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CASH EQUIVALENTS AND MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
CASH EQUIVALENTS AND MARKETABLE SECURITIES 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
December 31, 2021
Assets
Cash equivalents:
Money market funds$119,919 $— $— $119,919 
Total119,919 — — 119,919 
Marketable securities:
U.S. government-sponsored entity debt securities30,700 1 (87)30,614 
Commercial paper securities105,792 7 (42)105,757 
Corporate debt securities33,723 1 (42)33,682 
Certificates of deposit45,116 1 (26)45,091 
Asset-backed securities70,807 1 (107)70,701 
Total286,138 11 (304)285,845 
Total cash equivalents and marketable securities$406,057 $11 $(304)$405,764 
December 31, 2020
Assets
Cash equivalents:
Money market funds$53,165 $— $— $53,165 
Total53,165 — — 53,165 
Marketable securities:
U.S. government-sponsored entity debt securities257,284 19 (5)257,298 
Commercial paper securities213,500 41 (8)213,533 
Corporate debt securities59,575 16 (17)59,574 
Certificates of deposit12,311 — — 12,311 
Asset-backed securities17,905 10 (7)17,908 
Total560,575 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):
December 31,
20212020
Maturing in one year or less$197,676 $510,094 
Maturing after one year through five years88,169 50,530 
Total$285,845 $560,624 
Realized gains and losses on the sales of investments were insignificant during the years ended December 31, 2021, 2020 and 2019.
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 years ended December 31, 2021, 2020, or 2019.
The Company had unrealized losses related to its marketable securities for the years ended December 31, 2021, 2020 and 2019. The Company had no material unrealized losses, individually and in the aggregate, for marketable securities that are in a continuous unrealized loss position for greater than 12 months as of December 31, 2021 and 2020. Based on the scheduled maturities of its investments, the Company determined that it was more likely than not that it will hold these investments for a
period of time sufficient for a recovery of its cost basis. Total unrealized gains for securities with net gains in AOCI were not material for fiscal 2021. These unrealized losses were not attributed to credit risk and were associated with changes in market conditions. The Company periodically reviews its marketable securities for indications of credit 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, the Company determined that no allowance for credit losses related to its marketable securities was required at either December 31, 2021 or 2020.