Unrealized loss from available-for-sale marketable securities

[Table of Contents](#i3b067f3fb23d442cae02253229e3471d_7)3. Fair Value Measurements  
The following is a summary of available-for-sale marketable securities held as of December 31, 2021 and 2020 (in thousands):  


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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |  |  | Gross Unrealized |  | AggregateFair Value |  | Classification on Balance Sheet |
|   | Amortized Cost |  |  |  |  |  |  | Short-TermMarketableSecurities |  | Long-TermMarketableSecurities |
| As of December 31, 2021 |  | Gains |  | Losses |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
| 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  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
| As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Commercial paper | $ | 46,931  |  |  | $ | 13  |  |  | $ | (8) |  |  | $ | 46,936  |  |  | $ | 46,936  |  |  | $ | —  |  |
| Corporate bonds | 1,628,462  |  |  | 9,482  |  |  | (262) |  |  | 1,637,682  |  |  | 607,403  |  |  | 1,030,279  |  |
| Municipal securities | 3,495  |  |  | —  |  |  | (6) |  |  | 3,489  |  |  | —  |  |  | 3,489  |  |
| U.S. government agency obligations | 435,653  |  |  | 329  |  |  | (63) |  |  | 435,919  |  |  | 89,951  |  |  | 345,968  |  |
|  | $ | 2,114,541  |  |  | $ | 9,824  |  |  | $ | (339) |  |  | $ | 2,124,026  |  |  | $ | 744,290  |  |  | $ | 1,379,736  |  |

  
The Company offers certain eligible employees the ability to participate in a non-qualified deferred compensation plan. The mutual funds held by the Company that are associated with this plan are classified as restricted trading securities. These securities are not included in the available-for-sale securities table above but are included in marketable securities in the consolidated balance sheets.  
Unrealized gains and unrealized temporary losses on investments classified as available-for-sale are included within accumulated other comprehensive loss in the consolidated balance sheets. Upon realization, those amounts are reclassified from accumulated other comprehensive loss to interest income in the consolidated statements of income. As of December 31, 2021, the Company held for investment corporate bonds with a fair value of $38.2 million, which are classified as available-for-sale marketable securities and have been in a continuous unrealized loss position for more than 12 months. The unrealized losses related to these corporate bonds were $0.2 million and are included in accumulated other comprehensive loss as of December 31, 2021. The unrealized losses are attributable to changes in interest rates. Based on the evaluation of available evidence, the Company does not believe any unrealized losses represent other than temporary impairments.  
  
  
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