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Marketable Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

The following tables summarize the fair values of the Company’s marketable securities (in thousands):

	December 31, 2021
	Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
U.S. treasury securities	$	446,878			$	-			$	(443	)		$	446,435
Corporate notes and bonds		125,845				5				(246	)			125,604
U.S. agency obligations		54,122				-				(115	)			54,007
Commercial paper		10,995				-				-				10,995
Municipal bonds		3,045				-				(1	)			3,044
Total marketable securities	$	640,885			$	5			$	(805	)		$	640,085

	December 31, 2020
	Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
Corporate notes and bonds	$	155,401			$	360			$	(21	)		$	155,740
Commercial paper		63,503				27				(24	)			63,506
U.S. agency obligations		32,520				-				(10	)			32,510
Total marketable securities	$	251,424			$	387			$	(55	)		$	251,756

Realized gains and losses were not material for the years ended December 31, 2021, 2020, and 2019. Marketable securities in an unrealized loss position had a fair value of $618.3 million and an immaterial amount of unrealized losses as of December 31, 2021, and a fair value of $91.5 million and an immaterial amount of unrealized losses as of December 31, 2020. No marketable securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2021 and 2020.

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):

	December 31, 2021								December 31, 2020
	Amortized Cost				Fair Value				Amortized Cost				Fair Value
Due within one year	$	488,565			$	488,256			$	180,320			$	180,520
Due after one year through five years		152,320				151,829				71,104				71,236
Total	$	640,885			$	640,085			$	251,424			$	251,756

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2176304

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)

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