Marketable Securities and Equity Investments

9 Months Ended

Sep. 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 $2.7 billion and $2.8 billion of cash as of September 30, 2021 and December 31, 2020, respectively), is shown below:


	As of September 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	$	3,578,764	$	—	$	—	$	3,578,764	$	3,141,053	$	—	$	—	$	3,141,053
Commercial paper	31,997		1		—		31,998		—		—		—		—
Total cash equivalents	$	3,610,761	$	1	$	—	$	3,610,762	$	3,141,053	$	—	$	—	$	3,141,053
Marketable securities:
U.S. Treasury securities	$	46,536	$	4	$	(1)	$	46,539	$	—	$	—	$	—	$	—
Government-sponsored enterprise securities	68,996		8		(2)		69,002		80,046		17		—		80,063
Corporate debt securities	95,385		26		(52)		95,359		231,263		377		(42)		231,598
Commercial paper	255,501		40		(18)		255,523		163,286		19		(37)		163,268
Total marketable debt securities	466,418		78		(73)		466,423		474,595		413		(79)		474,929
Corporate equity securities	69,418		150,263		(917)		218,764		51,427		144,354		—		195,781
Total marketable securities	$	535,836	$	150,341	$	(990)	$	685,187	$	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 September 30, 2021		As of December 31, 2020
	(in thousands)
Cash and cash equivalents	$	3,610,762	$	3,141,053
Marketable securities	466,423		474,929
Total	$	4,077,185	$	3,615,982

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


	As of September 30, 2021		As of December 31, 2020
	(in thousands)
Matures within one year	$	4,014,441	$	3,526,185
Matures after one year through five years	62,744		89,797
Total	$	4,077,185	$	3,615,982

The Company has a limited number of available-for-sale debt securities in insignificant loss positions as of September 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 nine months ended September 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 nine months ended September 30, 2021 and 2020, the Company’s net unrealized gains on corporate equity securities held at the conclusion of each period were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Net unrealized gains	$	46,679	$	69,834	$	4,993	$	102,317

During the nine months ended September 30, 2020, the Company received proceeds of $149.6 million related to the sale of the common stock of publicly traded companies, which had a total original weighted-average cost basis of $51.3 million. There were no sales of the common stock of publicly traded companies during the nine months ended September 30, 2021.

As of September 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 $35.9 million.