Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

The following is a summary of available-for-sale marketable securities held as of March 31, 2022 and December 31, 2021 (in thousands):


			Gross Unrealized						Classification on Balance Sheet
	Amortized Cost		Gains		Losses		Aggregate Fair Value		Short-Term Marketable Securities		Long-Term Marketable Securities
As of March 31, 2022


Corporate bonds	$	645,755	$	—	$	(17,750)	$	628,005	$	108,981	$	519,024
U.S. government agency obligations	272,133		—		(7,009)		265,124		19,306		245,818
	$	917,888	$	—	$	(24,759)	$	893,129	$	128,287	$	764,842

As of December 31, 2021

Commercial paper	$	25,056	$	—	$	(24)	$	25,032	$	25,032	$	—
Corporate bonds	1,268,991		1,191		(4,275)		1,265,907		459,012		806,895
U.S. government agency obligations	316,728		3		(1,281)		315,450		56,530		258,920
	$	1,610,775	$	1,194	$	(5,580)	$	1,606,389	$	540,574	$	1,065,815

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets as of March 31, 2022 and December 31, 2021 (in thousands):


	Total Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2
As of March 31, 2022
Cash Equivalents and Marketable Securities:
Money market funds	$	1,428	$	1,428	$	—


Corporate bonds	628,005		—		628,005
U.S. government agency obligations	265,124		—		265,124
Mutual funds	22,641		22,641		—
	$	917,198	$	24,069	$	893,129




As of December 31, 2021
Cash Equivalents and Marketable Securities:
Money market funds	$	109,313	$	109,313	$	—
Commercial paper	39,031		—		39,031
Corporate bonds	1,265,907		—		1,265,907

U.S. government agency obligations	315,450		—		315,450
Mutual funds	23,129		23,129		—
	$	1,752,830	$	132,442	$	1,620,388

Schedule of Contractual Maturities of Marketable Securities and Other Investment Related Assets

Contractual maturities of the Company’s available-for-sale marketable securities held as of March 31, 2022 and December 31, 2021 were as follows (in thousands):


	March 31, 2022		December 31, 2021
Due in 1 year or less	$	128,287	$	540,574
Due after 1 year through 5 years	764,842		1,065,815
	$	893,129	$	1,606,389