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Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Summary of Cash Equivalents and Marketable Securities Recorded at Fair Value

A summary of the Company’s cash equivalents and marketable securities as of December 31, 2021 and 2020, which are recorded at fair value (and excludes $405.6 million and $395.1 million of cash at December 31, 2021 and 2020, respectively) is shown below (in thousands):

 

December 31, 2021

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

507,386

 

 

$

—

 

 

$

—

 

 

$

507,386

 

Corporate debt securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Certificates of deposit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

9,997

 

 

 

—

 

 

 

(1

)

 

 

9,996

 

Total cash equivalents

 

 

517,383

 

 

 

—

 

 

 

(1

)

 

 

517,382

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

16,238

 

 

 

6

 

 

 

(52

)

 

 

16,192

 

Corporate debt securities

 

 

1,173,659

 

 

 

10

 

 

 

(4,903

)

 

 

1,168,766

 

Certificates of deposit

 

 

45,164

 

 

 

—

 

 

 

—

 

 

 

45,164

 

Government-sponsored enterprise securities

 

 

13,334

 

 

 

—

 

 

 

(77

)

 

 

13,257

 

Commercial paper

 

 

212,805

 

 

 

—

 

 

 

(86

)

 

 

212,719

 

Total marketable securities

 

 

1,461,200

 

 

 

16

 

 

 

(5,118

)

 

 

1,456,098

 

Total cash equivalents and marketable securities

 

$

1,978,583

 

 

$

16

 

 

$

(5,119

)

 

$

1,973,480

 

 

December 31, 2020

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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