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MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2021

Cash and Cash Equivalents [Abstract]

Schedule of cash and cash equivalents

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

Schedule of restricted cash and cash equivalents

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

Schedule of available-for-sale securities

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.

Schedule of contractual maturities of available-for-sale investments

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

Schedule of gross unrealized losses and fair values of investments in an unrealized loss position

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)

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