CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2021

Cash And Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

6. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The following table summarizes the Company’s financial assets with maturities of less than 90 days from the date of purchase included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:

	As of September 30, 2021		As of December 31, 2020
	(in thousands)
Money market funds	$	1,287,292	$	629,440
Government and government agency bonds		—		602,058
Total	$	1,287,292	$	1,231,498

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company’s available-for-sale securities as of September 30, 2021 and December 31, 2020 was less than one month and approximately two months, respectively.

The following tables summarize the Company’s cash, cash equivalents and short-term investments as of the periods indicated:

	As of September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Cash and money market funds	$	1,599,113	$	—	$	—	$	1,599,113
Total cash, cash equivalents and investments	$	1,599,113	$	—	$	—	$	1,599,113
As reported:
Cash and cash equivalents	$	1,599,113	$	—	$	—	$	1,599,113
Total cash, cash equivalents and investments	$	1,599,113	$	—	$	—	$	1,599,113

	As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Cash and money market funds	$	900,590	$	—	$	—	$	900,590
Government and government agency bonds		1,037,959		22		—		1,037,981
Total cash, cash equivalents and investments	$	1,938,549	$	22	$	—	$	1,938,571
As reported:
Cash and cash equivalents	$	1,502,639	$	9	$	—	$	1,502,648
Short-term investments		435,910		13		—		435,923
Total cash, cash equivalents and investments	$	1,938,549	$	22	$	—	$	1,938,571