Cash Equivalents and Investments |
Cash Equivalents and Investments The fair value of cash equivalents and available-for-sale investments at March 31, 2021 and December 31, 2020, were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2021 | | Amortized Cost | | Gross Unrealized | | Estimated Fair Value | | | Gains | | Losses | | Money market funds | $ | 111,827 | | | $ | — | | | $ | — | | | $ | 111,827 | | U.S. government securities | 70,436 | | | 22 | | | — | | | 70,458 | | Corporate notes | 24,498 | | | — | | | (10) | | | 24,488 | | Commercial paper | 29,965 | | | — | | | — | | | 29,965 | | Total cash equivalents and available-for-sale investments | $ | 236,726 | | | $ | 22 | | | $ | (10) | | | $ | 236,738 | | Classified as: | | | | | | | | Cash equivalents | | | | | | | $ | 111,827 | | Short-term investments | | | | | | | 124,911 | | Total cash equivalents and available-for-sale investments | | | | | | | $ | 236,738 | | | December 31, 2020 | | Amortized Cost | | Gross Unrealized | | Estimated Fair Value | | | Gains | | Losses | | Money market funds | $ | 59,823 | | | $ | — | | | $ | — | | | $ | 59,823 | | U.S. government securities | 190,663 | | | 16 | | | (2) | | | 190,677 | | Corporate notes | 26,426 | | | 2 | | | (5) | | | 26,423 | | Commercial paper | 29,489 | | | — | | | — | | | 29,489 | | Total cash equivalents and available-for-sale investments | $ | 306,401 | | | $ | 18 | | | $ | (7) | | | $ | 306,412 | | Classified as: | | | | | | | | Cash equivalents | | | | | | | $ | 59,823 | | Short-term investments | | | | | | | 246,589 | | Total cash equivalents and available-for-sale investments | | | | | | | $ | 306,412 | |
The following table summarizes the fair value of the Company’s cash equivalents, short-term and long-term marketable securities classified by maturity (in thousands): | | | | | | | | | | | | | March 31, 2021 | | December 31, 2020 | Due within one year | $ | 236,738 | | | $ | 306,412 | | Due after one year through three years | — | | | — | | Total cash equivalents and available-for-sale investments | $ | 236,738 | | | $ | 306,412 | |
There were no available-for-sale securities that were in an unrealized loss position for more than twelve months as of March 31, 2021. Unrealized losses as of March 31, 2021, and December 31, 2020, were not material. Available-for-sale securities held as of March 31, 2021 had a weighted average maturity of 86 days. At March 31, 2021, six investments were in an unrealized loss position and no investments have been in an unrealized loss position for more than one year.
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