CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2020

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 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, 2020		As of December 31, 2019
	(in thousands)
Money market funds	$	1,047,762	$	203,410
Government and government agency bonds		312,106		519,491
Total	$	1,359,868	$	722,901

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, 2020 and December 31, 2019 was approximately one and two months, respectively.

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

	As of March 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Cash and money market funds	$	1,452,106	$	—	$	—	$	1,452,106
Government and government agency bonds		718,175		871		—		719,046
Total cash, cash equivalents and investments	$	2,170,281	$	871	$	—	$	2,171,152
As reported:
Cash and cash equivalents	$	1,763,925	$	287	$	—	$	1,764,212
Short-term investments		406,356		584		—		406,940
Total cash, cash equivalents and investments	$	2,170,281	$	871	$	—	$	2,171,152

	As of December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair 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