Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2020

Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and 2019 (in thousands):


	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
December 31, 2020
Assets:
Cash and cash equivalents	$	317,705	$	317,705	$	—	$	—
Marketable securities:
U.S. government agency securities and treasuries	675,271		—		675,271		—
Corporate bonds	197,563		—		197,563		—
Commercial paper	77,950		—		77,950		—
Equity securities	5,653		5,653		—		—
Total assets	$	1,274,142	$	323,358	$	950,784	$	—
Liabilities:
Contingent consideration	$	1,509	$	—	$	—	$	1,509
Total liabilities	$	1,509	$	—	$	—	$	1,509
December 31, 2019
Assets:
Cash and cash equivalents	$	327,214	$	311,245	$	15,969	$	—
Marketable securities:
U.S. government agency securities and treasuries	635,936		—		635,936		—
Certificates of deposit	960		—		960		—
Corporate bonds	186,608		—		186,608		—
Commercial paper	74,378		—		74,378
Equity securities	12,870		12,870		—		—
Total assets	$	1,237,966	$	324,115	$	913,851	$	—
Liabilities:
Contingent consideration	$	7,977	$	—	$	—	$	7,977
Total liabilities	$	7,977	$	—	$	—	$	7,977

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

The following table summarizes available-for-sale debt securities in a continuous unrealized loss position for less than and greater than twelve months, and for which an allowance for credit losses has not been recorded at December 31, 2020 and 2019 (in thousands):


	Less than 12 months				12 months or greater				Total
Description	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
December 31, 2020
U.S. government agency securities and treasuries	$	211,384	$	(74)	$	—	$	—	$	211,384	$	(74)
Corporate bonds	76,598		(40)		1,205		—		77,803		(40)
Total	$	287,982	$	(114)	$	1,205	$	—	$	289,187	$	(114)
December 31, 2019
U.S. government agency securities and treasuries	$	13,234	$	(3)	$	79,618	$	(45)	$	92,852	$	(48)
Corporate bonds	53,983		(43)		—		—		53,983		(43)
Total	$	67,217	$	(46)	$	79,618	$	(45)	$	146,835	$	(91)