XML 26 R16.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Company's Cash Equivalents and Marketable Securities

 

The following tables summarize the Company’s cash equivalents and marketable securities as of March 31, 2022 and December 31, 2021.

 

 

 

March 31, 2022

 

 

 

Total

 

 

Quoted

Prices in

Active

Markets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

170,827

 

 

$

170,827

 

 

$

—

 

 

$

—

 

International commercial paper

 

 

4,000

 

 

 

—

 

 

 

4,000

 

 

 

—

 

U.S. corporate bonds

 

 

2,721

 

 

 

—

 

 

 

2,721

 

 

 

—

 

Total cash equivalents

 

 

177,548

 

 

 

170,827

 

 

 

6,721

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

436,464

 

 

 

—

 

 

 

436,464

 

 

 

—

 

U.S. corporate bonds

 

 

568,109

 

 

 

—

 

 

 

568,109

 

 

 

—

 

International corporate bonds

 

 

200,209

 

 

 

—

 

 

 

200,209

 

 

 

—

 

U.S. commercial paper

 

 

75,228

 

 

 

—

 

 

 

75,228

 

 

 

—

 

International commercial paper

 

 

129,587

 

 

 

—

 

 

 

129,587

 

 

 

—

 

U.S. municipal securities

 

 

36,970

 

 

 

—

 

 

 

36,970

 

 

 

—

 

Total marketable securities

 

 

1,446,567

 

 

 

—

 

 

 

1,446,567

 

 

 

—

 

 

 

$

1,624,115

 

 

$

170,827

 

 

$

1,453,288

 

 

$

—

 

 

 

 

 

December 31, 2021

 

 

 

Total

 

 

Quoted

Prices in

Active

Markets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

289,440

 

 

$

289,440

 

 

$

—

 

 

$

—

 

U.S. commercial paper

 

 

2,000

 

 

 

—

 

 

 

2,000

 

 

 

—

 

International commercial paper

 

 

1,999

 

 

 

—

 

 

 

1,999

 

 

 

—

 

Total cash equivalents

 

 

293,439

 

 

 

289,440

 

 

 

3,999

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

324,532

 

 

 

—

 

 

 

324,532

 

 

 

—

 

U.S. corporate bonds

 

 

627,780

 

 

 

—

 

 

 

627,780

 

 

 

—

 

International corporate bonds

 

 

236,812

 

 

 

—

 

 

 

236,812

 

 

 

—

 

U.S. commercial paper

 

 

80,176

 

 

 

—

 

 

 

80,176

 

 

 

—

 

International commercial paper

 

 

142,335

 

 

 

—

 

 

 

142,335

 

 

 

—

 

U.S. municipal securities

 

 

36,428

 

 

 

—

 

 

 

36,428

 

 

 

—

 

Total marketable securities

 

 

1,448,063

 

 

 

—

 

 

 

1,448,063

 

 

 

—

 

 

 

$

1,741,502

 

 

$

289,440

 

 

$

1,452,062

 

 

$

—

 

Summary of Gross Unrealized Gains and Losses of Marketable Securities

The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities as of March 31, 2022 and December 31, 2021:

 

 

 

March 31, 2022

 

 

 

Amortized

Cost

 

 

Gross Unrealized

Gains

 

 

Gross Unrealized

Losses

 

 

Credit Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

441,082

 

 

$

3

 

 

$

(4,621

)

 

$

—

 

 

$

436,464

 

U.S. corporate bonds

 

 

572,189

 

 

 

10

 

 

 

(4,090

)

 

 

—

 

 

 

568,109

 

International corporate bonds

 

 

202,003

 

 

 

—

 

 

 

(1,794

)

 

 

—

 

 

 

200,209

 

U.S. commercial paper

 

 

75,309

 

 

 

—

 

 

 

(81

)

 

 

—

 

 

 

75,228

 

International commercial paper

 

 

129,703

 

 

 

—

 

 

 

(116

)

 

 

—

 

 

 

129,587

 

U.S. municipal securities

 

 

37,482

 

 

 

—

 

 

 

(512

)

 

 

—

 

 

 

36,970

 

 

 

$

1,457,768

 

 

$

13

 

 

$

(11,214

)

 

$

—

 

 

$

1,446,567

 

 

 

 

December 31, 2021

 

 

 

Amortized

Cost

 

 

Gross Unrealized

Gains

 

 

Gross Unrealized

Losses

 

 

Credit Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

325,514

 

 

$

—

 

 

$

(982

)

 

$

—

 

 

$

324,532

 

U.S. corporate bonds

 

 

628,836

 

 

 

27

 

 

 

(1,083

)

 

 

—

 

 

 

627,780

 

International corporate bonds

 

 

237,303

 

 

 

—

 

 

 

(491

)

 

 

—

 

 

 

236,812

 

U.S. commercial paper

 

 

80,194

 

 

 

—

 

 

 

(18

)

 

 

—

 

 

 

80,176

 

International commercial paper

 

 

142,358

 

 

 

—

 

 

 

(23

)

 

 

—

 

 

 

142,335

 

U.S. municipal securities

 

 

36,518

 

 

 

—

 

 

 

(90

)

 

 

—

 

 

 

36,428

 

 

 

$

1,450,723

 

 

$

27

 

 

$

(2,687

)

 

$

—

 

 

$

1,448,063