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MARKETABLE SECURITIES | 9 Months Ended
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Sep. 30, 2021
Cash and Cash Equivalents [Abstract] |
MARKETABLE SECURITIES | MARKETABLE SECURITIES The following table sets forth the Company’s cash, cash equivalents, restricted cash, and marketable securities at September 30, 2021 and December 31, 2020:
(In thousands) |  | September 30, 2021 |  | December 31, 2020
Cash, cash equivalents, and restricted cash |  |  |  |
Cash and money market |  | $ | 273,779 |  |  | $ | 901,294 |
Cash equivalents |  | — |  |  | 589,994 |
Restricted cash |  | 297 |  |  | 306 |
Total cash, cash equivalents, and restricted cash |  | 274,076 |  |  | 1,491,594 |
Marketable securities |  |  |  |
Available-for-sale debt securities |  | 941,620 |  |  | 347,178 |
Equity securities |  | 3,068 |  |  | 1,521 |
Total marketable securities |  | 944,688 |  |  | 348,699 |
Total cash and cash equivalents, restricted cash and marketable securities |  | $ | 1,218,764 |  |  | $ | 1,840,293 |
Available-for-sale debt securities at September 30, 2021 consisted of the following:
(In thousands) |  | Amortized Cost |  | Gains in Accumulated Other Comprehensive Income (Loss) (1) |  | Losses in Accumulated Other Comprehensive Income (Loss) (1) |  | Estimated Fair Value
Marketable securities |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 368,662 |  |  | $ | 213 |  |  | $ | (43) |  |  | $ | 368,832 |
U.S. government agency securities |  | 276,146 |  |  | 19 |  |  | (84) |  |  | 276,081 |
Certificates of deposit |  | 175,508 |  |  | 35 |  |  | (1) |  |  | 175,542 |
Commercial paper |  | 10,000 |  |  | 1 |  |  | — |  |  | 10,001 |
Asset backed securities |  | 111,171 |  |  | 11 |  |  | (18) |  |  | 111,164 |
Total available-for-sale securities |  | $ | 941,487 |  |  | $ | 279 |  |  | $ | (146) |  |  | $ | 941,620 |
______________ (1)Gains and losses in accumulated other comprehensive income (loss) (“AOCI”) are reported before tax impact. Available-for-sale debt securities at December 31, 2020 consisted of the following:
(In thousands) |  | Amortized Cost |  | Gains in Accumulated Other Comprehensive Income (Loss) (1) |  | Losses in Accumulated Other Comprehensive Income (Loss) (1) |  | Estimated Fair Value
Cash equivalents |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 589,986 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 589,994 |
Total cash equivalents |  | 589,986 |  |  | 8 |  |  | — |  |  | 589,994 |
Marketable securities |  |  |  |  |  |  |  |
U.S. government agency securities |  | 207,119 |  |  | 52 |  |  | — |  |  | 207,171 |
Asset backed securities |  | 7,070 |  |  | 24 |  |  | — |  |  | 7,094 |
Corporate bonds |  | 132,301 |  |  | 612 |  |  | — |  |  | 132,913 |
Total marketable securities |  | 346,490 |  |  | 688 |  |  | — |  |  | 347,178 |
Total available-for-sale securities |  | $ | 936,476 |  |  | $ | 696 |  |  | $ | — |  |  | $ | 937,172 |
______________ (1)Gains and losses in AOCI are reported before tax impact. The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at September 30, 2021:
|  | Due one year or less |  | Due after one year through five years
(In thousands) |  | Cost |  | Fair Value |  | Cost |  | Fair Value
Marketable securities |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 7,049 |  |  | $ | 7,067 |  |  | $ | 269,097 |  |  | $ | 269,014 |
Corporate bonds |  | 235,977 |  |  | 236,101 |  |  | 132,685 |  |  | 132,731 |
Certificates of deposit |  | 175,508 |  |  | 175,542 |  |  | — |  |  | — |
Asset backed securities |  | — |  |  | — |  |  | 111,171 |  |  | 111,164 |
Commercial paper |  | 10,000 |  |  | 10,001 |  |  | — |  |  | — |
Total |  | $ | 428,534 |  |  | $ | 428,711 |  |  | $ | 512,953 |  |  | $ | 512,909 |
The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of September 30, 2021, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
|  | Less than one year |  | One year or greater |  | Total
(In thousands) |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 155,043 |  |  | $ | (43) |  |  | $ | — |  |  | $ | — |  |  | $ | 155,043 |  |  | $ | (43) |
Certificates of deposit |  | 15,650 |  |  | (1) |  |  | — |  |  | — |  |  | 15,650 |  |  | (1) |
Asset backed securities |  | 81,478 |  |  | (18) |  |  | — |  |  | — |  |  | 81,478 |  |  | (18) |
U.S. government agency securities |  | 259,019 |  |  | (84) |  |  | — |  |  | — |  |  | 259,019 |  |  | (84) |
Total available-for-sale securities |  | $ | 511,190 |  |  | $ | (146) |  |  | $ | — |  |  | $ | — |  |  | $ | 511,190 |  |  | $ | (146) |
The Company evaluates investments that are in an unrealized loss position for impairment as a result of credit loss. It was determined that no credit losses exist as of September 30, 2021 and December 31, 2020, because the change in market value for those securities in an unrealized loss position has resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers. The realized gain recorded on available-for-sale debt securities was not material to the condensed consolidated statements of income for the three and nine months ended September 30, 2021 and 2020. The Company recorded a loss of $4.5 million and $1.9 million from its equity securities for the three and nine months ended September 30, 2021 as compared to a gain of $33,000 and a loss of $0.3 million for the three and nine months ended September 30, 2020. The gains and losses recorded are included in investment income (expense), net in the Company’s condensed consolidated statements of operations.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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