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Cash, Cash Equivalents, and Investments (Tables) | 12 Months Ended
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Dec. 31, 2020 | Dec. 31, 2019
Cash and Cash Equivalents [Abstract] |  |
Components of 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 |
Summary of Available-for-Sale Investments | 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 |  |
Gross Unrealized Losses and Fair Value for Available-for-Sale Investments |  |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 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 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 | $ | — |  |
Effective Maturity Dates of Available-for-Sale Investments | 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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