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Marketable Securities
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
Debt Securities
Debt securities are classified as available-for-sale and reported under marketable securities in the condensed consolidated balance sheets. The following table summarizes carrying amounts and fair values as of September 30, 2021 and December 31, 2020 (in thousands):
September 30, 2021
Amortized CostUnrealized GainsUnrealized LossesFair Value
Debt Securities:
U.S. treasury securities$97,587 $14 $(6)$97,595 
Corporate debt securities45,403 6 (34)45,375 
Total$142,990 $20 $(40)$142,970 
December 31, 2020
Amortized CostUnrealized GainsUnrealized LossesFair Value
Debt Securities:
U.S. treasury securities$50,087 $136 $— $50,223 
Corporate debt securities85,413 265 (5)85,673 
Asset-backed securities3,247 15 — 3,262 
Total$138,747 $416 $(5)$139,158 
The amortized cost and fair value of the debt securities based on contractual maturities are as follows (in thousands):
September 30, 2021
Amortized CostFair Value
Due within one year$68,687 $68,693 
Due after one year but within five years74,303 74,277 
Total$142,990 $142,970 
Equity Investments
Marketable equity investments consist of money market funds and corporate debt securities with original maturities of less than 90 days, and term bond mutual funds, and are measured at fair value. The cost of the money market funds and the corporate debt securities approximate fair value. The change in fair value of the term bond mutual funds is recorded in interest and other income, net in the condensed consolidated statements of operations.
Non-marketable equity investments represent the Company’s interest in privately held entities which have no readily determinable fair values. The Company carries these investments at cost, less impairment. In September 2021, the Company sold its interest in a privately held entity for proceeds totaling $24.0 million, resulting in a gain of $23.8 million, which was recorded in interest and other income, net, in the condensed consolidated statements of operations.
The types of equity investments are summarized in the following table (in thousands):
Condensed Consolidated Balance Sheets ClassificationSeptember 30,
2021		December 31,
2020
TypeDescription
Marketable equity investmentsMoney market fundsCash and cash equivalents$1,140,671 $56,474 
Marketable equity investmentsCorporate debt securitiesCash and cash equivalents3,000 — 
Marketable equity investmentsTerm bond mutual fundsMarketable securities3,622 3,575 
Non-marketable equity investmentsInvestments in equity securities without a readily determinable fair valueOther assets367 517 
$1,147,660 $60,566 
The following table summarizes the realized and unrealized gains recognized in the condensed consolidated statements of operations for the term bond mutual funds during the three and nine months ended September 30, 2021 and 2020 (amounts in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net gains recognized on marketable equity investments$35 $107 $100 $44 
Unrealized gains at the end of the period$35 $107 $100 $44