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MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2020

Cash and Cash Equivalents [Abstract]

The following table sets forth the Company’s cash, cash equivalents, restricted cash, and marketable securities at March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Cash, cash equivalents, and restricted cash
Cash and money market	$	577,684	$	146,932
Cash equivalents	123,370		30,322
Restricted cash (1)	280		274
Total cash, cash equivalents, and restricted cash	701,334		177,528
Marketable securities
Available-for-sale debt securities	529,037		144,685
Equity securities	1,025		1,716
Total marketable securities	530,062		146,401
Total cash and cash equivalents, restricted cash and marketable securities	$	1,231,396	$	323,929

______________

(1)Restricted cash is included in other long-term assets on the condensed consolidated balance sheets. There was no restricted cash at March 31, 2019.

Schedule of restricted cash and cash equivalents

The following table sets forth the Company’s cash, cash equivalents, restricted cash, and marketable securities at March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Cash, cash equivalents, and restricted cash
Cash and money market	$	577,684	$	146,932
Cash equivalents	123,370		30,322
Restricted cash (1)	280		274
Total cash, cash equivalents, and restricted cash	701,334		177,528
Marketable securities
Available-for-sale debt securities	529,037		144,685
Equity securities	1,025		1,716
Total marketable securities	530,062		146,401
Total cash and cash equivalents, restricted cash and marketable securities	$	1,231,396	$	323,929

______________

(1)Restricted cash is included in other long-term assets on the condensed consolidated balance sheets. There was no restricted cash at March 31, 2019.

Schedule of available-for-sale securities

Available-for-sale debt securities at March 31, 2020 consisted of the following:


	March 31, 2020
(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (Loss)		Losses in Accumulated Other Comprehensive Income (Loss)		Estimated Fair Value
Cash equivalents
U.S. government agency securities	$	55,299	$	32	$	—	$	55,331
Corporate bonds	39,443		1		(48)		39,396
Commercial paper	19,955		3		(8)		19,950
Asset backed securities	8,695		—		(2)		8,693
Total cash equivalents	123,392		36		(58)		123,370
Marketable securities
Corporate bonds	260,218		71		(2,168)		258,121
U.S. government agency securities	202,628		622		—		203,250
Certificates of deposit	31,653		—		(134)		31,519
Asset backed securities	28,269		28		(102)		28,195
Commercial paper	7,964		—		(12)		7,952
Total marketable securities	530,732		721		(2,416)		529,037
Total available-for-sale securities	$	654,124	$	757	$	(2,474)	$	652,407

Available-for-sale debt securities at December 31, 2019 consisted of the following:


	December 31, 2019
(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (Loss)		Losses in Accumulated Other Comprehensive Income (Loss)		Estimated Fair Value
Cash equivalents
U.S. government agency securities	$	30,320	$	2	$	—	$	30,322
Total cash equivalents	30,320		2		—		30,322
Marketable securities
U.S. government agency securities	140,745		10		(73)		140,682
Corporate bonds	4,017		—		(14)		4,003
Total marketable securities	144,762		10		(87)		144,685
Total available-for-sale securities	$	175,082	$	12	$	(87)	$	175,007

Schedule of contractual maturities of available-for-sale investments

The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at March 31, 2020:


	Due one year or less						Due after one year through four years
(In thousands)	Cost		Fair Value		Cost		Fair Value
Cash equivalents
U.S. government agency securities	$	55,299	$	55,331	$	—	$	—
Corporate bonds	39,443		39,396		—		—
Commercial paper	19,955		19,950		—		—
Asset backed securities	8,695		8,693		—		—
Total cash equivalents	123,392		123,370		—		—
Marketable securities
U.S. government agency securities	175,419		175,992		27,209		27,258
Corporate bonds	129,321		128,624		130,897		129,497
Certificates of deposit	20,000		19,973		11,653		11,546
Commercial paper	7,964		7,952		—		—
Asset backed securities	6,940		6,947		21,329		21,248
Total marketable securities	339,644		339,488		191,088		189,549
Total	$	463,036	$	462,858	$	191,088	$	189,549

Schedule of gross unrealized losses and fair values of investments in an unrealized loss position

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of March 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:


	Less than one year						One year or greater						Total
(In thousands)	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Cash equivalents
Corporate bonds	$	36,944	$	(48)	$	—	$	—	$	36,944	$	(48)
Commercial paper	9,971		(8)		—		—		9,971		(8)
Asset backed securities	8,693		(2)		—		—		8,693		(2)
Total cash equivalents	55,608		(58)		—		—		55,608		(58)
Marketable securities
Corporate bonds	245,886		(2,168)		—		—		245,886		(2,168)
Certificates of deposit	31,519		(134)		—		—		31,519		(134)
Asset backed securities	12,208		(102)		—		—		12,208		(102)
Commercial paper	7,952		(12)		—		—		7,952		(12)
Total marketable securities	297,565		(2,416)		—		—		297,565		(2,416)
Total available-for-sale securities	$	353,173	$	(2,474)	$	—	$	—	$	353,173	$	(2,474)