Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.10.0.1
Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2018
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 June 30, 2018:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

58,908

 

 

$

 

 

$

 

 

$

58,908

 

U.S. Treasury obligations

 

Level 2

 

 

170,458

 

 

 

5

 

 

 

(146

)

 

 

170,317

 

Government agency obligations

 

Level 2

 

 

16,868

 

 

 

 

 

 

(33

)

 

 

16,835

 

Corporate debt obligations

 

Level 2

 

 

133,960

 

 

 

9

 

 

 

(308

)

 

 

133,661

 

Commercial paper

 

Level 2

 

 

17,463

 

 

 

 

 

 

 

 

 

17,463

 

Asset-backed securities

 

Level 2

 

 

13,661

 

 

 

1

 

 

 

(33

)

 

 

13,629

 

Certificate of deposit

 

Level 2

 

 

1,500

 

 

 

 

 

 

 

 

 

1,500

 

Total available-for-sale securities

 

 

 

 

412,818

 

 

 

15

 

 

 

(520

)

 

 

412,313

 

Less amounts classified as cash equivalents

 

 

 

 

(98,499

)

 

 

(2

)

 

 

 

 

 

(98,501

)

Amounts classified as short-term investments

 

 

 

$

314,319

 

 

$

13

 

 

$

(520

)

 

$

313,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Total

 

 

Total

 

 

Total

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

As of December 31, 2017:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

68,730

 

 

$

 

 

$

 

 

$

68,730

 

U.S. Treasury obligations

 

Level 2

 

 

39,068

 

 

 

 

 

 

(28

)

 

 

39,040

 

Government agency obligations

 

Level 2

 

 

4,749

 

 

 

 

 

 

(21

)

 

 

4,728

 

Corporate debt obligations

 

Level 2

 

 

46,532

 

 

 

2

 

 

 

(98

)

 

 

46,436

 

Commercial paper

 

Level 2

 

 

1,592

 

 

 

 

 

 

 

 

 

1,592

 

Asset-backed securities

 

Level 2

 

 

4,122

 

 

 

 

 

 

(6

)

 

 

4,116

 

Total available-for-sale securities

 

 

 

 

164,793

 

 

 

2

 

 

 

(153

)

 

 

164,642

 

Less amounts classified as cash equivalents

 

 

 

 

(77,769

)

 

 

 

 

 

 

 

 

(77,769

)

Amounts classified as short-term investments

 

 

 

$

87,024

 

 

$

2

 

 

$

(153

)

 

$

86,873

 

 

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 June 30, 2018

 

 

As of December 31, 2017

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

 

(in thousands)

 

 

(in thousands)

 

Maturing within one year

$

339,803

 

 

$

339,500

 

 

$

151,938

 

 

$

151,852

 

Maturing in one to five years

 

73,015

 

 

 

72,813

 

 

 

12,855

 

 

 

12,790

 

Total available-for-sale securities

$

412,818

 

 

$

412,313

 

 

$

164,793

 

 

$

164,642

 

 

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:

 

 

 

June 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

(in thousands)

 

Cash and cash equivalents

 

 

103,203

 

 

 

79,223

 

Restricted cash - short term

 

 

194

 

 

 

194

 

Restricted cash - long term

 

 

1,200

 

 

 

1,200

 

Total cash, cash equivalents and restricted cash

 

$

104,597

 

 

$

80,617