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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the fair value of financial assets as of December 31, 2020 and 2019 that were measured at fair value on a recurring basis (in thousands):

 

 

 

December 31, 2020

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

103,283

 

 

$

 

 

$

 

 

$

103,283

 

U.S. government debt securities

 

 

 

 

 

671,777

 

 

 

 

 

 

671,777

 

Corporate bonds

 

 

 

 

 

11,581

 

 

 

 

 

 

11,581

 

Total financial assets

 

$

103,283

 

 

$

683,358

 

 

$

 

 

$

786,641

 

 

 

 

December 31, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

88,683

 

 

$

 

 

$

 

 

$

88,683

 

Commercial paper

 

 

 

 

 

121,867

 

 

 

 

 

 

121,867

 

U.S. government debt securities

 

 

 

 

 

377,243

 

 

 

 

 

 

377,243

 

Corporate bonds

 

 

 

 

 

86,615

 

 

 

 

 

 

86,615

 

Total financial assets

 

$

88,683

 

 

$

585,725

 

 

$

 

 

$

674,408