Marketable Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

The Company invests its excess cash in marketable securities, including debt instruments of financial institutions, corporations with investment grade credit ratings, commercial paper and government agencies.

At June 30, 2022, marketable securities consisted of the following (in thousands):

	Maturity	Amortized		Unrealized
	in Years	Cost		Gains		Losses			Fair Value
U.S. Treasuries	2 years or less	$	348,544	$	—	$	(5,372	)	$	343,172
U.S. Government agency securities	2 years or less		87,115		—		(839	)		86,276
Non-U.S. Government agency securities	2 years or less		13,643		—		(184	)		13,459
Corporate debt securities	2 years or less		51,944		—		(461	)		51,483
Commercial paper	Less than 1		33,749		—		—			33,749
Total marketable securities		$	534,995	$	—	$	(6,856	)	$	528,139

At December 31, 2021, marketable securities consisted of the following (in thousands):

	Maturity	Amortized		Unrealized
	in Years	Cost		Gains		Losses			Fair Value
U.S. Treasuries	2 years or less	$	305,763	$	1	$	(1,006	)	$	304,758
U.S. Government agency securities	2 years or less		151,047		—		(180	)		150,867
Non-U.S. Government agency securities	2 years or less		23,787		—		(49	)		23,738
Corporate debt securities	2 years or less		74,391		5		(56	)		74,340
Total marketable securities		$	554,988	$	6	$	(1,291	)	$	553,703

The Company segments its portfolio based on the underlying risk profiles of their current securities being held. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, current and expected future economic conditions. As of June 30, 2022 and December 31, 2021, the Company did not record an allowance for credit loss related to its investment portfolio.