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Financial Instruments and Fair Value Measurements | 12 Months Ended
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Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements Cash and Cash Equivalents and Investments The following tables summarize our cash and available-for-sale securities by significant investment category at December 31, 2020 and 2019 (in thousands):
|  | December 31, 2020
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non- Current Marketable Securities
Cash and cash equivalents |  | $ | 2,623,849 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2,623,850 |  |  | $ | 2,623,850 |  |  | $ | — |  |  | $ | — |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | 238,774 |  |  | 49 |  |  | (4) |  |  | 238,819 |  |  | — |  |  | 215,389 |  |  | 23,430 |
U.S. treasury securities |  | 491,549 |  |  | 69 |  |  | — |  |  | 491,618 |  |  | — |  |  | 491,618 |  |  | — |
Debt securities of U.S. government agencies and corporate entities |  | 1,888,022 |  |  | 4,294 |  |  | (147) |  |  | 1,892,169 |  |  | — |  |  | 1,276,751 |  |  | 615,418 |
|  | $ | 5,242,194 |  |  | $ | 4,413 |  |  | $ | (151) |  |  | $ | 5,246,456 |  |  | $ | 2,623,850 |  |  | $ | 1,983,758 |  |  | $ | 638,848 |
|  | December 31, 2019
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non- Current Marketable Securities
Cash and cash equivalents |  | $ | 225,874 |  |  | $ | — |  |  | $ | — |  |  | $ | 225,874 |  |  | $ | 225,874 |  |  | $ | — |  |  | $ | — |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | 82,028 |  |  | 79 |  |  | (6) |  |  | 82,101 |  |  | 10,002 |  |  | 69,197 |  |  | 2,902 |
U.S. treasury securities |  | 117,891 |  |  | 260 |  |  | (2) |  |  | 118,149 |  |  | — |  |  | 110,186 |  |  | 7,963 |
Debt securities of U.S. government agencies and corporate entities |  | 834,187 |  |  | 2,708 |  |  | (32) |  |  | 836,863 |  |  | — |  |  | 687,741 |  |  | 149,122 |
|  | $ | 1,259,980 |  |  | $ | 3,047 |  |  | $ | (40) |  |  | $ | 1,262,987 |  |  | $ | 235,876 |  |  | $ | 867,124 |  |  | $ | 159,987 |
The amortized cost and estimated fair value of marketable securities, by contractual maturity at December 31, 2020 and 2019 are as follows (in thousands):
|  | December 31, 2020
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 1,980,963 |  |  | $ | 1,983,758 |
Due after one year through five years |  | 637,382 |  |  | 638,848 |
Total |  | $ | 2,618,345 |  |  | $ | 2,622,606 |
|  | December 31, 2019
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 864,958 |  |  | $ | 867,124 |
Due after one year through five years |  | 159,148 |  |  | 159,987 |
Total |  | $ | 1,024,106 |  |  | $ | 1,027,111 |
In accordance with our investment policy, we place investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. We evaluate securities for impairment at the end of each reporting period. We did not record any impairment charges related to our available-for-sale securities during the years ended December 31, 2020, 2019 and 2018. We did not recognize any credit losses related allowance to available-for-sale securities as of the years ended December 31, 2020 and 2019. The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by length of time the securities have been in an unrealized loss position at December 31, 2020 and 2019 (in thousands):
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value
As of December 31, 2020: |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | (4) |  |  | $ | 81,524 |  |  | $ | — |  |  | $ | — |  |  | $ | (4) |  |  | $ | 81,524 |
Debt securities of U.S. government agencies and corporate entities |  | (148) |  |  | 507,016 |  |  | — |  |  | — |  |  | (148) |  |  | 507,016 |
Total |  | $ | (152) |  |  | $ | 588,540 |  |  | $ | — |  |  | $ | — |  |  | $ | (152) |  |  | $ | 588,540 |
As of December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | (6) |  |  | $ | 12,822 |  |  | $ | — |  |  | $ | — |  |  | $ | (6) |  |  | $ | 12,822 |
U.S. treasury securities |  | (2) |  |  | 9,979 |  |  | — |  |  | — |  |  | (2) |  |  | 9,979 |
Debt securities of U.S. government agencies and corporate entities |  | (32) |  |  | 62,360 |  |  | — |  |  | — |  |  | (32) |  |  | 62,360 |
Total |  | $ | (40) |  |  | $ | 85,161 |  |  | $ | — |  |  | $ | — |  |  | $ | (40) |  |  | $ | 85,161 |
At December 31, 2020 and 2019, we held 108 and 19 individual available-for-sale securities, respectively, out of our total investment portfolio that were in a continuous unrealized loss position for less than 12 months. We neither intend to sell these investments nor conclude that we are more-likely-than-not that we will have to sell them before recovery of their carrying values. We also believe that we will be able to collect both principal and interest amounts due to us at maturity. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables summarize our financial assets measured at fair value on a recurring basis as of December 31, 2020 and 2019 (in thousands):
|  | Fair Value at December 31, 2020 |  | Fair Value Measurement Using
|  |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |
Money market funds |  | $ | 620,947 |  |  | $ | 620,947 |  |  | $ | — |
Certificates of deposit |  | 238,819 |  |  | — |  |  | 238,819 |
U.S. treasury securities |  | 491,618 |  |  | — |  |  | 491,618 |
Debt securities of U.S. government agencies and corporate entities |  | 1,892,169 |  |  | — |  |  | 1,892,169 |
Derivative instruments (Note 7) |  | 293 |  |  | — |  |  | 293 |
Total |  | $ | 3,243,846 |  |  | $ | 620,947 |  |  | $ | 2,622,899 |
|  | Fair Value at December 31, 2019 |  | Fair Value Measurement Using
|  |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |
Certificates of deposit |  | $ | 82,101 |  |  | $ | — |  |  | $ | 82,101 |
U.S. treasury securities |  | 118,149 |  |  | — |  |  | 118,149 |
Debt securities of U.S. government agencies and corporate entities |  | 836,863 |  |  | — |  |  | 836,863 |
Total |  | $ | 1,037,113 |  |  | $ | — |  |  | $ | 1,037,113 |
During the years ended December 31, 2020 and 2019, we did not have any financial liabilities measured at fair value on a recurring basis and did not have non-financial assets or liabilities measured at fair value on a recurring basis.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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