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Marketable Securities | 3 Months Ended
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Mar. 31, 2021
Investments Debt And Equity Securities [Abstract] |
Marketable Securities | 2. Marketable Securities The following table summarizes cash equivalents and marketable securities held at March 31, 2021 and December 31, 2020 (in thousands), which are recorded at fair value. The table below excludes $494.2 million and $395.1 million of cash at March 31, 2021 and December 31, 2020, respectively.
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 629,357 |  |  | $ | — |  |  | $ | — |  |  | $ | 629,357 |
Corporate debt securities |  |  | 2,533 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 2,532 |
Certificates of deposit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial paper |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total cash equivalents |  |  | 631,890 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 631,889 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate debt securities |  |  | 536,144 |  |  |  | 37 |  |  |  | (551 | ) |  |  | 535,630 |
Certificates of deposit |  |  | 54,273 |  |  |  | — |  |  |  | — |  |  |  | 54,273 |
Government-sponsored enterprise securities |  |  | 3,120 |  |  |  | — |  |  |  | (1 | ) |  |  | 3,119 |
Commercial paper |  |  | 87,120 |  |  |  | 2 |  |  |  | — |  |  |  | 87,122 |
Total marketable securities |  |  | 680,657 |  |  |  | 39 |  |  |  | (552 | ) |  |  | 680,144 |
Total cash equivalents and marketable securities |  | $ | 1,312,547 |  |  | $ | 40 |  |  | $ | (554 | ) |  | $ | 1,312,033 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 742,958 |  |  | $ | — |  |  | $ | — |  |  | $ | 742,958 |
Corporate debt securities |  |  | 2,526 |  |  |  | 1 |  |  |  | (24 | ) |  |  | 2,503 |
Certificates of deposit |  |  | 12,527 |  |  |  | — |  |  |  | — |  |  |  | 12,527 |
Commercial paper |  |  | 15,549 |  |  |  | — |  |  |  | — |  |  |  | 15,549 |
Total cash equivalents |  |  | 773,560 |  |  |  | 1 |  |  |  | (24 | ) |  |  | 773,537 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 47,976 |  |  |  | 3 |  |  |  | — |  |  |  | 47,979 |
Corporate debt securities |  |  | 324,569 |  |  |  | 43 |  |  |  | (156 | ) |  |  | 324,456 |
Certificates of deposit |  |  | 25,162 |  |  |  | — |  |  |  | — |  |  |  | 25,162 |
Government-sponsored enterprise securities |  |  | 33,738 |  |  |  | 5 |  |  |  | (2 | ) |  |  | 33,741 |
Commercial paper |  |  | 90,375 |  |  |  | — |  |  |  | — |  |  |  | 90,375 |
Total marketable securities |  |  | 521,820 |  |  |  | 51 |  |  |  | (158 | ) |  |  | 521,713 |
Total cash equivalents and marketable securities |  | $ | 1,295,380 |  |  | $ | 52 |  |  | $ | (182 | ) |  | $ | 1,295,250 |
As of March 31, 2021 and December 31, 2020, the aggregate fair value of marketable securities that were in an unrealized loss position for less than twelve months was $473.7 million and $280.3 million, respectively. As of March 31, 2021 and December 31, 2020, no marketable securities were in an unrealized loss position for more than twelve months. The Company has recorded a net unrealized loss of $0.4 million during the three months ended March 31, 2021 related to its debt securities, which is included in comprehensive loss on the condensed consolidated statements of operations and comprehensive loss. No unrealized losses related to debt securities were recorded during the three months ended March 31, 2020. The Company determined that there is no material credit risk associated with the above investments as of March 31, 2021. As such, an allowance for credit losses was not recognized. As of March 31, 2021, the Company does not intend to sell such securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. No available-for-sale debt securities held as of March 31, 2021 had remaining maturities greater than two years.

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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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