FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

All marketable securities were classified as available-for-sale at September 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:


	September 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	$	378,705	$	—	$	—	$	378,705	$	378,705	$	—	$	—

Level 2:
Money market instruments	557,006		—		—		557,006		557,006		—		—
Corporate debt securities	435,954		4,558		(14)		440,498		—		280,000		160,498
U.S. government agency securities	361,336		2,182		(1)		363,517		79,964		199,559		83,994
Asset-backed securities	23,430		129		—		23,559		—		3,639		19,920
Commercial paper	6,800		—		—		6,800		—		6,800		—
Foreign and other	549		161		—		710		—		—		710
Subtotal	1,385,075		7,030		(15)		1,392,090		636,970		489,998		265,122
Total	$	1,763,780	$	7,030	$	(15)	$	1,770,795	$	1,015,675	$	489,998	$	265,122


	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 September 30, 2020, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, 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 September 30, 2020 and December 31, 2019, the fair value of the Company’s strategic investments was $8.0 million and $6.2 million, respectively. These investments were recorded in Other Assets in the Company’s Condensed Consolidated Balance Sheets.