Cash Equivalents and Investments

12 Months Ended

Dec. 31, 2020

Cash Equivalents And Investments [Abstract]

The fair value of cash equivalents and available-for-sale investments at December 31, 2020 and 2019, were as follows (in thousands):


	December 31, 2020
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses
Money market funds	$	59,823	$	—	$	—	$	59,823
U.S. government securities	190,663		16		(2)		190,677
Corporate notes	26,426		2		(5)		26,423
Commercial paper	29,489		—		—		29,489
Total available-for-sale marketable debt securities	$	306,401	$	18	$	(7)	$	306,412
Classified as:
Cash equivalents							$	59,823
Short-term investments							246,589
Long-term investments							—
Total cash equivalents and available-for-sale investments							$	306,412


	December 31, 2019
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses
Money market funds	$	13,897	$	—	$	—	$	13,897
U.S. government securities	77,329		72		(1)		77,400
Corporate notes	14,955		11		—		14,966
Commercial paper	35,753		—		—		35,753
Total available-for-sale marketable debt securities	$	141,934	$	83	$	(1)	$	142,016
Classified as:
Cash equivalents							$	13,897
Short-term investments							120,089
Long-term investments							8,030
Total cash equivalents and available-for-sale investments							$	142,016

The following table summarizes the fair value of the Company's cash equivalents, short-term and long-term marketable securities classified by maturity (in thousands):


	December 31,
	2020		2019
Due within one year	$	306,412	$	133,986
Due after one year through three years	—		8,030
Total cash equivalents and available-for-sale investments	$	306,412	$	142,016

The following tables present the Company's available-for-sale securities that were in an unrealized loss position as of December 31, 2020 (in thousands):


	December 31, 2020
	Less than 12 months				12 Months or Greater				Total
Assets	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. government securities	$	28,487	$	(2)	$	—	$	—	$	28,487	$	(2)
Corporate notes	13,883		(5)		—		—		13,883		(5)
Total	$	42,370	$	(7)	$	—	$	—	$	42,370	$	(7)

Unrealized losses as of December 31, 2020 were not material. Available-for-sale securities held as of December 31, 2020 had a weighted average maturity of 92 days. At December 31, 2020, six investments were in an unrealized loss position and no investments have been in an unrealized loss position for more than one year.