XML 19 R10.htm IDEA: XBRL DOCUMENT v3.22.1
Marketable Securities
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

2. Marketable Securities

The following table summarizes cash equivalents and marketable securities held at March 31, 2022 and December 31, 2021 (in thousands), which are recorded at fair value. The table below excludes $138.8 million and $405.6 million of cash at March 31, 2022 and December 31, 2021, respectively.

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

416,688

 

 

$

—

 

 

$

—

 

 

$

416,688

 

Corporate debt securities

 

 

11,827

 

 

 

—

 

 

 

(3

)

 

 

11,824

 

Certificates of deposit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

116,606

 

 

 

1

 

 

 

(4

)

 

 

116,603

 

Total cash equivalents

 

 

545,121

 

 

 

1

 

 

 

(7

)

 

 

545,115

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

12,126

 

 

 

—

 

 

 

(269

)

 

 

11,857

 

Corporate debt securities

 

 

1,166,163

 

 

 

3

 

 

 

(15,982

)

 

 

1,150,184

 

Certificates of deposit

 

 

57,631

 

 

 

—

 

 

 

—

 

 

 

57,631

 

Government-sponsored enterprise securities

 

 

13,299

 

 

 

—

 

 

 

(236

)

 

 

13,063

 

Commercial paper

 

 

305,033

 

 

 

5

 

 

 

(418

)

 

 

304,620

 

Total marketable securities

 

 

1,554,252

 

 

 

8

 

 

 

(16,905

)

 

 

1,537,355

 

Total cash equivalents and marketable securities

 

$

2,099,373

 

 

$

9

 

 

$

(16,912

)

 

$

2,082,470

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

507,386

 

 

$

—

 

 

$

—

 

 

$

507,386

 

Corporate debt securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Certificates of deposit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

9,997

 

 

 

—

 

 

 

(1

)

 

 

9,996

 

Total cash equivalents

 

 

517,383

 

 

 

—

 

 

 

(1

)

 

 

517,382

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

16,238

 

 

 

6

 

 

 

(52

)

 

 

16,192

 

Corporate debt securities

 

 

1,173,659

 

 

 

10

 

 

 

(4,903

)

 

 

1,168,766

 

Certificates of deposit

 

 

45,164

 

 

 

—

 

 

 

—

 

 

 

45,164

 

Government-sponsored enterprise securities

 

 

13,334

 

 

 

—

 

 

 

(77

)

 

 

13,257

 

Commercial paper

 

 

212,805

 

 

 

—

 

 

 

(86

)

 

 

212,719

 

Total marketable securities

 

 

1,461,200

 

 

 

16

 

 

 

(5,118

)

 

 

1,456,098

 

Total cash equivalents and marketable securities

 

$

1,978,583

 

 

$

16

 

 

$

(5,119

)

 

$

1,973,480

 

 

As of March 31, 2022 and December 31, 2021, the aggregate fair value of marketable securities that were in an unrealized loss position for less than twelve months was $534.9 million and $1,311.6 million, respectively. As of March 31, 2022 and December 31, 2021, the aggregate fair value of marketable securities that were in an unrealized loss position for more than twelve months was $9.5 million and $4.6 million, respectively. The Company has recorded a net unrealized loss of $11.8 million and $0.4 million during the three months ended March 31, 2022 and 2021 respectively, related to its debt securities, which is included in comprehensive loss on the condensed consolidated statements of operations and comprehensive loss.

The Company determined that there is no material credit risk associated with the above investments as of March 31, 2022. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities for the three months ended March 31, 2022 and 2021. No available-for-sale debt securities held as of March 31, 2022 had remaining maturities greater than thirty months.