Fair Value Measurement |
Fair Value Measurement Available-for-sale marketable securities consisted of the following (in thousands): | | | | | | | | | | | | | | | | September 30, 2020 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Asset-backed securities | | 30,653 |
| | 88 |
| | — |
| | 30,741 |
| Corporate debt securities | | 108,606 |
| | 237 |
| | (4 | ) | | 108,839 |
| U.S. Treasury securities | | 90,231 |
| | 138 |
| | (1 | ) | | 90,368 |
| Commercial paper | | 51,017 |
| | — |
| | — |
| | 51,017 |
| | | 280,507 |
| | 463 |
| | (5 | ) | | 280,965 |
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| | | | | | | | | | | | | | | | | | | | December 31, 2019 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Asset-backed securities | | $ | 30,484 |
| | $ | 55 |
| | $ | — |
| | $ | 30,539 |
| Corporate debt securities | | 161,308 |
| | 178 |
| | (14 | ) | | 161,472 |
| U.S. Treasury securities | | 75,192 |
| | 40 |
| | (5 | ) | | 75,227 |
| Commercial paper | | 33,845 |
| | — |
| | — |
| | 33,845 |
| | | $ | 300,829 |
| | $ | 273 |
| | $ | (19 | ) | | $ | 301,083 |
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As of September 30, 2020, 3 available-for-sale marketable securities with a fair market value of $27.4 million were in a gross unrealized loss position of $5 thousand. Based on our review of these marketable securities, we believe none of the unrealized loss is as a result of a credit loss as of September 30, 2020, because we do not intend to sell these securities and it is not more-likely-than-not that we will be required to sell these securities before the recovery of their amortized cost basis. Contractual maturities of available-for-sale debt securities are as follows (in thousands): | | | | | | | | | | | | September 30, 2020 | | December 31, 2019 | | | Estimated Fair Value | Due within one year | | $ | 277,880 |
| | $ | 274,805 |
| After one but within five years | | 3,085 |
| | 26,278 |
| | | $ | 280,965 |
| | $ | 301,083 |
|
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2020 | | December 31, 2019 | | | Level 1 | | Level 2 | | Total estimated fair value | | Level 1 | | Level 2 | | Total estimated fair value | Cash equivalents: | | | | | | | | | | | | | Money market funds | | $ | 65,544 |
| | $ | — |
| | $ | 65,544 |
| | $ | 119,949 |
| | $ | — |
| | $ | 119,949 |
| | | | | | | | | | | | |
| Available-for-sale marketable securities: | | | | | | | | | | | |
| Asset-backed securities | | — |
| | 30,741 |
| | 30,741 |
| | — |
| | 30,539 |
| | 30,539 |
| Corporate debt securities | | — |
| | 108,839 |
| | 108,839 |
| | — |
| | 161,472 |
| | 161,472 |
| U.S. Treasury securities | | 90,368 |
| | — |
| | 90,368 |
| | 75,227 |
| | — |
| | 75,227 |
| Commercial paper | | — |
| | 51,017 |
| | 51,017 |
| | — |
| | 33,845 |
| | 33,845 |
| | | $ | 155,912 |
| | $ | 190,597 |
| | $ | 346,509 |
| | $ | 195,176 |
| | $ | 225,856 |
| | $ | 421,032 |
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We had no instruments that were classified within Level 3 as of September 30, 2020 and December 31, 2019.
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