Investments

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

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


	As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Description:
U.S. Government agencies	$	83,596	$	3	$	(12)	$	83,587
Corporate bonds	24,162		31		(1)		24,192
Commercial paper	34,766		—		—		34,766
Agency bonds	3,998		1		—		3,999
Asset-backed securities	2,419		—		—		2,419
Total	$	148,941	$	35	$	(13)	$	148,963


	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
Commercial paper	19,965		1		—		19,966
Corporate bonds	60,803		77		(2)		60,878
Agency bonds	12,198		44		—		12,242
Asset-backed securities	8,986		1		(7)		8,980
Total	$	138,832	$	222	$	(9)	$	139,045

As of December 31, 2020 and 2019, our available-for-sale investments had maturities ranging from 1 to 16 months and from 3 months to 2 years, respectively.

For all of our investments for which the amortized cost basis was greater than the fair value at December 31, 2020 and 2019, we have concluded that there is no plan to sell the security nor is it more likely than not that we would be required to sell the security before its anticipated recovery. In making the determination as to whether the unrealized loss is other-than-temporary, we considered the length of time and extent the investment has been in an unrealized loss position, the financial condition and near-term prospects of the issuers, the issuers’ credit rating and the time to maturity.