CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

CASH EQUIVALENTS AND MARKETABLE SECURITIES

The table below summarizes the Company’s cash equivalents and marketable securities (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
March 31, 2021
Assets
Cash equivalents:
Money market funds	$	47,635	$	—	$	—	$	47,635

Total	47,635		—		—		47,635
Marketable securities:
Commercial paper securities	177,101		53		—		177,154
Corporate debt securities	39,031		5		(14)		39,022
Certificate of deposits	11,495		—		(1)		11,494
Asset-backed securities	36,419		7		(16)		36,410
U.S. government-sponsored entity debt securities	242,401		59		—		242,460
Total	506,447		124		(31)		506,540
Total cash equivalents and marketable securities	$	554,082	$	124	$	(31)	$	554,175

December 31, 2020
Assets
Cash equivalents:
Money market funds	$	53,165	$	—	$	—	$	53,165
Total	53,165		—		—		53,165
Marketable securities:
Commercial paper securities	213,500		41		(8)		213,533
Corporate debt securities	59,575		16		(17)		59,574
Certificate of deposits	12,311		—		—		12,311
Asset-backed securities	17,905		10		(7)		17,908
U.S. government-sponsored entity debt securities	257,284		19		(5)		257,298
Total	560,575		86		(37)		560,624
Total cash equivalents and marketable securities	$	613,740	$	86	$	(37)	$	613,789

The fair value of marketable securities by contractual maturity were as follows (in thousands):


	March 31, 2021		December 31, 2020
Maturing in one year or less	$	464,109	$	510,094
Maturing after one year through five years	42,431		50,530
Total	$	506,540	$	560,624

The Company manages credit risk associated with its investment portfolio through its investment policy, which limits purchases to high-quality issuers and also limits the amount of its portfolio that can be invested in a single issuer. The Company did not record an allowance for credit losses or other impairment charges related to its marketable securities for the three months ended March 31, 2021 and 2020.

The Company had unrealized losses related to its marketable securities for the three months ended March 31, 2021 and 2020. These unrealized losses were not attributed to credit risk and were associated with changes in market conditions. The Company periodically reviews the marketable securities for other-than-temporary impairment losses. The Company considers factors such as the duration, the magnitude and the reason for the decline in value, the potential recovery period, creditworthiness of the issuers of the securities and its intent to sell. For marketable securities, it also considers whether (i) it is more likely than

not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. Based on the Company’s review of these securities, including the assessment of the duration and severity of the unrealized losses and the Company’s ability and intent to hold the investments until maturity, there were no other-than-temporary impairments for these marketable securities at either March 31, 2021 or December 31, 2020.