Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.21.1
Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2021
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 March 31, 2021:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

138,100

 

 

$

 

 

$

 

 

$

138,100

 

U.S. Treasury obligations

 

Level 2

 

 

176,010

 

 

 

72

 

 

 

 

 

 

176,082

 

Government agency obligations

 

Level 2

 

 

25,218

 

 

 

15

 

 

 

(6

)

 

 

25,227

 

Corporate debt obligations

 

Level 2

 

 

61,259

 

 

 

100

 

 

 

(20

)

 

 

61,339

 

Commercial paper

 

Level 2

 

 

22,242

 

 

 

 

 

 

 

 

 

22,242

 

Asset-backed securities

 

Level 2

 

 

10,847

 

 

 

8

 

 

 

(8

)

 

 

10,847

 

Total available-for-sale securities

 

 

 

 

433,676

 

 

 

195

 

 

 

(34

)

 

 

433,837

 

Less: amounts classified as cash equivalents

 

 

 

 

(149,773

)

 

 

 

 

 

 

 

 

(149,773

)

Amounts classified as short-term investments

 

 

 

$

283,903

 

 

$

195

 

 

$

(34

)

 

$

284,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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 March 31, 2021

 

 

As of December 31, 2020

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

 

(in thousands)

 

 

(in thousands)

 

Maturing within one year

$

369,665

 

 

$

369,805

 

 

$

434,828

 

 

$

435,023

 

Maturing in one to five years

 

64,011

 

 

 

64,032

 

 

 

64,221

 

 

 

64,322

 

Total available-for-sale securities

$

433,676

 

 

$

433,837

 

 

$

499,049

 

 

$

499,345

 

Reconciliation of Cash, Cash Equivalents and Restricted Cash

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

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

151,097

 

 

$

200,404

 

Restricted cash - short term

 

 

194

 

 

 

194

 

Restricted cash - long term

 

 

1,200

 

 

 

1,200

 

Total cash, cash equivalents and restricted cash

 

$

152,491

 

 

$

201,798