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Cash, Cash Equivalents, and Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Cash and Cash Equivalents [Abstract]  
Components of Cash, Cash Equivalents and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 
December 31,
 
2019
 
2018
Cash
$
155,498

 
$
104,655

Money market instruments
15,933

 
3,557

Cash and cash equivalents
171,431

 
108,212

Treasury bills
92,914

 
198,477

Asset-backed securities
66,680

 
78,407

Corporate bonds
65,624

 
137,871

Sovereign bonds
6,294

 
8,101

Municipal bonds
4,630

 
4,492

Certificate of deposit
4,328

 
—

Current investments
240,470

 
427,348

Treasury bills
216,334

 
32,760

Corporate bonds
146,474

 
162,566

Asset-backed securities
46,403

 
53,631

Sovereign bonds
16,005

 
6,316

Agency bonds
5,914

 
5,921

Municipal bonds
2,322

 
845

Non-current investments
433,452

 
262,039

 
$
845,353

 
$
797,599
Summary of Available-for-Sale Investments
The following table summarizes the Company’s available-for-sale investments as of December 31, 2019 (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Current:
 
 
 
 
 
 
 
Treasury bills
$
92,782

 
$
137

 
$
(5
)
 
$
92,914

Asset-backed securities
66,474

 
207

 
(1
)
 
66,680

Corporate bonds
65,440

 
188

 
(4
)
 
65,624

Sovereign bonds
6,286

 
8

 
—

 
6,294

Municipal bonds
4,628

 
3

 
(1
)
 
4,630

Non-current:
 
 
 
 
 
 


Treasury bills
215,339

 
1,005

 
(10
)
 
216,334

Corporate bonds
145,806

 
674

 
(6
)
 
146,474

Asset-backed securities
46,269

 
150

 
(16
)
 
46,403

Sovereign bonds
15,971

 
40

 
(6
)
 
16,005

Agency bonds
5,930

 
—

 
(16
)
 
5,914

Municipal bonds
2,318

 
4

 
—

 
2,322

 
$
667,243

 
$
2,416

 
$
(65
)
 
$
669,594
Gross Unrealized Losses and Fair Value for Available-for-Sale Investments
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2019 (in thousands):
 
Unrealized Loss
Position For Less than
12 Months
 
Unrealized Loss
Position For Greater than
12 Months
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Treasury bills
$
27,121

 
$
(13
)
 
$
7,488

 
$
(2
)
 
$
34,609

 
$
(15
)
Asset-backed securities
11,621

 
(16
)
 
2,469

 
(1
)
 
14,090

 
(17
)
Sovereign bonds
11,566

 
(6
)
 
—

 
—

 
11,566

 
(6
)
Corporate bonds
8,128

 
(4
)
 
2,804

 
(6
)
 
10,932

 
(10
)
Agency Bonds
—

 
—

 
5,914

 
(16
)
 
5,914

 
(16
)
Municipal bonds
2,111

 
—

 
344

 
(1
)
 
2,455

 
(1
)
 
$
60,547

 
$
(39
)
 
$
19,019

 
$
(26
)
 
$
79,566

 
$
(65
)
Effective Maturity Dates of Available-for-Sale Investments
The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2019 (in thousands):
 
<1 Year
 
1-2 Years
 
2-3 Years
 
3-4 Years
 
4-5 Years
 
Total
Treasury bills
$
92,914

 
$
187,917

 
$
28,417

 
$
—

 
$
—

 
$
309,248

Corporate bonds
65,624

 
88,033

 
54,208

 
4,233

 
—

 
212,098

Asset-backed securities
66,680

 
17,744

 
24,089

 
3,423

 
1,147

 
113,083

Sovereign bonds
6,294

 
16,005

 
—

 
—

 
—

 
22,299

Municipal bonds
4,630

 
2,322

 
—

 
—

 
—

 
6,952

Agency bonds
—

 
—

 
5,914

 
—

 
—

 
5,914

 
$
236,142

 
$
312,021

 
$
112,628

 
$
7,656

 
$
1,147

 
$
669,594