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CASH EQUIVALENTS AND MARKETABLE SECURITIES | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
CASH EQUIVALENTS AND MARKETABLE SECURITIES | CASH EQUIVALENTS AND MARKETABLE SECURITIES The table below summarizes the Company’s cash equivalents and marketable securities (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value
September 30, 2021 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 124,592 |  |  | $ | — |  |  | $ | — |  |  | $ | 124,592 |
Total | 124,592 |  |  | — |  |  | — |  |  | 124,592 |
Marketable securities: |  |  |  |  |  |  |
U.S. government-sponsored entity debt securities | 87,159 |  |  | 12 |  |  | (4) |  |  | 87,167 |
Commercial paper securities | 98,046 |  |  | 24 |  |  | (5) |  |  | 98,065 |
Corporate debt securities | 33,697 |  |  | 3 |  |  | (6) |  |  | 33,694 |
Asset-backed securities | 74,350 |  |  | 7 |  |  | (31) |  |  | 74,326 |
Certificate of deposits | 48,828 |  |  | 11 |  |  | (1) |  |  | 48,838 |
Total | 342,080 |  |  | 57 |  |  | (47) |  |  | 342,090 |
Total cash equivalents and marketable securities | $ | 466,672 |  |  | $ | 57 |  |  | $ | (47) |  |  | $ | 466,682 |
December 31, 2020 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 53,165 |  |  | $ | — |  |  | $ | — |  |  | $ | 53,165 |
Total | 53,165 |  |  | — |  |  | — |  |  | 53,165 |
Marketable securities: |  |  |  |  |  |  |
U.S. government-sponsored entity debt securities | 257,284 |  |  | 19 |  |  | (5) |  |  | 257,298 |
Commercial paper securities | 213,500 |  |  | 41 |  |  | (8) |  |  | 213,533 |
Corporate debt securities | 59,575 |  |  | 16 |  |  | (17) |  |  | 59,574 |
Asset-backed securities | 17,905 |  |  | 10 |  |  | (7) |  |  | 17,908 |
Certificate of deposits | 12,311 |  |  | — |  |  | — |  |  | 12,311 |
Total | 560,575 |  |  | 86 |  |  | (37) |  |  | 560,624 |
Total cash equivalents and marketable securities | $ | 613,740 |  |  | $ | 86 |  |  | $ | (37) |  |  | $ | 613,789 |
The fair value of marketable securities by contractual maturity were as follows (in thousands):
| September 30, 2021 |  | December 31, 2020
Maturing in one year or less | $ | 246,460 |  |  | $ | 510,094 |
Maturing after one year through five years | 95,630 |  |  | 50,530 |
Total | $ | 342,090 |  |  | $ | 560,624 |
The Company manages credit risk associated with its investment portfolio through its investment policy, which limits purchases to high-quality issuers and also limits the amount of its portfolio that can be invested in a single issuer. The Company did not record an allowance for credit losses or other impairment charges related to its marketable securities for the three and nine months ended September 30, 2021 and 2020. The Company had unrealized losses related to its marketable securities for the three and nine months ended September 30, 2021 and 2020. These unrealized losses were not attributed to credit risk and were associated with changes in market conditions. The Company periodically reviews its marketable securities for indications of credit losses. The Company considers factors such as the duration, the magnitude and the reason for the decline in value, the potential recovery period, creditworthiness of the issuers of the securities and its intent to sell. For marketable securities, it also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. Based on the Company’s review of these securities, including the assessment of the duration and severity of the unrealized losses and the Company’s ability and intent to hold the investments until maturity, the Company determined that no allowance for credit losses related to its marketable securities was required at either September 30, 2021 or December 31, 2020.

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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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