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Marketable Securities
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

3. Marketable Securities

The following tables summarize the fair values of the Company’s marketable securities (in thousands):

 

 

June 30, 2022

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

U.S. treasury securities

$

1,163,041

 

 

$

45

 

 

$

(5,355

)

 

$

1,157,731

 

Corporate notes and bonds

 

137,334

 

 

 

10

 

 

 

(2,210

)

 

 

135,134

 

U.S. agency obligations

 

100,262

 

 

 

12

 

 

 

(1,794

)

 

 

98,480

 

Commercial paper

 

36,715

 

 

 

4

 

 

 

(205

)

 

 

36,514

 

Total marketable securities

$

1,437,352

 

 

$

71

 

 

$

(9,564

)

 

$

1,427,859

 

 

 

December 31, 2021

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

U.S. treasury securities

$

446,878

 

 

$

-

 

 

$

(443

)

 

$

446,435

 

Corporate notes and bonds

 

125,845

 

 

 

5

 

 

 

(246

)

 

 

125,604

 

U.S. agency obligations

 

54,122

 

 

 

-

 

 

 

(115

)

 

 

54,007

 

Commercial paper

 

10,995

 

 

 

-

 

 

 

-

 

 

 

10,995

 

Municipal bonds

 

3,045

 

 

 

-

 

 

 

(1

)

 

 

3,044

 

Total marketable securities

$

640,885

 

 

$

5

 

 

$

(805

)

 

$

640,085

 

 

Realized gains and losses were not material for the three and six months ended June 30, 2022 and 2021. No marketable securities were in a continuous unrealized loss position for more than twelve months as of June 30, 2022 and December 31, 2021. Available-for-sale marketable securities in an unrealized loss position had a fair value of $1,380.1 million and $618.3 million as of June 30, 2022 and December 31, 2021, respectively. The Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The Company determined that the decline in fair value of these securities was not due to credit-related factors, and no allowance for expected credit losses was recorded as of June 30, 2022.

 

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):

 

 

June 30, 2022

 

 

Amortized Cost

 

 

Fair Value

 

Due within one year

$

1,235,817

 

 

$

1,229,767

 

Due after one year through five years

 

201,535

 

 

 

198,092

 

Total

$

1,437,352

 

 

$

1,427,859