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Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Cash, Cash Equivalents, and Marketable Securities

Our total cash, cash equivalents and marketable securities consisted of the following:

						As of September 30,						As of December 31,
						2021						2020
						(in thousands)
Cash and cash equivalents:
Cash						$	21,832					$	21,273
Money market funds						259,699						36,629
Commercial paper						—						4,998
Municipal securities						400						—
Certificate of deposit						200						—
Total cash and cash equivalents						$	282,131					$	62,900
Marketable securities:
Corporate notes and bonds						$	3,129					$	14,314
Commercial paper						134,015						41,445
U.S. Treasury securities						190,183						75,524
Foreign government and supranational securities						10,025						—
Municipal securities						2,250						—
Asset-backed securities						21,688						—
Total marketable securities, current						$	361,290					$	131,283
Corporate notes and bonds						131,177						—
U.S. Treasury securities						220,291						20,448
Municipal securities						2,330						—
Asset-backed securities						55,332						—
Foreign government and supranational securities						20,359						—
Total marketable securities, non-current						$	429,489					$	20,448
Total marketable securities						$	790,779					$	151,731
Total cash, cash equivalents and marketable securities						$	1,072,910					$	214,631

Schedule of Available-For-Sale Investments

The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value related to available-for-sale securities classified as marketable securities on the accompanying Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020:

						As of September 30, 2021
						Amortized Cost						Gross Unrealized Gain						Gross Unrealized Loss						Fair Value
						(in thousands)
Corporate notes and bonds						$	134,282					$	42					$	(18)					$	134,306
Commercial paper						134,038						—						(23)						134,015
U.S. Treasury securities						410,542						6						(74)						410,474
Municipal securities						4,578						2						—						4,580
Asset-backed securities						77,038						—						(18)						77,020
Foreign government and supranational securities						30,394						—						(10)						30,384
Total available-for-sale investments						$	790,872					$	50					$	(143)					$	790,779
						As of December 31, 2020
						Amortized Cost						Gross Unrealized Gain						Gross Unrealized Loss						Fair Value
						(in thousands)
Corporate notes and bonds						$	14,297					$	17					$	—					$	14,314
Commercial paper						41,445						—						—						41,445
U.S. Treasury securities						95,884						93						(5)						95,972
Total available-for-sale investments						$	151,626					$	110					$	(5)					$	151,731

Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

Financial assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following types of instruments:

						As of September 30, 2021
						Level 1						Level 2						Level 3						Total
						(in thousands)
Cash equivalents:
Money market funds						$	132,880					$	—					$	—					$	132,880
Certificate of deposit						200						—						—						200
Municipal securities						—						400						—						400
Total cash equivalents						133,080						400						—						133,480
Marketable securities:
Corporate notes and bonds						—						134,306						—						134,306
Commercial paper						—						134,015						—						134,015
U.S. Treasury securities						—						410,474						—						410,474
Municipal securities						—						4,580						—						4,580
Asset-backed securities						—						77,020						—						77,020
Foreign government and supranational securities						—						30,384						—						30,384
Total marketable securities						—						790,779						—						790,779
Restricted cash:
Money market funds						893																		893
Total restricted cash						893						—						—						893
Total financial assets						$	134,373					$	791,179					$	—					$	925,152

						As of December 31, 2020
						Level 1						Level 2						Level 3						Total
						(in thousands)
Cash equivalents:
Money market funds						$	36,629					$	—					$	—					$	36,629
Commercial paper						—						4,998						—						4,998
Total cash equivalents						36,629						4,998						—						41,627
Marketable securities:
Corporate notes and bonds						—						14,314						—						14,314
Commercial paper						—						41,445						—						41,445
U.S. Treasury securities						—						95,972						—						95,972
Total marketable securities						—						151,731						—						151,731
Restricted cash:
Money market funds						980						—						—						980
Total restricted cash						980						—						—						980
Total financial assets						$	37,609					$	156,729					$	—					$	194,338

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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- Definition

Tabular disclosure of the components of cash, cash equivalents, and investments.

+ References

No definition available.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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