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Fair Value Measurements
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3.

Fair Value Measurements

The Company’s cash equivalents are classified within Level 1 of the fair value hierarchy.  The Company’s investments in marketable securities are classified within Level 2 of the fair value hierarchy.

The fair values of the Company’s marketable securities are based on prices obtained from independent pricing sources.  Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are reflected within Level 2, as they are primarily based on observable pricing for similar assets or other market observable inputs.  Typical inputs used by these pricing services include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers or estimates of cash flow, prepayment spreads and default rates.

 

The following tables summarize the Company’s money market funds and marketable securities as of September 30, 2018 and December 31, 2017.

 

 

 

September 30, 2018

 

 

 

Total

 

 

Quoted

Prices in

Active

Markets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

253,123

 

 

$

253,123

 

 

$

 

 

$

 

Total cash equivalents

 

 

253,123

 

 

 

253,123

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

283,570

 

 

 

 

 

 

283,570

 

 

 

 

U.S. corporate bonds

 

 

152,747

 

 

 

 

 

 

152,747

 

 

 

 

International corporate bonds

 

 

89,551

 

 

 

 

 

 

89,551

 

 

 

 

U.S. commercial paper

 

 

103,531

 

 

 

 

 

 

103,531

 

 

 

 

International commercial paper

 

 

138,879

 

 

 

 

 

 

138,879

 

 

 

 

Total marketable securities

 

 

768,278

 

 

 

 

 

 

768,278

 

 

 

 

Total cash equivalents and marketable securities

 

$

1,021,401

 

 

$

253,123

 

 

$

768,278

 

 

$

 

 

 

 

December 31, 2017

 

 

 

Total

 

 

Quoted

Prices in

Active

Markets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

306,235

 

 

$

306,235

 

 

$

 

 

$

 

Total cash equivalents

 

 

306,235

 

 

 

306,235

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

49,606

 

 

 

 

 

 

49,606

 

 

 

 

U.S. corporate bonds

 

 

48,959

 

 

 

 

 

 

48,959

 

 

 

 

U.S. commercial paper

 

 

65,583

 

 

 

 

 

 

65,583

 

 

 

 

International commercial paper

 

 

48,465

 

 

 

 

 

 

48,465

 

 

 

 

Total marketable securities

 

 

212,613

 

 

 

 

 

 

212,613

 

 

 

 

Total cash equivalents and marketable securities

 

$

518,848

 

 

$

306,235

 

 

$

212,613

 

 

$

 

 

During the nine months ended September 30, 2018 and 2017, there were no transfers among the Level 1, Level 2 and Level 3 categories.

The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities as of September 30, 2018 and December 31, 2017:

 

 

 

September 30, 2018

 

 

 

Amortized Cost

 

 

Gross Unrealized

Gains

 

 

Gross Unrealized

Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

283,701

 

 

$

 

 

$

(131

)

 

$

283,570

 

U.S. corporate bonds

 

 

152,848

 

 

 

5

 

 

 

(106

)

 

 

152,747

 

International corporate bonds

 

 

89,610

 

 

 

1

 

 

 

(60

)

 

 

89,551

 

U.S. commercial paper

 

 

103,516

 

 

 

34

 

 

 

(19

)

 

 

103,531

 

International commercial paper

 

 

138,860

 

 

 

30

 

 

 

(11

)

 

 

138,879

 

 

 

$

768,535

 

 

$

70

 

 

$

(327

)

 

$

768,278

 

 

 

 

December 31, 2017

 

 

 

Amortized Cost

 

 

Gross Unrealized

Gains

 

 

Gross Unrealized

Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

49,612

 

 

$

 

 

$

(6

)

 

$

49,606

 

U.S. corporate bonds

 

 

48,982

 

 

 

2

 

 

 

(25

)

 

 

48,959

 

U.S. commercial paper

 

 

65,583

 

 

 

 

 

 

 

 

 

65,583

 

International commercial paper

 

 

48,465

 

 

 

 

 

 

 

 

 

48,465

 

 

 

$

212,642

 

 

$

2

 

 

$

(31

)

 

$

212,613

 

 

As of September 30, 2018, all marketable securities held by the Company had remaining contractual maturities of one year or less.

 

There have been no impairments of the Company’s assets measured and carried at fair value during the nine months ended September 30, 2018 and the year ended December 31, 2017.