XML 37 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of the Company’s marketable securities accounted for as available-for-sale securities as of September 30, 2021 and December 31, 2020.
September 30, 2021
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Financial Assets:
Short-term marketable securities:
     U.S. Treasury securities$52,039 $1 $(97)$51,943 
     Yankee bonds3,062 — (4)3,058 
     Agency bonds17,594 — (4)17,590 
     Municipal bonds12,478 — (67)12,411 
     Commercial paper21,964 — — 21,964 
     Asset-backed securities26,630 — (26)26,604 
     Corporate bonds68,822 4 (252)68,574 
Total$202,589 $5 $(450)$202,144 
December 31, 2020
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Financial Assets:
Short-term marketable securities:
     U.S. Treasury securities$21,357 $1 $(18)$21,340 
     Commercial paper14,543 — — 14,543 
     Asset-backed securities14,546 — (8)14,538 
     Corporate bonds17,144 — (19)17,125 
Total$67,590 $1 $(45)$67,546 
Investments Classified by Contractual Maturity Date
The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at September 30, 2021 and December 31, 2020.
September 30, 2021
(in thousands)One Year or LessOver One Year Through Five YearsOver Five YearsTotal
Financial Assets:
Marketable Securities:
     U.S. Treasury securities$15,072 $36,871 $— $51,943 
     Yankee bonds— 3,058 — 3,058 
     Agency bonds14,091 3,499 — 17,590 
     Municipal bonds— 12,411 — 12,411 
     Commercial paper21,964 — — 21,964 
     Asset-backed securities16 26,588 — 26,604 
     Corporate bonds24,549 44,025 — 68,574 
Total$75,692 $126,452 $— $202,144 
December 31, 2020
(in thousands)One Year or LessOver One Year Through Five YearsOver Five YearsTotal
Financial Assets:
Marketable Securities:
     U.S. Treasury securities$6,075 $15,265 $— $21,340 
     Commercial paper14,543 — — 14,543 
     Asset-backed securities560 13,978 — 14,538 
     Corporate bonds5,863 11,262 — 17,125 
Total$27,041 $40,505 $— $67,546 
Fair Value, Assets Measured on Recurring Basis The following tables set forth the Company’s cash equivalents and marketable securities accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of September 30, 2021 and December 31, 2020.
September 30, 2021
(in thousands)Level 1Level 2Level 3Total
Financial Assets:
  Cash equivalents:
     Money market funds$256,772 $— $— $256,772 
     Commercial paper— 18,246 — 18,246 
Marketable securities:
     U.S. Treasury securities51,943 — — 51,943 
     Yankee bonds3,058 — — 3,058 
     Agency bonds17,590 — — 17,590 
     Municipal bonds12,411 — — 12,411 
     Commercial paper— 21,964 — 21,964 
     Asset-backed securities— 26,604 — 26,604 
     Corporate bonds— 68,574 — 68,574 
Total$341,774 $135,388 $— $477,162 
December 31, 2020
(in thousands)Level 1Level 2Level 3Total
Financial Assets:
  Cash equivalents:
     Money market funds$209,141 $— $— $209,141 
     U.S. Treasury securities1,000 — — 1,000 
     Commercial paper— 3,999 — 3,999 
Marketable securities:
     U.S. Treasury securities21,340 — — 21,340 
     Commercial paper— 14,543 — 14,543 
     Asset-backed securities— 14,538 — 14,538 
     Corporate bonds— — 17,125 — 17,125 
Total$231,481 $50,205 $— $281,686