Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Fair Value by Significant Investment Category

The following table summarizes the Company’s cash and available-for-sale securities’ amortized cost, unrealized gains (losses), and fair value by significant investment category reported as cash and cash equivalents, restricted cash, or available-for-sale securities as of September 30, 2020 and December 31, 2019.


(in thousands)									Reported as:
September 30, 2020	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash & Cash Equivalents		Available-for-sale securities		Restricted Cash
Cash	$	15,100	$	—	$	—	$	15,100	$	12,913	$	—	$	2,187
Level I:
Money market funds	105,706		—		—		105,706		99,046		—		6,660
Level II:
Corporate bonds	153,123		192		(18)		153,297		—		153,297		—
U.S. treasury securities	623,532		474		(2)		624,004		—		624,004		—
U.S. government agency securities	25,667		7		(7)		25,667		—		25,667		—
Commercial paper	136,370		—		—		136,370		—		136,370		—
Subtotal	938,692		673		(27)		939,338		—		939,338		—
Total assets measured at fair value on a recurring basis	$	1,059,498	$	673	$	(27)	$	1,060,144	$	111,959	$	939,338	$	8,847


(in thousands)									Reported as:
December 31, 2019	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash & Cash Equivalents		Available-for-sale securities		Long-term Restricted Cash
Cash	$	24,631	$	—	$	—	$	24,631	$	24,631	$	—	$	—
Level I:
Money market funds	32,856		—		—		32,856		26,196		—		6,660
Level II:
Corporate bonds	84,054		22		(30)		84,046		—		84,046		—
U.S. treasury securities	311,083		151		(23)		311,211		—		311,211		—
U.S. government agency securities	95,380		17		—		95,397		22,549		72,848		—
Commercial paper	95,467		—		—		95,467		65,600		29,867		—
Subtotal	585,984		190		(53)		586,121		88,149		497,972		—
Total assets measured at fair value on a recurring basis	$	643,471	$	190	$	(53)	$	643,608	$	138,976	$	497,972	$	6,660