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Cash and Cash Equivalents, and Investments
 3 Months Ended
Mar. 31, 2020
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents, and Investment Cash and Cash Equivalents, and Investments
 
The following tables show our cash and cash equivalents, and investments’ adjusted cost, unrealized gain, unrealized loss and fair value as of March 31, 2020 and December 31, 2019 (in thousands):
 
March 31, 2020
 
Adjusted Cost
 
Unrealized Gain
 
Unrealized Loss
 
Fair Value
Cash and cash equivalents:
 
 
 
 
 
 
 
Cash
$
198,755

 
$
—

 
$
—

 
$
198,755

Money market funds
160,346

 
—

 
—

 
160,346

Total cash and cash equivalents
$
359,101

 
$
—

 
$
—

 
$
359,101

Short-term investments:
 
 
 
 
 
 
 
Corporate securities
$
359,108

 
$
149

 
$
(1,338
)
 
$
357,919

U.S. treasury securities
31,729

 
127

 
—

 
31,856

Agency bonds
14,999

 
20

 
—

 
15,019

Total short-term investments
$
405,836

 
$
296

 
$
(1,338
)
 
$
404,794

Long-term investments:
 
 
 
 
 
 
 
Corporate securities
$
256,074

 
$
215

 
$
(1,703
)
 
$
254,586

Agency bonds
18,496

 
32

 
—

 
18,528

Total long-term investments
$
274,570

 
$
247

 
$
(1,703
)
 
$
273,114



 
December 31, 2019
 
Adjusted Cost
 
Unrealized Gain
 
Unrealized Loss
 
Fair Value
Cash and cash equivalents:
 
 
 
 
 
 
 
Cash
$
241,355

 
$
—

 
$
—

 
$
241,355

Money market funds
146,165

 
—

 
—

 
146,165

Total cash and cash equivalents
$
387,520

 
$
—

 
$
—

 
$
387,520

Short-term investments:
 
 
 
 
 
 
 
Commercial paper
$
7,489

 
$
—

 
$
—

 
$
7,489

Corporate securities
318,946

 
425

 
(78
)
 
319,293

U.S. treasury securities
44,251

 
39

 
(4
)
 
44,286

Agency bonds
10,000

 
6

 
—

 
10,006

Total short-term investments
$
380,686

 
$
470

 
$
(82
)
 
$
381,074

Long-term investments:
 
 
 
 
 
 
 
Corporate securities
$
295,103

 
$
533

 
$
(158
)
 
$
295,478

Agency bonds
14,999

 
6

 
—

 
15,005

Total long-term investments
$
310,102

 
$
539

 
$
(158
)
 
$
310,483



The following table shows our cash equivalents and investments' adjusted cost and fair value by contractual maturity as of March 31, 2020 (in thousands):
 
Adjusted Cost
 
Fair Value
Due in 1 year or less
$
405,836

 
$
404,794

Due in 1-2 years
274,570

 
273,114

Investments not due at a single maturity date
160,346

 
160,346

Total
$
840,752

 
$
838,254



Investments not due at a single maturity date in the preceding table consist of money market fund deposits.

As of March 31, 2020, we considered the declines in market value of our investment portfolio to be primarily the result of interest rate fluctuations driven by macroeconomic conditions including the COVID-19 pandemic and did not consider any of our unrealized losses to be the result of credit-related factors. We typically invest in highly-rated securities with a minimum credit rating of A-, a weighted average maturity of 8 months, and our investment policy limits the amount of credit exposure to any one issuer or industry sector. The policy requires investments generally to be investment grade, with the primary objective of preserving capital and maintaining liquidity. Fair values were determined for each individual security in the investment portfolio. When evaluating whether an investment's unrealized losses are related to credit factors, we review factors such as the extent to which fair value is below its cost basis, any changes to the credit rating of the security, adverse conditions specifically related to the security, changes in market interest rates and our intent to sell, or whether it is more likely than not we will be required to sell, before recovery of cost basis. During the three months ended March 31, 2020, we did not recognize any losses on our investments due to credit related factors. During the three months ended March 31, 2019, we did not recognize any impairment charges.

Restricted Cash

As of March 31, 2020 and December 31, 2019, we had approximately $1.9 million of restricted cash that primarily consists of security deposits for our corporate offices. These amounts are classified in either other current assets or other assets on our condensed consolidated balance sheets based upon the term of the remaining restrictions.

Strategic Investments

In March 2020, we completed an investment of $2.0 million in TAPD, Inc., also known as Frank, a U.S.-based service that helps students access financial aid. In October 2018, we completed an investment of $10.0 million in WayUp, Inc., a U.S.-based job site and mobile application for college students and recent graduates. Additionally, we previously invested $3.0 million in a foreign entity to explore expanding our reach internationally. We did not record any impairment charges on our
strategic investments during the three months ended March 31, 2020 and 2019, as there were no significant identified events or changes in circumstances that would be considered an indicator for impairment. We considered general market conditions as a result of the COVID-19 pandemic in our impairment analysis. There were no observable price changes in orderly transactions for the identical or similar investments of the same issuers during the three months ended March 31, 2020 and 2019.