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We are exposed to market risk for changes in interest rates related primarily to our cash and cash equivalents and marketable securities.
−Removed: As of December 31, 2019, we had cash and cash equivalents of $96.6 million, held primarily in cash deposits and money market funds.
−Removed: Our marketable securities are held in U.S.
+Added: As of December 31, 2020 and 2019, we had cash and cash equivalents of $123.4 million and $96.6 million, respectively, held primarily in cash deposits and money market funds.
+Added: As of December 31, 2020, we had short-term and long-term marketable securities of $683.4 million, held in U.S.
+Added: government debt securities and corporate bonds.
+Added: As of December 31, 2019, we had short-term and long-term marketable securities of $585.7 million, held in U.S.
government debt securities, commercial paper and corporate bonds.
−Removed: As of December 31, 2019, we had short-term and long-term marketable securities of $585.7 million.
Our primary exposure to market risk is interest income sensitivity, which is affected by changes in the general level of interest rates in the United States.
−Removed: As of December 31, 2019, a hypothetical 100 basis point increase in interest rates would have resulted in an approximate $3.0 million decline of the fair value of our available-for-sale securities.
+Added: As of December 31, 2020, a hypothetical 100 basis point increase in interest rates would have resulted in a $4.3 million decline of the fair value of our available-for-sale securities, as compared to an approximate $3.0 million decline as of December 31, 2019.
+Added: The additional decline of fair value in this hypothetical scenario is primarily due a larger investment balance as of December 31, 2020 compared to that as of December 31, 2019.
This estimate is based on a sensitivity model that measures market value changes when changes in interest rates occur.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.