XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.20.2

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash | 6 Months Ended
--- | ---
Jun. 30, 2020
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 June 30, 2020, the Company held $164.6 million in cash and cash equivalents and $145.0 million of marketable securities which are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized holding gains and losses are generally 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 or if an available-for-sale debt security’s fair value is determined to less than the amortized cost and the Company intends or is more than likely to sell the security before recovery and it is not considered a credit loss, such 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. If the unrealized loss of an available-for-sale debt security is determined to be a result of credit loss the Company would recognize an allowance and the corresponding credit loss would be included in earnings. 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 June 30, 2020 |  |  |  |  |  |
(in thousands) |  | Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
Cash and cash equivalents |  | $ | 164,573 |  |  | $ | — |  |  | $ | — |  |  | $ | 164,573 |
Corporate debt securities |  | 51,307 |  |  | 225 |  |  | — |  |  | 51,532 |
Commercial paper |  | 59,803 |  |  | 103 |  |  | (4) |  |  | 59,902 |
Asset-backed securities |  | 33,020 |  |  | 162 |  |  | — |  |  | 33,182 |
Money market |  | 350 |  |  | — |  |  | — |  |  | 350 |
Certificates of deposit |  | 51 |  |  | — |  |  | — |  |  | 51 |
|  | $ | 309,104 |  |  | $ | 490 |  |  | $ | (4) |  |  | $ | 309,590 |
Included in cash and cash equivalents |  | $ | 164,573 |  |  | $ | — |  |  | $ | — |  |  | $ | 164,573 |
Included in marketable securities |  | 144,531 |  |  | 490 |  |  | (4) |  |  | 145,017 |
Total cash, cash equivalents, and marketable securities |  | $ | 309,104 |  |  | $ | 490 |  |  | $ | (4) |  |  | $ | 309,590 |
|  | 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. For the six months ended June 30, 2020 there were nominal realized gains. For the fiscal year ended December 31, 2019, there were no realized gains or losses. The cost of securities sold is based on the specific identification method. Unrealized loss positions in the marketable securities as of June 30, 2020 and December 31, 2019 reflect temporary impairments and are not a result of credit loss. Additionally, as these positions have been in a loss position for less than twelve months and the Company does not intend to sell these securities before recovery, the losses are recognized in other comprehensive gain (loss). The fair value of these marketable securities in unrealized loss positions was $17.7 million and $42.6 million as of June 30, 2020 and December 31, 2019, 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) |  | June 30, 2020 |  | June 30, 2019
Cash and cash equivalents |  | $ | 164,573 |  |  | $ | 220,578 |
Restricted cash |  | 2,689 |  |  | 2,610 |
Cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows |  | $ | 167,262 |  |  | $ | 223,188 |

X
- References No definition available. + Details
Name: | us-gaap_CashCashEquivalentsAndShortTermInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_CashCashEquivalentsAndShortTermInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration