FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

All marketable securities were classified as available-for-sale at June 30, 2020 and December 31, 2019.

The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented:


	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities ⁽¹⁾		Long-term Marketable Securities ⁽²⁾
Level 1:
Cash	$	289,755	$	—	$	—	$	289,755	$	289,755	$	—	$	—

Level 2:
Money market instruments	348,757		—		—		348,757		348,757		—		—
Corporate debt securities	542,518		6,110		(54)		548,574		48,728		311,690		188,156
Commercial paper	192,267		4		(1)		192,270		120,662		71,608		—
U.S. government agency securities	295,600		2,824		—		298,424		10,998		175,862		111,564
Asset-backed securities	24,769		180		(3)		24,946		—		2,312		22,634
Foreign and other	549		156		(1)		704		—		—		704
Subtotal	1,404,460		9,274		(59)		1,413,675		529,145		561,472		323,058
Total	$	1,694,215	$	9,274	$	(59)	$	1,703,430	$	818,900	$	561,472	$	323,058


	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities ⁽¹⁾		Long-term Marketable Securities⁽²⁾
Level 1:
Cash	$	259,347	$	—	$	—	$	259,347	$	259,347	$	—	$	—

Level 2:
Money market instruments	173,100		—		—		173,100		173,100		—		—
Corporate debt securities	518,523		3,575		(12)		522,086		—		233,294		288,792

U.S. government agency securities	209,633		993		(67)		210,559		4,999		83,067		122,493
Foreign and other	549		145		(1)		693		—		—		693
Subtotal	901,805		4,713		(80)		906,438		178,099		316,361		411,978
Total	$	1,161,152	$	4,713	$	(80)	$	1,165,785	$	437,446	$	316,361	$	411,978

(1) The Company’s short-term marketable securities mature in one year or less.

(2) The Company’s long-term marketable securities mature between one and five years.

As of June 30, 2020, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity or recovery. The Company considered the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.

The Company has three investments in non-marketable equity securities, measured using unobservable valuation inputs remeasured on a nonrecurring basis, which are collectively considered strategic investments. As of June 30, 2020 and December 31, 2019, the fair value of the Company’s strategic investments was $6.2 million. These investments were recorded in Other Assets in the Company’s Condensed Consolidated Balance Sheets.