XML 22 R12.htm IDEA: XBRL DOCUMENT v3.22.2.2
Marketable Securities
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

5. Marketable securities

The following table summarizes the Company’s marketable securities held at September 30, 2022 (in thousands):

 

 

Amortized Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

Commercial paper

 

$

623,804

 

 

$

2

 

 

$

(2,471

)

 

$

621,335

 

Corporate notes

 

 

19,093

 

 

 

—

 

 

 

(172

)

 

 

18,921

 

U.S. Treasury securities

 

 

226,112

 

 

 

—

 

 

 

(1,792

)

 

 

224,320

 

U.S. Government securities

 

 

54,920

 

 

 

—

 

 

 

(241

)

 

 

54,679

 

Corporate equity securities

 

 

18,788

 

 

 

—

 

 

 

—

 

 

 

18,788

 

Total

 

$

942,717

 

 

$

2

 

 

$

(4,676

)

 

$

938,043

 

 

The following table summarizes the Company’s marketable securities held at December 31, 2021 (in thousands):

 

 

Amortized Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

Commercial paper

 

$

368,778

 

 

$

32

 

 

$

(67

)

 

$

368,743

 

Corporate notes

 

 

16,758

 

 

 

—

 

 

 

(15

)

 

 

16,743

 

Corporate equity securities

 

 

20,167

 

 

 

—

 

 

 

—

 

 

 

20,167

 

Total

 

$

405,703

 

 

$

32

 

 

$

(82

)

 

$

405,653

 

The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. At September 30, 2022, the balance in accumulated other comprehensive (loss) income was comprised solely of activity related to marketable securities. There were no realized gains or losses recognized on the sale or maturity of marketable securities for the three or nine months ended September 30, 2022 and 2021 and, as a result, the Company did not reclassify any amounts out of accumulated other comprehensive (loss) income for the same periods.

The Company holds debt securities of companies with high credit quality and has determined that there was no material change in the credit risk of any of its debt securities. The contractual maturity dates of all the investments are less than one year.