XML 21 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Investments
6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
The fair value and amortized cost of available-for-sale securities by major security type as of June 30, 2021 and December 31, 2020 were as follows:
June 30, 2021
Amortized CostUnrealized GainsUnrealized LossesFair Value
(in thousands)
Money market funds$173,988 $— $— $173,988 
Certificates of deposit— — — — 
Corporate bonds87,241 11 (12)87,240 
U.S. agency securities— — — — 
U.S. treasury securities150,158 (2)150,165 
Total cash equivalents and investments$411,387 $20 $(14)$411,393 

December 31, 2020
Amortized CostUnrealized GainsUnrealized LossesFair Value
(in thousands)
Money market funds$114,184 $— $— $114,184 
Certificates of deposit1,225 — 1,229 
Corporate bonds40,743 (16)40,736 
U.S. agency securities9,999 — 10,001 
U.S. treasury securities284,739 (21)284,721 
Total cash equivalents and investments$450,890 $18 $(37)$450,871 
These available-for-sale securities were classified on the Company’s balance sheets as of June 30, 2021 and December 31, 2020 as:
Fair Value
June 30, 2021December 31, 2020
(in thousands)
Cash equivalents$177,797 $236,818 
Short-term investments231,219 165,052 
Long-term investments2,377 49,001 
Total cash equivalents and investments$411,393 $450,871 
The fair values of available-for-sale securities by contractual maturity as of June 30, 2021 and December 31, 2020 were as follows:
June 30, 2021December 31, 2020
(in thousands)
Due in 1 year or less$235,028 $287,686 
Due in 1 to 2 years2,377 49,001 
Instruments not due at a single maturity date173,988 114,184 
Total cash equivalents and investments$411,393 $450,871 

As of June 30, 2021 and December 31, 2020, the remaining contractual maturities of available-for-sale securities were less than two years, respectively. There have been no significant realized losses on available-for-sale securities for any of the periods presented in the accompanying financial statements. Based on the Company’s review of its available-for-sale securities, the Company believes that it had no other-than-temporary impairments on these securities as of June 30, 2021 and December 31, 2020 because the Company does not intend to sell these securities nor does it believe that it will be required to sell these securities before the recovery of their amortized cost basis. Gross realized gains and gross realized losses were immaterial for any of the periods presented in the accompanying financial statements.
As of June 30, 2021 and December 31, 2020, unrealized losses on available-for-sale investments are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s marketable securities are due to market factors.