and anticipate full recovery of our debt securities’ amortized cost basis at maturity.