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Fair Value Measurements and Available for Sale Investments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:

			Fair Value Measurements at End of Period Using:
(in thousands)			Fair Value						Quoted Market Prices for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
At June 30, 2021
Money market funds(1)			$	305,162					$	305,162					$	—					$	—
Mutual funds(1)			26,928						26,928						—						—
U.S. Treasury securities(2)			45,714						45,714						—						—
Certificates of deposit(2)			1,591						—						1,591						—
Agency securities(2)			4,997						—						4,997						—
Commercial and corporate obligations(2)			11,779						—						11,779						—
At December 31, 2020
Money market funds(1)			$	188,297					$	188,297					$	—					$	—
Mutual funds(1)			57,153						57,153						—						—
U.S. Treasury securities(2)			107,697						107,697						—						—
Certificates of deposit(2)			2,436						—						2,436						—
Agency securities(2)			21,169						—						21,169						—
Commercial and corporate obligations(2)			29,441						—						29,441						—

(1)    Included in cash and cash equivalents or restricted cash in the accompanying consolidated balance sheets.

(2)    Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.

Available-for-sale Investments

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of June 30, 2021 are as follows:

(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Total Fair Value
Agency securities(1)			$	5,003					$	—					$	(6)					$	4,997
Certificates of deposit(2)			1,589						2						—						1,591
Commercial and corporate obligations(3)			11,778						1						—						11,779
U.S. Treasury securities(4)			45,680						34						—						45,714
Total available-for-sale investments			$	64,050					$	37					$	(6)					$	64,081

(1)    Of our outstanding agency securities, none have maturity dates of less than one year and $5.0 million have a maturity date of between one to two years as of June 30, 2021.

(2)    Of our outstanding certificates of deposit, $1.1 million have maturity dates of less than one year and $0.5 million have a maturity date of between one to two years as of June 30, 2021.

(3)    All of our outstanding commercial and corporate obligations have maturity dates of less than one year as of June 30, 2021.

(4)    All of our outstanding U.S. Treasury securities have maturity dates of less than one year as of June 30, 2021.

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2020 are as follows:

(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Total Fair Value
Agency securities(1)			$	21,169					$	1					$	(1)					$	21,169
Certificates of deposit(2)			2,427						9						—						2,436
Commercial and corporate obligations(3)			29,414						28						(1)						29,441
US Treasury securities(4)			107,530						170						(3)						107,697
Total available-for-sale investments			$	160,540					$	208					$	(5)					$	160,743

(1)    Of our outstanding agency securities, $10.0 million have maturity dates of less than one year and $11.2 million have a maturity date of between one to two years as of December 31, 2020.

(2)     Of our outstanding certificates of deposit, $1.1 million have a maturity date of less than one year and $1.3 million have a maturity date of between one to two years as of December 31, 2020.

(3)     Of our outstanding commercial and corporate obligations, $29.4 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2020.

(4)     Of our outstanding U.S. Treasury securities, $102.7 million have maturity dates of less than one year and $5.0 million have a maturity date of between one to two years as of December 31, 2020.

Schedule of Unrealized Loss and Fair Values in a Loss Position

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2021 and December 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:

			June 30, 2021
			Less than 12 Months												12 Months or Greater												Total
(in thousands)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Agency securities			$	4,997					$	(6)					$	—					$	—					$	4,997					$	(6)
Commercial and corporate obligations			3,262						—						—						—						3,262						—
Total			$	8,259					$	(6)					$	—					$	—					$	8,259					$	(6)

			December 31, 2020
			Less than 12 Months												12 Months or Greater												Total
(in thousands)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Agency securities			$	4,999					$	(1)					$	—					$	—					$	4,999					$	(1)
Commercial and corporate obligations			6,503						(1)						2,399						—						8,902						(1)
US Treasury Securities			35,211						(3)						—						—						35,211						(3)
Total			$	46,713					$	(5)					$	2,399					$	—					$	49,112					$	(5)

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563

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