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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of financial assets measured at fair value on a recurring basis
The following tables provide the financial assets measured at fair value on a recurring basis:
 
 
Amortized
Cost or
Carrying
Value
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
Less Than
12 Months
 
Gross
Unrealized
Losses More
Than
12 Months
 
Fair Value Hierarchy as of
December 31, 2019
 
Aggregate
Fair Value
 
 
Level 1
 
Level 2
 
Level 3
Financial Assets:
 
(In thousands)
Cash and cash equivalents:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market funds
 
$
153,252

 
$

 
$

 
$

 
$
153,252

 
$

 
$

 
$
153,252

Reverse repurchase agreements
 
35,800

 

 

 

 

 
35,800

 

 
35,800

Total included in cash and cash equivalents
 
189,052

 

 

 

 
153,252

 
35,800

 

 
189,052

Marketable securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
215,847

 
241

 
(3
)
 

 
216,085

 

 

 
216,085

Corporate debt securities and commercial paper
 
1,378,487

 
4,516

 
(55
)
 

 
5,000

 
1,377,948

 

 
1,382,948

Total marketable securities
 
1,594,334

 
4,757

 
(58
)
 

 
221,085

 
1,377,948

 

 
1,599,033

Strategic investments
 
5,500

 

 

 

 

 

 
5,500

 
5,500

Total financial assets
 
$
1,788,886

 
$
4,757

 
$
(58
)
 
$

 
$
374,337

 
$
1,413,748

 
$
5,500

 
$
1,793,585

 
 
Amortized
Cost or
Carrying
Value
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
Less Than
12 Months
 
Gross
Unrealized
Losses More
Than
12 Months
 
Fair Value Hierarchy as of
December 31, 2018
 
Aggregate
Fair Value
 
 
Level 1
 
Level 2
 
Level  3
Financial Assets:
 
(In thousands)
Cash and cash equivalents:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market funds
 
$
420,234

 
$

 
$

 
$

 
$
420,234

 
$

 
$

 
$
420,234

Reverse repurchase agreements
 
35,000

 

 

 

 

 
35,000

 

 
35,000

Commercial paper
 
9,983

 

 

 

 

 
9,983

 

 
9,983

Total included in cash and cash equivalents
 
465,217

 

 



 
420,234

 
44,983

 

 
465,217

Marketable securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
59,785

 

 
(7
)
 
(9
)
 
59,769

 

 

 
59,769

Corporate debt securities and commercial paper
 
201,683

 
23

 
(123
)
 
(224
)
 

 
201,359

 

 
201,359

Total marketable securities
 
261,468

 
23

 
(130
)
 
(233
)
 
59,769

 
201,359

 

 
261,128

Total financial assets
 
$
726,685

 
$
23

 
$
(130
)
 
$
(233
)
 
$
480,003

 
$
246,342

 
$

 
$
726,345

Schedule of contractual maturities of marketable securities
The following table summarizes the contractual maturities of marketable securities:
 
 
As of December 31, 2019
 
As of December 31, 2018
 
 
Amortized
Cost
 
Aggregate
Fair Value
 
Amortized
Cost
 
Aggregate
Fair Value
Financial Assets:
 
(In thousands)
Less than one year
 
$
859,996

 
$
861,181

 
$
261,468

 
$
261,128

One to three years
 
734,338

 
737,852

 

 

Total
 
$
1,594,334

 
$
1,599,033

 
$
261,468

 
$
261,128