XML 22 R10.htm IDEA: XBRL DOCUMENT v3.22.1
Cash Equivalents and Marketable Securities
 3 Months Ended
Mar. 31, 2022
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
The fair value and amortized cost of cash equivalents and marketable securities by major security type as of March 31, 2022 and December 31, 2021 are as follows (in thousands):
March 31, 2022
Amortized Cost Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Money market funds$103,842 $— $— $103,842 
U.S. Treasury securities315,497 5 (4,877)310,625 
U.S. government agency securities153,149 — (964)152,185 
Corporate debt securities263,823 1 (765)263,059 
Total cash equivalents and marketable securities$836,311 $6 $(6,606)$829,711 
Classified as:Fair Value
Cash equivalents$214,277 
Marketable securities391,316 
Marketable securities, non-current224,118 
Total cash equivalents and marketable securities$829,711 
December 31, 2021
Amortized Cost Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Money market funds$206,245 $— $— $206,245 
U.S. Treasury securities290,909 2 (1,205)289,706 
U.S. government agency securities93,864 2 (240)93,626 
Corporate debt securities285,338 — (182)285,156 
Total cash equivalents and marketable securities$876,356 $4 $(1,627)$874,733 
Classified as:Fair Value
Cash equivalents$270,236 
Marketable securities320,966 
Marketable securities, non-current283,531 
Total cash equivalents and marketable securities$874,733 
As of March 31, 2022 and December 31, 2021, the fair value of securities held by the Company in an unrealized loss position was $680.1 million and $602.9 million, respectively, and as of March 31, 2022 and December 31, 2021, securities held by the Company in an unrealized loss position have been in the continuous loss position for less than 12 months. The Company determined that there was no material change in the credit risk of the above investments during the three months ended March 31, 2022 and 2021. As such, an allowance for credit losses has not been recognized. The Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before recovery of their amortized cost basis. Gross realized gains and losses were de minimis for the three months ended March 31, 2022 and 2021 and as a result, amounts reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 were also de minimis.
As of March 31, 2022 and December 31, 2021, all of the Company’s marketable securities had a maturity date of two years or less, were available for use and were classified as available-for-sale. See Note 6, Fair Value Measurements, for additional information regarding cash equivalents and marketable securities.