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CASH EQUIVALENTS AND INVESTMENTS (Tables)
6 Months Ended
Jun. 30, 2021
CASH EQUIVALENTS AND INVESTMENTS  
Schedule of cash, money market funds and short-term investments

Cash equivalents consist of the following (in thousands):

June 30, 

December 31, 

2021

    

2020

Cash equivalents

$

63,096

$

49,720

Cash equivalents total

$

63,096

$

49,720

Schedule of available-for-sale debt securities

The following table summarizes the Company’s investments that are classified as available-for-sale debt securities (in thousands):

June 30, 

December 31, 

2021

    

2020

Short-term investments

$

573,605

$

562,108

Long-term investments

46,288

Investments total

$

619,893

$

562,108

Schedule of cost and fair value of cash equivalents and short-term investments

The following table summarizes the classification of the Company’s available-for-sale debt securities in its Condensed Consolidated Balance Sheets (in thousands):

June 30, 

December 31, 

Investments

2021

    

2020

U.S. treasury securities

$

313,661

$

470,109

U.S. government agency securities

 

11,145

 

91,999

Corporate securities

27,193

Commercial paper

 

267,894

 

Investments total

$

619,893

$

562,108

The cost and fair value of investments as of June 30, 2021 and December 31, 2020 were as follows (in thousands):

Gross

Gross

Amortized

Unrealized

Unrealized

As of June 30, 2021

    

Cost

    

Gains

    

Losses

    

Fair Value

U.S. treasury securities

$

313,655

$

28

$

(22)

$

313,661

U.S. government agency securities

 

11,144

 

1

 

 

11,145

Corporate securities

27,203

(10)

27,193

Commercial papers

267,858

44

(8)

267,894

Total

$

619,860

$

73

$

(40)

$

619,893

Gross

Gross

Amortized

Unrealized

Unrealized

As of December 31, 2020

    

Cost

    

Gains

    

Losses

    

Fair Value

U.S. treasury securities

$

470,108

$

30

$

(29)

$

470,109

U.S. government agency securities

 

91,981

 

20

 

(2)

 

91,999

Total

$

562,089

$

50

$

(31)

$

562,108

Schedule of available-for-sale debt securities by contractual maturity

The following table summarizes the Company’s available-for-sale debt securities by contractual maturity (in thousands):

June 30, 2021

Amortized Cost

    

Fair Value

Within one year

$

573,549

$

573,605

One year to two years

46,311

46,288

Investments total

$

619,860

$

619,893