MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2020

Cash and Cash Equivalents [Abstract]

The following table sets forth the Company’s cash, cash equivalents, restricted cash, and marketable securities at September 30, 2020 and December 31, 2019:


(In thousands)	September 30, 2020		December 31, 2019
Cash, cash equivalents, and restricted cash
Cash and money market	$	456,701	$	146,932
Cash equivalents	349,977		30,322
Restricted cash (1)	291		274
Total cash, cash equivalents, and restricted cash	806,969		177,528
Marketable securities
Available-for-sale debt securities	474,906		144,685
Equity securities	1,418		1,716
Total marketable securities	476,324		146,401
Total cash and cash equivalents, restricted cash and marketable securities	$	1,283,293	$	323,929

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(1)Restricted cash is included in other long-term assets on the condensed consolidated balance sheets. There was no restricted cash at September 30, 2019.

Available-for-sale debt securities at September 30, 2020 consisted of the following:


(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (Loss)		Losses in Accumulated Other Comprehensive Income (Loss)		Estimated Fair Value
Cash equivalents
U.S. government agency securities	$	349,975	$	2	$	—	$	349,977
Total cash equivalents	349,975		2		—		349,977
Marketable securities
Corporate bonds	191,651		970		—		192,621
U.S. government agency securities	257,102		60		—		257,162
Certificates of deposit	10,000		1		—		10,001
Asset backed securities	15,071		51		—		15,122
Total marketable securities	473,824		1,082		—		474,906
Total available-for-sale securities	$	823,799	$	1,084	$	—	$	824,883

Available-for-sale debt securities at December 31, 2019 consisted of the following:


(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (Loss)		Losses in Accumulated Other Comprehensive Income (Loss)		Estimated Fair Value
Cash equivalents
U.S. government agency securities	$	30,320	$	2	$	—	$	30,322
Total cash equivalents	30,320		2		—		30,322
Marketable securities
U.S. government agency securities	140,745		10		(73)		140,682
Corporate bonds	4,017		—		(14)		4,003
Total marketable securities	144,762		10		(87)		144,685
Total available-for-sale securities	$	175,082	$	12	$	(87)	$	175,007

The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at September 30, 2020:


	Due one year or less						Due after one year through four years
(In thousands)	Cost		Fair Value		Cost		Fair Value
Cash equivalents
U.S. government agency securities	$	349,975	$	349,977	$	—	$	—
Total cash equivalents	349,975		349,977		—		—
Marketable securities
U.S. government agency securities	249,943		249,949		7,159		7,213
Corporate bonds	148,903		149,409		42,748		43,212
Certificates of deposit	10,000		10,001		—		—
Asset backed securities	—		—		15,071		15,122
Total marketable securities	408,846		409,359		64,978		65,547
Total	$	758,821	$	759,336	$	64,978	$	65,547

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of September 30, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:


	Less than one year						One year or greater						Total
(In thousands)	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss (1)
Cash equivalents
U.S. government agency securities	$	49,996	$	—	$	—	$	—	$	49,996	$	—
Total cash equivalents	49,996		—		—		—		49,996		—
Marketable securities
U.S. government agency securities	24,994		—		—		—		24,994		—
Total marketable securities	24,994		—		—		—		24,994		—
Total available-for-sale securities	$	74,990	$	—	$	—	$	—	$	74,990	$	—

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(1)Available-for-sale debt securities in an unrealized loss position are insignificant as of September 30, 2020.

The Company evaluates investments, including investments in privately-held companies, that are in an unrealized loss position for impairment as a result of credit loss. It was determined that no credit losses exist as of September 30, 2020 and December 31, 2019 because the change in market value for those securities in an unrealized loss position has resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers. The Company recorded a realized gain on available-for-sale debt securities of $1,000 and $3.1 million for the three months ended September 30, 2020 and 2019, respectively, net of insignificant realized losses. The Company recorded a realized gain on available-for-sale debt securities of $0.1 million and $3.3 million for the nine months ended September 30, 2020 and 2019, respectively, net of insignificant realized losses.

The Company recorded a gain of $33,000 and a loss of $0.3 million from its equity securities for the three and nine months ended September 30, 2020 as compared to no gain or loss for the three and nine months ended September 30, 2019.

The gains and losses recorded are included in investment income, net in the Company’s condensed consolidated statements of operations.