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Cash, Cash Equivalents, and Investments | 12 Months Ended
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Dec. 31, 2020
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands):
| December 31,
| 2020 |  | 2019
Cash | $ | 266,609 |  |  | $ | 155,498 |
Money market instruments | 2,464 |  |  | 15,933 |
Cash and cash equivalents | 269,073 |  |  | 171,431 |
Treasury bills | 35,403 |  |  | 92,914 |
Corporate bonds | 32,714 |  |  | 65,624 |
Asset-backed securities | 25,160 |  |  | 66,680 |
Sovereign bonds | 8,660 |  |  | 6,294 |
Municipal bonds | 1,303 |  |  | 4,630 |
Certificate of deposit | — |  |  | 4,328 |
Current investments | 103,240 |  |  | 240,470 |
Corporate bonds | 203,428 |  |  | 146,474 |
Treasury bills | 96,458 |  |  | 216,334 |
Asset-backed securities | 67,058 |  |  | 46,403 |
Agency bonds | 19,006 |  |  | 5,914 |
Municipal bonds | 5,735 |  |  | 2,322 |
Sovereign bonds | 3,440 |  |  | 16,005 |
Non-current investments | 395,125 |  |  | 433,452 |
| $ | 767,438 |  |  | $ | 845,353 |
The Company’s cash balance included foreign bank balances totaling $225,853,000 and $123,499,000 as of December 31, 2020 and 2019, respectively. Treasury bills consist of debt securities issued by the U.S. government; corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; certificates of deposit are time deposits held by financial institutions with a fixed interest rate; and agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing. All securities are denominated in U.S. Dollars, with the exception of the certificate of deposit held as of December 31, 2019 that was denominated in Korean Won. Accrued interest receivable is included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $1,560,000 and $2,874,000 as of December 31, 2020 and 2019, respectively. The following table summarizes the Company’s available-for-sale investments as of December 31, 2020 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Current: |  |  |  |  |  |  |  |
Treasury bills | $ | 34,978 |  |  | $ | 425 |  |  | $ | — |  |  | $ | 35,403 |  |
Corporate bonds | 32,394 |  |  | 320 |  |  | — |  |  | 32,714 |  |
Asset-backed securities | 24,999 |  |  | 161 |  |  | — |  |  | 25,160 |  |
Sovereign bonds | 8,590 |  |  | 70 |  |  | — |  |  | 8,660 |  |
Municipal bonds | 1,297 |  |  | 6 |  |  | — |  |  | 1,303 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 200,549 |  |  | 2,879 |  |  | — |  |  | 203,428 |  |
Treasury bills | 95,522 |  |  | 936 |  |  | — |  |  | 96,458 |  |
Asset-backed securities | 66,329 |  |  | 729 |  |  | — |  |  | 67,058 |  |
Agency bonds | 18,913 |  |  | 93 |  |  | — |  |  | 19,006 |  |
Municipal bonds | 5,725 |  |  | 10 |  |  |  |  | 5,735 |  |
Sovereign bonds | 3,379 |  |  | 61 |  |  | — |  |  | 3,440 |  |
| $ | 492,675 |  |  | $ | 5,690 |  |  | $ | — |  |  | $ | 498,365 |  |
On January 1, 2020, the Company adopted Accounting Standards Update (ASU) 2016-13, “Measurement of Credit Losses on Financial Instruments,” using the modified-retrospective approach, which requires the Company to apply the standard on a prospective basis with a cumulative-effect adjustment to retained earnings as of the beginning of the period in which the guidance is effective. The Company did not record an adjustment to retained earnings, as there were no debt securities with credit losses as of the adoption date. The following table summarizes changes in the allowance for credit losses (in thousands):
Balance as of December 31, 2018 | $ | — |  |
Balance as of December 31, 2019 | — |  |
Increases to the allowance for credit losses | 160 |  |
Decreases to the allowance for credit losses | (160) |  |
Write-offs | — |  |
Balance as of December 31, 2020 | $ | — |  |
The Company recorded gross realized gains on the sale of debt securities totaling $4,283,000 in 2020, $1,581,000 in 2019, and $669,000 in 2018, and gross realized losses on the sale of debt securities totaling $164,000 in 2020, $129,000 in 2019, and $168,000 in 2018. The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2020 (in thousands):
| <1 Year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  |  |  | Total
Corporate bonds | $ | 32,714 |  |  | $ | 69,534 |  |  | $ | 119,328 |  |  | $ | 13,488 |  |  | $ | 1,078 |  |  |  |  | $ | 236,142 |
Treasury bills | 35,403 |  |  | 68,217 |  |  | 28,241 |  |  | — |  |  | — |  |  |  |  | 131,861 |
Asset-backed securities | 25,160 |  |  | 46,842 |  |  | 18,755 |  |  | 1,461 |  |  | — |  |  |  |  | 92,218 |
Agency bonds | — |  |  | 2,805 |  |  | 16,201 |  |  | — |  |  | — |  |  |  |  | 19,006 |
Sovereign bonds | 8,660 |  |  | — |  |  | 3,440 |  |  | — |  |  | — |  |  |  |  | 12,100 |
Municipal bonds | 1,303 |  |  | 5,096 |  |  | 639 |  |  | — |  |  | — |  |  |  |  | 7,038 |
| $ | 103,240 |  |  | $ | 192,494 |  |  | $ | 186,604 |  |  | $ | 14,949 |  |  | $ | 1,078 |  |  |  |  | $ | 498,365 |

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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