CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2019

Cash And Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

5. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The following table summarizes the Company’s financial assets with maturities of less than 90 days from the date of purchase included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:

	As of March 31, 2019		As of December 31, 2018
	(in thousands)
Money market funds	$	155,406	$	42,920
Government and government agency bonds		294,368		111,587
Commercial paper		—		14,940
Total	$	449,774	$	169,447

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company’s available-for-sale securities as of March 31, 2019 and December 31, 2018 was approximately two months.

The following tables summarize the Company’s cash, cash equivalents and short-term investments for each of the periods indicated:

	As of March 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	437,822	$	—	$	—		$	437,822
Commercial paper		65,779		—		—		$	65,779
Government and government agency bonds		807,001		31		(7	)	$	807,025
Corporate bonds		33,587		—		(5	)	$	33,582
Total cash, cash equivalents and investments	$	1,344,189	$	31	$	(12	)	$	1,344,208
As reported:
Cash and cash equivalents	$	732,179	$	11	$	—		$	732,190
Short-term investments		612,010		20		(12	)	$	612,018
Total cash, cash equivalents and investments	$	1,344,189	$	31	$	(12	)	$	1,344,208

	As of December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	244,302	$	—	$	—		$	244,302
Commercial paper		125,907		—		—			125,907
Government and government agency bonds		760,258		12		(35	)		760,235
Corporate bonds		43,544		—		(76	)		43,468
Total cash, cash equivalents and investments	$	1,174,011	$	12	$	(111	)	$	1,173,912
As reported:
Cash and cash equivalents	$	370,827	$	3	$	(1	)	$	370,829
Short-term investments		803,184		9		(110	)		803,083
Total cash, cash equivalents and investments	$	1,174,011	$	12	$	(111	)	$	1,173,912