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Cash, Cash Equivalents and Investment Debt Securities (Tables)
3 Months Ended
Mar. 31, 2020
Cash, Cash Equivalents, and Investment Debt Securities [Abstract]  
Cash, Cash Equivalents and Investment Debt Securities

The following table summarizes the Company’s cash, cash equivalents and investment debt securities as of March 31, 2020 and December 31, 2019:

As of March 31, 2020

Allowance

Gross

Gross

for Credit

Unrealized

Unrealized

    

Amortized Cost

Losses

    

Gains

    

Losses

    

Fair Value

(in thousands)

Cash and cash equivalents:

 

  

 

  

 

  

 

  

Cash and money market funds

$

41,408

$

$

$

$

41,408

Total cash and cash equivalents

41,408

41,408

Investment debt securities:

 

  

 

  

 

  

 

  

 

  

Commercial paper

 

18,478

 

 

10

 

 

18,488

Corporate debt securities

 

486,490

 

 

189

 

(1,581)

 

485,098

U.S. treasuries

4,018

24

4,042

Total investment debt securities

 

508,986

 

 

223

 

(1,581)

 

507,628

Total cash, cash equivalents and investment debt securities

$

550,394

$

$

223

$

(1,581)

$

549,036

As of December 31, 2019

Gross

Gross

Unrealized

Unrealized

    

Amortized Cost

Gains

    

Losses

    

Fair Value

(in thousands)

Cash and cash equivalents:

 

  

 

  

 

  

Cash and money market funds

$

62,557

$

$

$

62,557

Commercial paper

7,498

7,498

Total cash and cash equivalents

70,055

70,055

Investment debt securities:

 

  

 

  

 

  

 

  

Commercial paper

 

42,806

 

43

 

(1)

 

42,848

Corporate debt securities

 

538,965

 

835

 

(81)

 

539,719

Total investment debt securities

 

581,771

 

878

 

(82)

 

582,567

Total cash, cash equivalents and investment debt securities

$

651,826

$

878

$

(82)

$

652,622

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

The aggregate fair value of the Company’s available-for-sale investment debt securities that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer is as follows:

As of March 31, 2020

Less than 12 months

12 months or longer

Total

(in thousands)

Gross

Gross

Gross

Unrealized

Unrealized

Unrealized

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

Corporate debt securities

$

326,320

$

(1,581)

$

$

$

326,320

$

(1,581)

Total

$

326,320

$

(1,581)

$

$

$

326,320

$

(1,581)

As of December 31, 2019

Less than 12 months

12 months or longer

Total

(in thousands)

    

Gross

    

    

Gross

    

    

Gross

Unrealized

Unrealized

Unrealized

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

Commercial paper

$

11,976

$

(1)

$

$

$

11,976

$

(1)

Corporate debt securities

 

121,684

 

(81)

 

 

 

121,684

 

(81)

Total

$

133,660

$

(82)

$

$

$

133,660

$

(82)