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Investments (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Summary of Cash Equivalents and Available-for-Sale Debt Investments
The following table summarizes our cash equivalents and available-for-sale debt investments:
June 30, 2020
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Asset-backed securities$1,283  $—  $—  $1,283  $—  $1,283  
Certificate of deposits2,020  —  —  2,020  2,020  —  
Commercial paper12,994  —  —  12,994  —  12,994  
Corporate bonds13,914  55  (3) 13,966  —  13,966  
Money market funds293,308  —  —  293,308  293,308  —  
Municipal bonds7,178  —  —  7,178  —  7,178  
U.S. government bonds5,700  —  —  5,700  5,700  —  
Total cash equivalents336,397  55  (3) 336,449  301,028  35,421  
Short-term investments
Asset-backed securities42,550  62  (9) 42,603  —  42,603  
Certificate of deposits12,989  —  —  12,989  12,989  —  
Commercial paper43,245  —  —  43,245  —  43,245  
Corporate bonds114,901  332  (27) 115,206  —  115,206  
Municipal bonds16,248  13  (6) 16,255  —  16,255  
U.S. government agency bonds35,457  15  (2) 35,470  —  35,470  
U.S. government bonds40,019  10  —  40,029  40,029  —  
Variable rate demand notes400  —  —  400  —  400  
Total short-term investments305,809  432  (44) 306,197  53,018  253,179  
Total (2)$642,206  $487  $(47) $642,646  $354,046  $288,600  
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
(2)In July 2020, we increased our available-for-sale debt investments by $60 million.
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of June 30, 2020:
Amortized CostFair Value
Within 1 year608,074  608,470  
After 1 year through 5 years31,691  31,739  
After 5 years through 10 years2,441  2,437  
Total642,206  642,646  
Actual maturities can differ from contractual maturities due to various factors including the issuers may have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations.
Summary of Debt Securities Available-for-sale
The following table summarizes our cash equivalents and available-for-sale debt investments:
June 30, 2020
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Asset-backed securities$1,283  $—  $—  $1,283  $—  $1,283  
Certificate of deposits2,020  —  —  2,020  2,020  —  
Commercial paper12,994  —  —  12,994  —  12,994  
Corporate bonds13,914  55  (3) 13,966  —  13,966  
Money market funds293,308  —  —  293,308  293,308  —  
Municipal bonds7,178  —  —  7,178  —  7,178  
U.S. government bonds5,700  —  —  5,700  5,700  —  
Total cash equivalents336,397  55  (3) 336,449  301,028  35,421  
Short-term investments
Asset-backed securities42,550  62  (9) 42,603  —  42,603  
Certificate of deposits12,989  —  —  12,989  12,989  —  
Commercial paper43,245  —  —  43,245  —  43,245  
Corporate bonds114,901  332  (27) 115,206  —  115,206  
Municipal bonds16,248  13  (6) 16,255  —  16,255  
U.S. government agency bonds35,457  15  (2) 35,470  —  35,470  
U.S. government bonds40,019  10  —  40,029  40,029  —  
Variable rate demand notes400  —  —  400  —  400  
Total short-term investments305,809  432  (44) 306,197  53,018  253,179  
Total (2)$642,206  $487  $(47) $642,646  $354,046  $288,600  
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
(2)In July 2020, we increased our available-for-sale debt investments by $60 million.
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of June 30, 2020:
Amortized CostFair Value
Within 1 year608,074  608,470  
After 1 year through 5 years31,691  31,739  
After 5 years through 10 years2,441  2,437  
Total642,206  642,646  
Actual maturities can differ from contractual maturities due to various factors including the issuers may have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations.
Schedule of Cash and Cash Equivalents
The following table summarizes our cash equivalents and available-for-sale debt investments:
June 30, 2020
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Asset-backed securities$1,283  $—  $—  $1,283  $—  $1,283  
Certificate of deposits2,020  —  —  2,020  2,020  —  
Commercial paper12,994  —  —  12,994  —  12,994  
Corporate bonds13,914  55  (3) 13,966  —  13,966  
Money market funds293,308  —  —  293,308  293,308  —  
Municipal bonds7,178  —  —  7,178  —  7,178  
U.S. government bonds5,700  —  —  5,700  5,700  —  
Total cash equivalents336,397  55  (3) 336,449  301,028  35,421  
Short-term investments
Asset-backed securities42,550  62  (9) 42,603  —  42,603  
Certificate of deposits12,989  —  —  12,989  12,989  —  
Commercial paper43,245  —  —  43,245  —  43,245  
Corporate bonds114,901  332  (27) 115,206  —  115,206  
Municipal bonds16,248  13  (6) 16,255  —  16,255  
U.S. government agency bonds35,457  15  (2) 35,470  —  35,470  
U.S. government bonds40,019  10  —  40,029  40,029  —  
Variable rate demand notes400  —  —  400  —  400  
Total short-term investments305,809  432  (44) 306,197  53,018  253,179  
Total (2)$642,206  $487  $(47) $642,646  $354,046  $288,600  
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
(2)In July 2020, we increased our available-for-sale debt investments by $60 million.
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of June 30, 2020:
Amortized CostFair Value
Within 1 year608,074  608,470  
After 1 year through 5 years31,691  31,739  
After 5 years through 10 years2,441  2,437  
Total642,206  642,646  
Actual maturities can differ from contractual maturities due to various factors including the issuers may have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations.
Valuation of money market funds
The following table summarizes our debt investments as of December 31, 2019:
December 31, 2019
(In thousands)
Cash equivalent money market funds (Level 1) (1)$384,474  
Short-term investment government bond (Level 2) (2)6,348  
(1)The cash equivalent money market funds (Level 1) at December 31, 2019 have been corrected to include $286.7 million of cash equivalents that were excluded in previously reported amounts. There was no change to total cash and cash equivalents reported on our consolidated balance sheet. We determined this was immaterial to the prior period but have presented the balance as revised for comparability.
(2)The fair market value of the security is $6.3 million.