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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Summary of Investments Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s investments at September 30, 2020 and December 31, 2019 measured at fair value on a recurring basis (in thousands):
|  | September 30, 2020 |  |  | December 31, 2019 |
|  |  |  |  |  | Gross |  |  |  |  |  |  |  |  |  |  | Gross |  |  |  |  |
|  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  |  |  |
|  |  |  |  |  | Gains |  |  | Recorded |  |  |  |  |  |  | Gains |  |  | Recorded |
|  | Cost |  |  | (Losses) |  |  | Basis |  |  | Cost |  |  | (Losses) |  |  | Basis |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 32,723 |  |  | $ | — |  |  | $ | 32,723 |  |  | $ | 35,526 |  |  | $ | — |  |  | $ | 35,526 |
Discount notes |  |  | 9,998 |  |  |  | 1 |  |  |  | 9,999 |  |  |  | — |  |  |  | — |  |  |  | — |
Total cash equivalents |  |  | 42,721 |  |  |  | 1 |  |  |  | 42,722 |  |  |  | 35,526 |  |  |  | — |  |  |  | 35,526 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 36,732 |  |  |  | 558 |  |  |  | 37,290 |  |  |  | 53,493 |  |  |  | 156 |  |  |  | 53,649 |
Asset backed securities |  |  | 36,950 |  |  |  | (330 | ) |  |  | 36,620 |  |  |  | 14,017 |  |  |  | (13 | ) |  |  | 14,004 |
U.S. government agency securities |  |  | 7,399 |  |  |  | 791 |  |  |  | 8,190 |  |  |  | 7,408 |  |  |  | 282 |  |  |  | 7,690 |
Mortgage backed securities |  |  | 4,465 |  |  |  | 13 |  |  |  | 4,478 |  |  |  | 2,737 |  |  |  | 1 |  |  |  | 2,738 |
U.S. treasuries |  |  | 100 |  |  |  | 1 |  |  |  | 101 |  |  |  | 4,500 |  |  |  | 9 |  |  |  | 4,509 |
Total investments |  |  | 85,646 |  |  |  | 1,033 |  |  |  | 86,679 |  |  |  | 82,155 |  |  |  | 435 |  |  |  | 82,590 |
Restricted cash and investments (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 95,881 |  |  |  | 4,461 |  |  |  | 100,342 |  |  |  | 98,481 |  |  |  | 1,931 |  |  |  | 100,412 |
Mortgage backed securities |  |  | 52,650 |  |  |  | 2,481 |  |  |  | 55,131 |  |  |  | 62,930 |  |  |  | 837 |  |  |  | 63,767 |
Money market funds |  |  | 32,879 |  |  |  | 3 |  |  |  | 32,882 |  |  |  | 29,046 |  |  |  | — |  |  |  | 29,046 |
U.S. government agency securities |  |  | 25,697 |  |  |  | 2,514 |  |  |  | 28,211 |  |  |  | 27,885 |  |  |  | 642 |  |  |  | 28,527 |
Commercial paper |  |  | 5,998 |  |  |  | 1 |  |  |  | 5,999 |  |  |  | — |  |  |  | — |  |  |  | — |
Supranational bonds |  |  | 4,773 |  |  |  | 29 |  |  |  | 4,802 |  |  |  | 4,770 |  |  |  | 30 |  |  |  | 4,800 |
U.S. treasuries |  |  | 4,760 |  |  |  | 31 |  |  |  | 4,791 |  |  |  | 16,906 |  |  |  | 21 |  |  |  | 16,927 |
Mutual funds |  |  | 4,712 |  |  |  | — |  |  |  | 4,712 |  |  |  | 3,466 |  |  |  | — |  |  |  | 3,466 |
Municipal bonds |  |  | 4,062 |  |  |  | 14 |  |  |  | 4,076 |  |  |  | — |  |  |  | — |  |  |  | — |
Asset backed securities |  |  | 270 |  |  |  | 5 |  |  |  | 275 |  |  |  | 303 |  |  |  | — |  |  |  | 303 |
Total restricted cash and investments |  |  | 231,682 |  |  |  | 9,539 |  |  |  | 241,221 |  |  |  | 243,787 |  |  |  | 3,461 |  |  |  | 247,248 |
Total investments |  | $ | 360,049 |  |  | $ | 10,573 |  |  | $ | 370,622 |  |  | $ | 361,468 |  |  | $ | 3,896 |  |  | $ | 365,364 |
(1) Included in restricted cash and investments within the condensed consolidated balance sheets is restricted cash of $94.4 million and $197.0 million as of September 30, 2020 and December 31, 2019, respectively, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheets based on the nature of the restriction.
Summary of Assets Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s investments at September 30, 2020 and December 31, 2019 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):
|  | September 30, 2020 |  |  | December 31, 2019 |
|  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Basis |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Other (1) |  |  | Basis |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Other (1) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 32,723 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 32,723 |  |  | $ | 35,526 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35,526 |
Discount notes |  |  | 9,999 |  |  |  | — |  |  |  | 9,999 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 37,290 |  |  |  | — |  |  |  | 37,290 |  |  |  | — |  |  |  | — |  |  |  | 53,649 |  |  |  | — |  |  |  | 53,649 |  |  |  | — |  |  |  | — |
Asset backed securities |  |  | 36,620 |  |  |  | — |  |  |  | 36,620 |  |  |  | — |  |  |  | — |  |  |  | 14,004 |  |  |  | — |  |  |  | 14,004 |  |  |  | — |  |  |  | — |
U.S. government agency securities |  |  | 8,190 |  |  |  | — |  |  |  | 8,190 |  |  |  | — |  |  |  | — |  |  |  | 7,690 |  |  |  | — |  |  |  | 7,690 |  |  |  | — |  |  |  | — |
Mortgage backed securities |  |  | 4,478 |  |  |  | — |  |  |  | 4,478 |  |  |  | — |  |  |  | — |  |  |  | 2,738 |  |  |  | — |  |  |  | 2,738 |  |  |  | — |  |  |  | — |
U.S. treasuries |  |  | 101 |  |  |  | — |  |  |  | 101 |  |  |  | — |  |  |  | — |  |  |  | 4,509 |  |  |  | — |  |  |  | 4,509 |  |  |  | — |  |  |  | — |
Restricted cash and investments: |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 100,342 |  |  |  | — |  |  |  | 100,342 |  |  |  | — |  |  |  | — |  |  |  | 100,412 |  |  |  | — |  |  |  | 100,412 |  |  |  | — |  |  |  | — |
Mortgage backed securities |  |  | 55,131 |  |  |  | — |  |  |  | 55,131 |  |  |  | — |  |  |  | — |  |  |  | 63,767 |  |  |  | — |  |  |  | 63,767 |  |  |  | — |  |  |  | — |
Money market funds |  |  | 32,882 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,882 |  |  |  | 29,046 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,046 |
U.S. government agency securities |  |  | 28,211 |  |  |  | — |  |  |  | 28,211 |  |  |  | — |  |  |  | — |  |  |  | 28,527 |  |  |  | — |  |  |  | 28,527 |  |  |  | — |  |  |  | — |
Commercial paper |  |  | 5,999 |  |  |  | — |  |  |  | 5,999 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Supranational bonds |  |  | 4,802 |  |  |  | — |  |  |  | 4,802 |  |  |  | — |  |  |  | — |  |  |  | 4,800 |  |  |  | — |  |  |  | 4,800 |  |  |  | — |  |  |  | — |
U.S. treasuries |  |  | 4,791 |  |  |  | — |  |  |  | 4,791 |  |  |  | — |  |  |  | — |  |  |  | 16,927 |  |  |  | — |  |  |  | 16,927 |  |  |  | — |  |  |  | — |
Mutual funds |  |  | 4,712 |  |  |  | 4,712 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,466 |  |  |  | 3,466 |  |  |  | — |  |  |  | — |  |  |  | — |
Municipal bonds |  |  | 4,076 |  |  |  | — |  |  |  | 4,076 |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Asset backed securities |  |  | 275 |  |  |  | — |  |  |  | 275 |  |  |  | — |  |  |  | — |  |  |  | 303 |  |  |  | — |  |  |  | 303 |  |  |  | — |  |  |  | — |
Total investments |  | $ | 370,622 |  |  | $ | 4,712 |  |  | $ | 300,305 |  |  | $ | — |  |  | $ | 65,605 |  |  | $ | 365,364 |  |  | $ | 3,466 |  |  | $ | 297,326 |  |  | $ | — |  |  | $ | 64,572 |
(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.
Summary of Contractual Maturities of Available for Sale Securities | The following table summarizes the contractual maturities of the Company’s available-for-sale securities at September 30, 2020. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
| September 30, 2020 |
(In thousands) | Less than 1 Year |  |  | Between 1 to 5 Years |  |  | Between 5 to 10 Years |  |  | After 10 Years |  |  | Total |
Corporate bonds | $ | 41,077 |  |  | $ | 62,479 |  |  | $ | 34,076 |  |  | $ | — |  |  | $ | 137,632 |
Money market funds |  | 65,605 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 65,605 |
Asset backed securities |  | — |  |  |  | 286 |  |  |  | — |  |  |  | 36,609 |  |  |  | 36,895 |
U.S. government agency securities |  | 1,018 |  |  |  | 14,646 |  |  |  | 20,737 |  |  |  | — |  |  |  | 36,401 |
Discount notes |  | 9,999 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,999 |
Commercial paper |  | 5,999 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,999 |
U.S. treasuries |  | 3,330 |  |  |  | 1,562 |  |  |  | — |  |  |  | — |  |  |  | 4,892 |
Supranational bonds |  | 4,802 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,802 |
Municipal bonds |  | — |  |  |  | 4,076 |  |  |  | — |  |  |  | — |  |  |  | 4,076 |
Total | $ | 131,830 |  |  | $ | 83,049 |  |  | $ | 54,813 |  |  | $ | 36,609 |  |  | $ | 306,301 |

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