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Investments | 9 Months Ended
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Sep. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Investments |
5. | Investments
Available-for-sale investments consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands):
|  | September 30, 2021 |
|  | Amortized Cost |  |  | Unrealized Gain |  |  | Unrealized Loss |  |  | Estimated Fair Value |
Short-term marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 277,331 |  |  | $ | 87 |  |  | $ | — |  |  | $ | 277,418 |
Corporate bonds |  |  | 15,225 |  |  |  | 1 |  |  |  | (5 | ) |  |  | 15,221 |
Total short-term marketable securities |  | $ | 292,556 |  |  | $ | 88 |  |  | $ | (5 | ) |  | $ | 292,639 |
Long-term marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 204,694 |  |  | $ | 6 |  |  | $ | (74 | ) |  | $ | 204,626 |
Corporate bonds |  |  | 12,761 |  |  |  | — |  |  |  | (8 | ) |  |  | 12,753 |
Total long-term marketable securities |  | $ | 217,455 |  |  | $ | 6 |  |  | $ | (82 | ) |  | $ | 217,379 |
|  | December 31, 2020 |
|  | Amortized Cost |  |  | Unrealized Gain |  |  | Unrealized Loss |  |  | Estimated Fair Value |
Short-term marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 552,539 |  |  | $ | 723 |  |  | $ | (10 | ) |  | $ | 553,252 |
Corporate bonds |  |  | 11,497 |  |  |  | 86 |  |  |  | (2 | ) |  |  | 11,581 |
Total short-term marketable securities |  | $ | 564,036 |  |  | $ | 809 |  |  | $ | (12 | ) |  | $ | 564,833 |
Long-term marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government debt securities |  | $ | 118,429 |  |  | $ | 98 |  |  | $ | (2 | ) |  | $ | 118,525 |
Total long-term marketable securities |  | $ | 118,429 |  |  | $ | 98 |  |  | $ | (2 | ) |  | $ | 118,525 |
All the U.S. government debt securities and corporate bonds designated as short-term marketable securities have an effective maturity date that is equal to or less than one year from the respective balance sheet date. Those that are designated as long-term marketable securities have an effective maturity date that is more than one year from the respective balance sheet date. Accrued interest receivable is excluded from the amortized cost and estimated fair value of our marketable securities. Accrued interest receivable of $2.0 million and $2.5 million were presented separately within the prepaid expenses and other current assets line item on our unaudited condensed consolidated balance sheet as of September 30, 2021 and on our condensed consolidated balance sheet as of December 31, 2020, respectively. The following table presents the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time individual securities have been in a continuous loss position, as of September 30, 2021 (in thousands):
|  | Less Than 12 Months |  |  | 12 Months Or Greater |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. government debt securities |  | $ | 163,664 |  |  | $ | (74 | ) |  | $ | — |  |  | $ | — |
Corporate bonds |  |  | 22,888 |  |  |  | (13 | ) |  |  | — |  |  |  | — |
Total available-for-sale securities |  | $ | 186,552 |  |  | $ | (87 | ) |  | $ | — |  |  | $ | — |
We periodically review our available-for-sale securities to assess for credit impairment. Some of the factors considered in assessing impairment include the extent to which the fair value is less than the amortized cost basis, adverse conditions related to the security, an industry or geographic area, changes to security ratings or sector credit ratings and other relevant market data. As of September 30, 2021, we did not intend, nor were we more likely than not to be required, to sell our available-for-sale investments before the recovery of their amortized cost basis, which may be maturity. Based on our assessment, we concluded all impairment as of September 30, 2021 to be due to factors other than credit loss, such as changes in interest rates. A credit allowance was not recognized and the impairment of our available-for-sale securities was recorded in other comprehensive loss.

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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) + Details
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