Investments

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

All of our available-for-sale debt investments as of March 31, 2022 are available to fund current operations and are recorded at fair value (Note 14).

The following table summarizes our cash equivalents and available-for-sale debt investments:


	March 31, 2022
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents


Commercial paper	$	53,513	$	—	$	—	$	53,513	$	—	$	53,513
Corporate bonds	12,686		4		(4)		12,686		—		12,686
Foreign government bonds	2,000		—		—		2,000		—		2,000
Money market funds	122,048		—		—		122,048		122,048		—

Municipal bonds	750		—		—		750		—		750
U.S. government bonds	13,298		—		—		13,298		13,298		—
U.S. government agency bonds	6,000		—		—		6,000		—		6,000
Total cash equivalents	210,295		4		(4)		210,295		135,346		74,949

Short-term investments
Asset-backed securities	20,503		1		(59)		20,445		—		20,445
Certificate of deposits	17,525		—		—		17,525		17,525		—
Commercial paper	24,736		—		—		24,736		—		24,736
Corporate bonds	229,958		3		(1,485)		228,476		—		228,476

Foreign government bonds	458		—		(3)		455		—		455
Municipal bonds	5,101		—		(5)		5,096		—		5,096

U.S. government bonds	5,164		—		(27)		5,137		5,137		—
Variable rate demand notes	500		—		—		500		—		500
Total short-term investments	303,945		4		(1,579)		302,370		22,662		279,708
Total	$	514,240	$	8	$	(1,583)	$	512,665	$	158,008	$	354,657


	December 31, 2021
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents


Commercial paper	$	5,499	$	—	$	—	$	5,499	$	—	$	5,499
Corporate bonds	4,921		—		(5)		4,916		—		4,916
Money market funds	269,251		—		—		269,251		269,251		—

Municipal bonds	500		—		—		500		—		500
U.S. government bonds	4,000		—		—		4,000		4,000		—
Total cash equivalents	284,171		—		(5)		284,166		273,251		10,915

Short-term investments
Asset-backed securities	12,915		1		(11)		12,905		—		12,905
Certificate of deposits	12,076		—		—		12,076		12,076		—
Commercial paper	30,691		—		—		30,691		—		30,691
Corporate bonds	179,235		1		(410)		178,826		—		178,826

Foreign government bonds	458		—		(1)		457		—		457
Municipal bonds	8,418		1		(2)		8,417		—		8,417
U.S. government bonds	2,966		—		(8)		2,958		2,958		—
Variable rate demand notes	500		—		—		500		—		500

Total short-term investments	247,259		3		(432)		246,830		15,034		231,796
Total	$	531,430	$	3	$	(437)	$	530,996	$	288,285	$	242,711

(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of March 31, 2022:


	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	468,815	$	467,572
After 1 year through 5 years	43,525		43,195
After 5 years through 10 years	572		570
After 10 years	1,328		1,328
Total	$	514,240	$	512,665

Actual maturities can differ from contractual maturities due to various factors including the issuers may have the right to call or prepay obligations without call or prepayment penalties.

As of March 31, 2022, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year was $4.6 million. As of December 31, 2021, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year was $4.7 million.