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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Financial Assets and Liabilities

The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at December 31, 2018 and December 31, 2017:

		December 31, 2018
		Level 1				Level 2				Level 3				Total
		(in thousands)
Cash equivalents and investments:
Money market funds		$	1,579			$	—			$	—			$	1,579
Commercial paper			—				8,242				—				8,242
Corporate bonds			—				70,728				—				70,728
U.S. Treasury securities			—				413,241				—				413,241
Restricted cash:
Certificates of deposit			—				5,625				—				5,625
Total		$	1,579			$	497,836			$	—			$	499,415

		December 31, 2017
		Level 1				Level 2				Level 3				Total
		(in thousands)
Cash equivalents and investments:
Money market funds		$	12,845			$	—			$	—			$	12,845
Commercial paper			—				5,867				—				5,867
Corporate bonds			—				81,668				—				81,668
U.S. government agency obligations			—				3,987				—				3,987
U.S. Treasury securities			—				356,535				—				356,535
Restricted cash:
Certificates of deposit			—				5,105				—				5,105
Total		$	12,845			$	453,162			$	—			$	466,007

Summary of Composition of Short and Long Term Investments

The following tables summarize the composition of our short- and long-term investments at December 31, 2018 and 2017:

		December 31, 2018
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
		(in thousands)
Commercial paper		$	8,256			$	—			$	(14	)		$	8,242
Corporate bonds			70,958				3				(233	)			70,728
U.S. Treasury securities			413,323				56				(138	)			413,241
Total		$	492,537			$	59			$	(385	)		$	492,211

		December 31, 2017
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
		(in thousands)
Commercial paper		$	5,874			$	—			$	(7	)		$	5,867
Corporate bonds			81,947				—				(279	)			81,668
U.S. government agency obligations			4,000				—				(13	)			3,987
U.S. Treasury securities			356,671				8				(144	)			356,535
Total		$	448,492			$	8			$	(443	)		$	448,057

Summary of Contractual Maturities of Short and Long Term Investments

The contractual maturities of short-term and long-term investments held at December 31, 2018 and 2017 are as follows:

		December 31, 2018								December 31, 2017
		Amortized Cost Basis				Aggregate Fair Value				Amortized Cost Basis				Aggregate Fair Value
		( in thousands)
Due within one year		$	481,071			$	480,761			$	416,932			$	416,663
Due after 1 year and within 2 years			11,466				11,450				31,560				31,394
Total		$	492,537			$	492,211			$	448,492			$	448,057

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