Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

The following tables present details of the Company’s investments as of March 31, 2020 and December 31, 2019:



	March 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term:
Investment securities	$	265,719	$	992	$	(214	)	$	266,497
Total	$	265,719	$	992	$	(214	)	$	266,497



	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term:
Investment securities	$	404,294	$	20	$	(62	)	$	404,252
Long-term:
Investment securities	155,616		92		(18		)	155,690
Total	$	559,910	$	112	$	(80	)	$	559,942

Schedule of the Fair Value of the Company's Financial Assets Measured at Fair Value on a Recurring Basis Based on the Three-Tier Value Hierarchy

The following tables set forth the fair value of the Company’s financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 based on the three-tier value hierarchy:



	March 31, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash and cash equivalents:
Cash	$	85,816	$	—	$	—	$	85,816
Cash equivalents	$	538,665	$	—	$	—	$	538,665
Total cash and cash equivalents	$	624,481	$	—	$	—	$	624,481
Short-term investments:
Investment securities	—		266,497		—		266,497
Other non-current assets:
Certificate of deposit	5,200		—		—		5,200
Total	$	629,681	$	266,497	$	—	$	896,178



	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash and cash equivalents:
Cash	$	308,521	$	—	$	—	$	308,521
Cash equivalents	$	274,232	$	—	$	—	$	274,232
Total cash and cash equivalents	$	582,753	$	—	$	—	$	582,753
Short-term investments:
Investment securities	—		404,252		—		404,252
Other non-current assets:
Certificate of deposit	5,076		—		—		5,076
Long-term investments:
Investment securities	—		155,690		—		155,690
Total	$	587,829	$	559,942	$	—	$	1,147,771