Investments (Tables)

9 Months Ended

Sep. 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:

	September 30, 2020
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents
Certificate of deposits	3,303		—		—		3,303		3,303		—
Commercial paper	8,000		—		—		8,000		—		8,000
Corporate bonds	13,856		27		(2)		13,881		—		13,881
Money market funds	161,837		—		—		161,837		161,837		—
Mortgage backed securities	972		—		—		972		—		972
Municipal bonds	4,557		—		—		4,557		—		4,557
Total cash equivalents	192,525		27		(2)		192,550		165,140		27,410
Short-term investments
Asset-backed securities	32,283		32		(7)		32,308		—		32,308
Certificate of deposits	14,334		—		—		14,334		14,334		—
Commercial paper	38,593		—		—		38,593		—		38,593
Corporate bonds	152,668		180		(31)		152,817		—		152,817
Mortgage backed securities	1,041		—		—		1,041		—		1,041
Municipal bonds	12,106		8		(1)		12,113		—		12,113
U.S. government agency bonds	45,474		17		(2)		45,489		—		45,489
U.S. government bonds	54,460		15		—		54,475		54,475		—
Variable rate demand notes	400		—		—		400		—		400
Total short-term investments	351,359		252		(41)		351,570		68,809		282,761
Total	$	543,884	$	279	$	(43)	$	544,120	$	233,949	$	310,171

(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.

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of September 30, 2020:

	Amortized Cost	Fair Value
Within 1 year	514,535	514,748
After 1 year through 5 years	27,151	27,172
After 5 years through 10 years	2,198	2,200
Total	543,884	544,120

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:

	September 30, 2020
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents
Certificate of deposits	3,303		—		—		3,303		3,303		—
Commercial paper	8,000		—		—		8,000		—		8,000
Corporate bonds	13,856		27		(2)		13,881		—		13,881
Money market funds	161,837		—		—		161,837		161,837		—
Mortgage backed securities	972		—		—		972		—		972
Municipal bonds	4,557		—		—		4,557		—		4,557
Total cash equivalents	192,525		27		(2)		192,550		165,140		27,410
Short-term investments
Asset-backed securities	32,283		32		(7)		32,308		—		32,308
Certificate of deposits	14,334		—		—		14,334		14,334		—
Commercial paper	38,593		—		—		38,593		—		38,593
Corporate bonds	152,668		180		(31)		152,817		—		152,817
Mortgage backed securities	1,041		—		—		1,041		—		1,041
Municipal bonds	12,106		8		(1)		12,113		—		12,113
U.S. government agency bonds	45,474		17		(2)		45,489		—		45,489
U.S. government bonds	54,460		15		—		54,475		54,475		—
Variable rate demand notes	400		—		—		400		—		400
Total short-term investments	351,359		252		(41)		351,570		68,809		282,761
Total	$	543,884	$	279	$	(43)	$	544,120	$	233,949	$	310,171

(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.

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of September 30, 2020:

	Amortized Cost	Fair Value
Within 1 year	514,535	514,748
After 1 year through 5 years	27,151	27,172
After 5 years through 10 years	2,198	2,200
Total	543,884	544,120

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:

	September 30, 2020
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents
Certificate of deposits	3,303		—		—		3,303		3,303		—
Commercial paper	8,000		—		—		8,000		—		8,000
Corporate bonds	13,856		27		(2)		13,881		—		13,881
Money market funds	161,837		—		—		161,837		161,837		—
Mortgage backed securities	972		—		—		972		—		972
Municipal bonds	4,557		—		—		4,557		—		4,557
Total cash equivalents	192,525		27		(2)		192,550		165,140		27,410
Short-term investments
Asset-backed securities	32,283		32		(7)		32,308		—		32,308
Certificate of deposits	14,334		—		—		14,334		14,334		—
Commercial paper	38,593		—		—		38,593		—		38,593
Corporate bonds	152,668		180		(31)		152,817		—		152,817
Mortgage backed securities	1,041		—		—		1,041		—		1,041
Municipal bonds	12,106		8		(1)		12,113		—		12,113
U.S. government agency bonds	45,474		17		(2)		45,489		—		45,489
U.S. government bonds	54,460		15		—		54,475		54,475		—
Variable rate demand notes	400		—		—		400		—		400
Total short-term investments	351,359		252		(41)		351,570		68,809		282,761
Total	$	543,884	$	279	$	(43)	$	544,120	$	233,949	$	310,171

(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.

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of September 30, 2020:

	Amortized Cost	Fair Value
Within 1 year	514,535	514,748
After 1 year through 5 years	27,151	27,172
After 5 years through 10 years	2,198	2,200
Total	543,884	544,120

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.