Fair Value Measurement (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis |
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):
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Fair Value Measured as of June 30, 2021 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets included in: |
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|
|
|
|
|
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|
|
|
|
|
|
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Money market funds(1) |
|
$ |
302,816 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
302,816 |
|
|
Commercial paper(2) |
|
|
— |
|
|
|
250,413 |
|
|
|
— |
|
|
|
250,413 |
|
|
U.S. government securities(2) |
|
|
— |
|
|
|
789,406 |
|
|
|
— |
|
|
|
789,406 |
|
|
Corporate notes and bonds(2) |
|
|
— |
|
|
|
219,805 |
|
|
|
— |
|
|
|
219,805 |
|
|
Total fair value |
|
$ |
302,816 |
|
|
$ |
1,259,624 |
|
|
$ |
— |
|
|
$ |
1,562,440 |
|
|
Liabilities included in: |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
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Assumed common stock warrants (Public) |
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$ |
29,354 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,354 |
|
|
Assumed common stock warrants (Private Placement) |
|
|
— |
|
|
|
119,101 |
|
|
|
— |
|
|
|
119,101 |
|
|
Total fair value |
|
$ |
29,354 |
|
|
$ |
119,101 |
|
|
$ |
— |
|
|
$ |
148,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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Fair Value Measured as of December 31, 2020 |
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Level 1 |
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Level 2 |
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|
Level 3 |
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Total |
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Assets included in: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Money market funds(1) |
|
$ |
12,235 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12,235 |
|
|
U.S. government securities(2) |
|
|
— |
|
|
|
977,326 |
|
|
|
— |
|
|
|
977,326 |
|
|
Total fair value |
|
$ |
12,235 |
|
|
$ |
977,326 |
|
|
$ |
— |
|
|
$ |
989,561 |
|
|
Liabilities included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Assumed common stock warrants (Public) |
|
$ |
436,999 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
436,999 |
|
|
Assumed common stock warrants (Private Placement) |
|
|
— |
|
|
|
252,700 |
|
|
|
— |
|
|
|
252,700 |
|
|
Total fair value |
|
$ |
436,999 |
|
|
$ |
252,700 |
|
|
$ |
— |
|
|
$ |
689,699 |
|
|
|
|
|
|
|
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|
(1) |
Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheet. |
|
(2) |
As of June 30, 2021 and December 31, 2020, marketable securities with original maturities of three months or less of $94.5 million and $105.2 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheet. |
|
| Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis |
The fair value as of June 30, 2021 and December 31, 2020, are as follows (amounts in thousands):
|
|
|
June 30, 2021 |
|
|
|
|
|
|
|
|
Amortized
Cost |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
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|
Fair Value |
|
|
Level 1 securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
302,816 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
302,816 |
|
|
Level 2 securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
250,413 |
|
|
|
— |
|
|
|
— |
|
|
|
250,413 |
|
|
US government securities |
|
|
789,570 |
|
|
|
64 |
|
|
|
(228 |
) |
|
|
789,406 |
|
|
Corporate notes and bonds |
|
|
220,335 |
|
|
|
20 |
|
|
|
(550 |
) |
|
|
219,805 |
|
|
Total |
|
$ |
1,563,134 |
|
|
$ |
84 |
|
|
$ |
(778 |
) |
|
$ |
1,562,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
December 31, 2020 |
|
|
|
|
|
|
|
|
Amortized
Cost |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Fair Value |
|
|
Level 1 securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
12,235 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12,235 |
|
|
Level 2 securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US government securities |
|
|
977,357 |
|
|
|
24 |
|
|
|
(55 |
) |
|
|
977,326 |
|
|
Total |
|
$ |
989,592 |
|
|
$ |
24 |
|
|
$ |
(55 |
) |
|
$ |
989,561 |
|
|
| Summary of Estimated Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity |
The estimated amortized cost and fair value of available-for-sale securities by contractual maturity as of June 30, 2021 and December 31, 2020, are as follows (amounts in thousands):
|
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
Amortized Cost |
|
|
Fair Value |
|
|
Due within one year |
|
$ |
1,213,212 |
|
|
$ |
1,213,213 |
|
|
$ |
895,867 |
|
|
$ |
895,830 |
|
|
Due after one year and through five years |
|
|
349,922 |
|
|
|
349,227 |
|
|
|
93,725 |
|
|
|
93,731 |
|
|
Total |
|
$ |
1,563,134 |
|
|
$ |
1,562,440 |
|
|
$ |
989,592 |
|
|
$ |
989,561 |
|
|