Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Financial Assets Subject to Fair Value Measurements on Recurring Basis and Level of Inputs Used in Such Measurements by Major Security Type

Financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of December 31, 2020 are presented in the following table:

	December 31, 2020
	Level 1		Level 2		Level 3		Fair Value
	(in thousands)
Financial Assets:
Money market funds ¹	$	102,039	$	—	$	—	$	102,039
Commercial paper	—		58,975		—		58,975
Corporate bonds	—		262,757		—		262,757
U.S. treasury securities	446,996		—		—		446,996
U.S. agency securities	—		80,039		—		80,039
Total financial assets	$	549,035	$	401,771	$	—	$	950,806

¹ Included within cash and cash equivalents on the Company’s consolidated balance sheet

Financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of December 31, 2019 are presented in the following table:

	December 31, 2019
	Level 1		Level 2		Level 3		Fair Value
	(in thousands)
Financial Assets:
Money market funds ¹	$	122,900	$	—	$	—	$	122,900
Corporate bonds	—		205,011		—		205,011
U.S. treasury securities	181,894		—		—		181,894
U.S. agency securities	—		25,824		—		25,824
Certificates of deposit	—		1,000		—		1,000
Total financial assets	$	304,794	$	231,835	$	—	$	536,629

¹ Included within cash and cash equivalents on the Company’s consolidated balance sheet