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Marketable Securities
 9 Months Ended
Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]  
Marketable Securities

3. Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of September 30, 2021 and December 31, 2020 at net book value:

 

 

 

September 30, 2021

 

 

 

Amortized
Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(In thousands)

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government securities

 

$

251,302

 

 

$

9

 

 

$

(69

)

 

$

251,242

 

Financial institution debt securities

 

 

395,052

 

 

 

12

 

 

 

(66

)

 

 

394,998

 

Corporate debt securities

 

 

32,099

 

 

 

-

 

 

 

(9

)

 

 

32,090

 

Other asset-backed securities

 

 

135,702

 

 

 

1

 

 

 

(51

)

 

 

135,652

 

Total

 

$

814,155

 

 

$

22

 

 

$

(195

)

 

$

813,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

Amortized
Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(In thousands)

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government securities

 

$

245,666

 

 

$

13

 

 

$

(11

)

 

$

245,668

 

Financial institution debt securities

 

 

138,445

 

 

 

6

 

 

 

(8

)

 

 

138,443

 

Corporate debt securities

 

 

41,765

 

 

 

3

 

 

 

(2

)

 

 

41,766

 

Other asset-backed securities

 

 

11,474

 

 

 

1

 

 

 

(1

)

 

 

11,474

 

Total

 

$

437,350

 

 

$

23

 

 

$

(22

)

 

$

437,351

 

 

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At September 30, 2021 and December 31, 2020, the balance in the Company’s accumulated other comprehensive (loss) income was composed of activity related to the Company’s available-for-sale marketable securities. There were no realized gains or losses in the nine months ended September 30, 2021 or for the year ended December 31, 2020. The Company did not reclassify any amounts out of accumulated other comprehensive (loss) income during this period. The Company did not have any securities in a material unrealized loss position at September 30, 2021 or December 31, 2020.

The Company's available-for-sale securities that are classified as short-term marketable securities in the condensed consolidated balance sheet mature within one year or less as of the balance sheet date. Available-for-sale securities that are classified as noncurrent in the condensed consolidated balance sheet are those that mature after one year but within five years from the balance sheet date and that the Company does not intend to dispose of within the next twelve months. At September 30, 2021 and December 31, 2020, the Company did not hold any investments that matured beyond five years of the balance sheet date.