Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

The fair value and amortized cost of cash equivalents and marketable securities by major security type as of September 30, 2021 and December 31, 2020 are as follows (in thousands):


	September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds	$	331,349	$	-	$	-		$	331,349
U.S. Treasury securities		249,817		41		(97	)		249,761
U.S. government agency securities		103,950		25		(14	)		103,961
Corporate debt securities		230,724		6		(26	)		230,704
Total cash equivalents and marketable securities	$	915,840	$	72	$	(137	)	$	915,775


Classified as:	Fair Value
Cash equivalents	$	372,847
Short-term marketable securities		225,417
Long-term marketable securities		317,511
Total cash equivalents and marketable securities	$	915,775


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds	$	50,513	$	-	$	-		$	50,513
U.S. Treasury securities		202,674		27		-			202,701
U.S. government agency securities		205,558		207		(1	)		205,764
Corporate debt securities		211,086		34		(11	)		211,109
Total cash equivalents and marketable securities	$	669,831	$	268	$	(12	)	$	670,087


Classified as:	Fair Value
Cash equivalents	$	117,879
Short-term marketable securities		472,213
Long-term marketable securities		79,995
Total cash equivalents and marketable securities	$	670,087

As of September 30, 2021 and December 31, 2020 the fair value of securities held by the Company in an unrealized loss position was $312.5 million and $132.6 million, respectively, and as of September 30, 2021 and December 31, 2020, securities held by the Company in an unrealized loss position have been in the continuous loss position for less than 12 months. The Company determined that there was no material change in the credit risk of the above investments during the three and nine months ended September 30, 2021. As such, an allowance for credit losses has not been recognized. As of September 30, 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 prior to the recovery of the amortized cost basis. Gross realized gains and losses were de minimis for the three and nine months ended September 30, 2021 and 2020 and as a result, amounts reclassified out of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2021 and 2020 were also de minimis.

As of September 30, 2021 and December 31, 2020, all of the Company’s marketable securities had a maturity date of two years or less, were available for use and were classified as available-for-sale.