FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

All marketable securities were classified as available-for-sale at September 30, 2021 and December 31, 2020.

The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented:


	September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	294,209	$	—	$	—	$	294,209	$	294,209	$	—	$	—

Level 2:
Money market instruments	291,735		—		—		291,735		291,735		—		—
Corporate debt securities	560,004		1,230		(198)		561,036		703		177,468		382,865
U.S. government agency securities	210,444		416		(7)		210,853		12,999		161,207		36,647
Commercial paper	129,818		1		(1)		129,818		17,497		112,321		—
Asset-backed securities	55,182		26		(23)		55,185		—		8,272		46,913
Foreign and other	3,114		150		(6)		3,258		—		3,065		193
Subtotal	1,250,297		1,823		(235)		1,251,885		322,934		462,333		466,618
Total	$	1,544,506	$	1,823	$	(235)	$	1,546,094	$	617,143	$	462,333	$	466,618


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	370,325	$	—	$	—	$	370,325	$	370,325	$	—	$	—

Level 2:
Money market instruments	264,833		—		—		264,833		264,833		—		—
Corporate debt securities	413,137		3,261		(8)		416,390		—		220,551		195,839

U.S. government agency securities	265,298		1,555		(1)		266,852		14,000		192,488		60,364
Asset-backed securities	31,659		85		(2)		31,742		—		3,189		28,553
Foreign and other	549		168		—		717		—		—		717
Subtotal	975,476		5,069		(11)		980,534		278,833		416,228		285,473
Total	$	1,345,801	$	5,069	$	(11)	$	1,350,859	$	649,158	$	416,228	$	285,473

(1) The Company’s short-term marketable securities mature in one year or less.

(2) The Company’s long-term marketable securities mature between one and five years.

As of September 30, 2021, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.

The Company has certain investments in non-marketable equity securities, measured using unobservable valuation inputs and remeasured on a nonrecurring basis, which are collectively considered strategic investments. As of September 30, 2021 and

December 31, 2020, the fair value of the Company’s strategic investments was $16.3 million and $10.5 million, respectively. These investments were recorded in Other Assets in the Company’s Condensed Consolidated Balance Sheets.