Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.20.4
Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2020
Financial Instruments Disclosure [Abstract]  
Summary of Estimated Fair Value and Related Valuation Input Hierarchy of Available-for-Sale Securities

The following tables summarize the estimated fair value and related valuation input hierarchy of our available-for-sale securities as of each period end:

 

 

 

 

 

Total

 

 

Total

 

 

Total

 

 

Total

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

As of December 31, 2020:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

168,343

 

 

$

 

 

$

 

 

$

168,343

 

U.S. Treasury obligations

 

Level 2

 

 

230,239

 

 

 

113

 

 

 

(6

)

 

 

230,346

 

Government agency obligations

 

Level 2

 

 

22,537

 

 

 

22

 

 

 

(3

)

 

 

22,556

 

Corporate debt obligations

 

Level 2

 

 

50,080

 

 

 

166

 

 

 

(1

)

 

 

50,245

 

Commercial paper

 

Level 2

 

 

17,990

 

 

 

 

 

 

 

 

 

17,990

 

Asset-backed securities

 

Level 2

 

 

9,860

 

 

 

10

 

 

 

(5

)

 

 

9,865

 

Total available-for-sale securities

 

 

 

 

499,049

 

 

 

311

 

 

 

(15

)

 

 

499,345

 

Less: amounts classified as cash equivalents

 

 

 

 

(199,090

)

 

 

 

 

 

 

 

 

(199,090

)

Amounts classified as short-term investments

 

 

 

$

299,959

 

 

$

311

 

 

$

(15

)

 

$

300,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Total

 

 

Total

 

 

Total

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

As of December 31, 2019:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

63,554

 

 

$

 

 

$

 

 

$

63,554

 

U.S. Treasury obligations

 

Level 2

 

 

52,805

 

 

 

46

 

 

 

(1

)

 

 

52,850

 

Government agency obligations

 

Level 2

 

 

6,151

 

 

 

1

 

 

 

(1

)

 

 

6,151

 

Corporate debt obligations

 

Level 2

 

 

100,512

 

 

 

180

 

 

 

(10

)

 

 

100,682

 

Commercial paper

 

Level 2

 

 

26,290

 

 

 

 

 

 

 

 

 

26,290

 

Asset-backed securities

 

Level 2

 

 

7,266

 

 

 

6

 

 

 

 

 

 

7,272

 

Certificate of deposit

 

Level 2

 

 

500

 

 

 

 

 

 

 

 

 

500

 

Total available-for-sale securities

 

 

 

 

257,078

 

 

 

233

 

 

 

(12

)

 

 

257,299

 

Less: amounts classified as cash equivalents

 

 

 

 

(72,507

)

 

 

 

 

 

 

 

 

(72,507

)

Amounts classified as short-term investments

 

 

 

$

184,571

 

 

$

233

 

 

$

(12

)

 

$

184,792

 

 

Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity

The amortized cost and fair value of our available-for-sale securities by contractual maturity were as follows:

 

 

As of December 31, 2020

 

 

As of December 31, 2019

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

 

(in thousands)

 

 

(in thousands)

 

Maturing within one year

$

434,828

 

 

$

435,023

 

 

$

214,085

 

 

$

214,199

 

Maturing in one to five years

 

64,221

 

 

 

64,322

 

 

 

42,993

 

 

 

43,100

 

Total available-for-sale securities

$

499,049

 

 

$

499,345

 

 

$

257,078

 

 

$

257,299

 

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statement of cash flows:

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

200,404

 

 

$

74,317

 

Restricted cash - short-term

 

 

194

 

 

 

194

 

Restricted cash - long-term

 

 

1,200

 

 

 

1,200

 

Total cash, cash equivalents and restricted cash

 

$

201,798

 

 

$

75,711