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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured and Recorded at Fair Value on Recurring Basis

The following table presents our financial assets measured and recorded at fair value on a recurring basis using the above input categories:


						As of September 30, 2020
						Level 1						Level 2						Level 3						Total
						(in thousands)
Description:
Assets:
Money market funds						$	215,449					$	—					$	—					$	215,449
U.S. government agencies						32,987						—						—						32,987
Commercial paper						—						32,252						—						32,252
Corporate bonds						—						20,349						—						20,349
Agency bonds						—						3,998						—						3,998
Asset-backed securities						—						2,436						—						2,436
Total assets						$	248,436					$	59,035					$	—					$	307,471
Liabilities:
Foreign currency forward contracts designated as cash flow hedges						$	—					$	88					$	—					$	88
Total liabilities						$	—					$	88					$	—					$	88


						As of December 31, 2019
						Level 1						Level 2						Level 3						Total
						(in thousands)
Description:
Assets:
Money market funds						$	106,781					$	—					$	—					$	106,781
Corporate bonds						—						60,878						—						60,878
U.S. government agencies						36,979						—						—						36,979
Commercial paper						—						19,966						—						19,966
Agency bonds						—						12,242						—						12,242
Asset-backed securities						—						8,980						—						8,980
Total assets						$	143,760					$	102,066					$	—					$	245,826

Summary of Investments Classified as Available-For-Sale

Our investments, which are all classified as available-for-sale, consisted of the following:


						As of September 30, 2020
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(in thousands)
Description:
U.S. government agencies						32,984						3						—						32,987
Commercial paper						32,252						—						—						32,252
Corporate bonds						20,287						69						(7)						20,349
Agency bonds						3,998						—						—						3,998
Asset-backed securities						2,436						—						—						2,436
Total assets						$	91,957					$	72					$	(7)					$	92,022


						As of December 31, 2019
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
						(in thousands)
Description:
U.S. government agencies						$	36,880					$	99					$	—					$	36,979
Corporate bonds						60,803						77						(2)						60,878
Commercial paper						19,965						1						—						19,966
Agency bonds						12,198						44						—						12,242
Asset-backed securities						8,986						1						(7)						8,980
Total assets						$	138,832					$	222					$	(9)					$	139,045