MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2021

Cash and Cash Equivalents [Abstract]

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.