Marketable Securities

12 Months Ended

Dec. 31, 2020

Investments Debt And Equity Securities [Abstract]

3. Marketable Securities

A summary of the Company’s cash equivalents and marketable securities, which are recorded at fair value (and excludes $395.1 million of cash at December 31, 2020) is shown below (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	742,958	$	—	$	—		$	742,958
Corporate debt securities		2,526		1		(24	)		2,503
Certificates of deposit		12,527		—		—			12,527
Commercial paper		15,549		—		—			15,549
Total cash equivalents		773,560		1		(24	)		773,537
Marketable securities:
U.S. Treasury securities		47,976		3		—			47,979
Corporate debt securities		324,569		43		(156	)		324,456
Certificates of deposit		25,162		—		—			25,162
Government-sponsored enterprise securities		33,738		5		(2	)		33,741
Commercial paper		90,375		—		—			90,375
Total marketable securities		521,820		51		(158	)		521,713
Total cash equivalents and marketable securities	$	1,295,380	$	52	$	(182	)	$	1,295,250

The amortized cost of all cash equivalents as of December 31, 2019 approximated fair value and the Company did not hold any marketable securities as of December 31, 2019.

As of December 31, 2020, the aggregate fair value of marketable securities that were in an unrealized loss position for less than twelve months was $280.3 million. As of December 31, 2020, no marketable securities were in an unrealized loss position for more than twelve months. The Company has recorded a net unrealized loss of $0.1 million during the year ended December 31, 2020 related to its marketable securities, which is included in comprehensive (loss) income on the consolidated statements of operations and comprehensive (loss) income.

The Company determined that there was no material change in the credit risk of the above investments. As such, an allowance for credit losses was not recognized. As of December 31, 2020, the Company does not intend to sell such securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases. No marketable securities held as of December 31, 2020 had remaining maturities greater than two years.