Marketable Securities and Equity Investments

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Marketable Securities and Equity Investments

A summary of the Company’s cash equivalents and marketable securities, which are recorded at fair value (and do not include $2.4 billion and $2.8 billion of cash as of June 30, 2021 and December 31, 2020, respectively), is shown below:


	As of June 30, 2021								As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	3,674,645	$	—	$	—	$	3,674,645	$	3,141,053	$	—	$	—	$	3,141,053
Commercial paper	2,000		—		—		2,000		—		—		—		—
Total cash equivalents	$	3,676,645	$	—	$	—	$	3,676,645	$	3,141,053	$	—	$	—	$	3,141,053
Marketable securities:
U.S. Treasury securities	$	16,226	$	—	$	(6)	$	16,220	$	—	$	—	$	—	$	—
Government-sponsored enterprise securities	62,356		19		—		62,375		80,046		17		—		80,063
Corporate debt securities	135,770		46		(33)		135,783		231,263		377		(42)		231,598
Commercial paper	275,807		43		(8)		275,842		163,286		19		(37)		163,268
Total marketable debt securities	490,159		108		(47)		490,220		474,595		413		(79)		474,929
Corporate equity securities	51,427		102,668		—		154,095		51,427		144,354		—		195,781
Total marketable securities	$	541,586	$	102,776	$	(47)	$	644,315	$	526,022	$	144,767	$	(79)	$	670,710

Available-for-sale debt securities were classified on the Company's condensed consolidated balance sheets at fair value as follows:


	As of June 30, 2021		As of December 31, 2020
	(in thousands)
Cash and cash equivalents	$	3,676,645	$	3,141,053
Marketable securities	490,220		474,929
Total	$	4,166,865	$	3,615,982

Available-for-sale debt securities by contractual maturity were as follows:


	As of June 30, 2021		As of December 31, 2020
	(in thousands)
Matures within one year	$	4,131,731	$	3,526,185
Matures after one year through five years	35,134		89,797
Total	$	4,166,865	$	3,615,982

The Company has a limited number of available-for-sale debt securities in insignificant loss positions as of June 30, 2021, which it does not intend to sell and has concluded it will not be required to sell before recovery of the amortized costs for the investments at maturity. The Company did not record any charges for other-than-temporary declines in the fair value of available-for-sale debt securities or gross realized gains or losses in the three and six months ended June 30, 2021 and 2020.

The Company records changes in the fair value of its investments in corporate equity securities to “Other income (expense), net” on its condensed consolidated statements of operations. During the three and six months ended June 30, 2021 and 2020, the Company’s net unrealized gains (losses) on corporate equity securities held at the conclusion of each period were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Net unrealized gains (losses)	$	10,609	$	85,511	$	(41,686)	$	35,191

During the six months ended June 30, 2020, the Company received proceeds of $127.9 million related to the sale of the common stock of publicly traded companies, which had a total original weighted-average cost basis of $46.8 million. There were no sales of the common stock of publicly traded companies during the six months ended June 30, 2021.

As of June 30, 2021, the carrying value of the Company’s equity investments without readily determinable fair values, which are recorded in “Other assets” on its condensed consolidated balance sheets, was $20.8 million.