CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2019

Cash And Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

6. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The following table summarizes the Company’s financial assets with maturities of equal to or less than three months from the date of purchase included in cash equivalents in the consolidated balance sheets for each of the periods indicated:

	As of December 31,
	2019		2018
	(in thousands)
Money market funds	$	203,410	$	42,920
Government and government agency bonds		519,491		111,587
Commercial paper		—		14,940
Total	$	722,901	$	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 December 31, 2019 and 2018 was approximately two months. The following tables summarize the Company’s cash, cash equivalents and investments for each of the periods indicated:

	As of December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	315,589	$	—	$	—		$	315,589
Government and government agency bonds		809,090		71		(2	)		809,159
Total cash, cash equivalents and investments	$	1,124,679	$	71	$	(2	)	$	1,124,748
As reported:
Cash and cash equivalents	$	835,044	$	36	$	—		$	835,080
Short-term investments		289,635		35		(2	)		289,668
Total cash, cash equivalents and investments	$	1,124,679	$	71	$	(2	)	$	1,124,748
	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