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Cash, Cash Equivalents, Marketable Securities, and Restricted Cash
 12 Months Ended
Dec. 31, 2019
Cash, Cash Equivalents, and Short-term Investments [Abstract]  
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash Cash, Cash Equivalents, Marketable Securities, and Restricted Cash
As of December 31, 2019, the Company held $142.8 million in cash and cash equivalents and $309.9 million of available- for-sale debt securities which are reported at fair value on the Company’s Consolidated Balance Sheets. Unrealized holding gains and losses are reported within accumulated other comprehensive loss in the Statements of Comprehensive Loss. If a decline in the fair value of a marketable security below the Company’s cost basis is determined to be other than temporary, such marketable security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in earnings as an impairment charge.
The Company regularly invests excess operating cash in deposits with major financial institutions, money market funds, notes issued by the U.S. government, as well as fixed income investments and U.S. bond funds, both of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated as many of these securities are either government backed or of the highest credit rating. Investments that have original maturities greater than three months but less than one year are classified as current.
Cash, cash equivalents, and marketable securities are classified as current unless mentioned otherwise below and consisted of the following:
 
 
As of December 31, 2019
(in thousands)
 
Cost
 
Gross
Unrealized
Gain
 
Gross
Unrealized
Loss
 
Fair
Value
Cash and cash equivalents
 
$
142,837

 
$
—

 
$
—

 
$
142,837

Corporate debt securities
 
145,875

 
121

 
(5
)
 
145,991

Commercial paper
 
73,659

 
53

 
(2
)
 
73,710

Asset-backed securities
 
77,731

 
79

 
—

 
77,810

U.S. government agency bonds
 
11,999

 
2

 
(10
)
 
11,991

Money market
 
350

 
—

 
—

 
350

Certificates of deposit
 
51

 
—

 
—

 
51

 
 
$
452,502

 
$
255

 
$
(17
)
 
$
452,740

Included in cash and cash equivalents
 
$
142,837

 
$
—

 
$
—

 
$
142,837

Included in marketable securities (1)
 
309,665

 
255

 
(17
)
 
309,903

Total cash, cash equivalents, and marketable securities
 
$
452,502

 
$
255

 
$
(17
)
 
$
452,740

______________________________
(1) As of December 31, 2019, $9.5 million of marketable securities have maturity dates greater than 12 months and are available to convert into cash, if needed. 

 
 
As of December 31, 2018
(in thousands)
 
Cost
 
Gross
Unrealized
Gain
 
Gross
Unrealized
Loss
 
Fair
Value
Cash and cash equivalents
 
$
79,749

 
$
—

 
$
—

 
$
79,749

Corporate debt securities
 
240,969

 
7

 
(250
)
 
240,726

Commercial paper
 
115,245

 
—

 
(104
)
 
115,141

Asset-backed securities
 
68,215

 
4

 
(84
)
 
68,135

Money market
 
350

 
—

 
—

 
350

Certificates of deposit
 
51

 
—

 
—

 
51

 
 
$
504,579

 
$
11

 
$
(438
)
 
$
504,152

Included in cash and cash equivalents
 
$
79,749

 
$
—

 
$
—

 
$
79,749

Included in marketable securities
 
424,830

 
11

 
(438
)
 
424,403

Total cash, cash equivalents, and marketable securities
 
$
504,579

 
$
11

 
$
(438
)
 
$
504,152



For the year ended December 31, 2019 there were no realized gains or losses. For the fiscal year ended December 31, 2018, there were nominal realized gains. The cost of securities sold is based on the specific identification method.
Unrealized loss positions in the available-for-sale debt securities as of December 31, 2019 and 2018 reflect temporary impairments that have been in a loss position for less than twelve months and as such are recognized in other comprehensive gain (loss). The fair value of these available-for-sale debt securities in unrealized loss positions was $42.6 million and $403.1 million as of December 31, 2019 and 2018, respectively.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.
(in thousands)
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
Cash and cash equivalents
 
$
142,837

 
$
79,749

 
$
49,060

Restricted cash
 
3,506

 
2,626

 
2,177

Cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows
 
$
146,343

 
$
82,375

 
$
51,237