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Cash and Cash Equivalents, and Investments and Fair Value Measurements
 3 Months Ended
Mar. 31, 2022
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents, and Investments and Fair Value Measurements Cash and Cash Equivalents, and Investments and Fair Value Measurements
The following tables show our cash and cash equivalents, and investments’ fair value level classification, adjusted cost, unrealized gain, unrealized loss and fair value as of March 31, 2022 and December 31, 2021 (in thousands except for fair value levels):
 March 31, 2022
 Fair Value LevelAdjusted CostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents:   
Cash$39,413 $— $— $39,413 
Money market fundsLevel 1228,318 — — 228,318 
Total cash and cash equivalents$267,731 $— $— $267,731 
Short-term investments:   
Commercial paperLevel 2$86,583 $— $(443)$86,140 
Corporate debt securitiesLevel 2765,556 9 (6,045)759,520 
U.S. treasury securitiesLevel 154,718 — (436)54,282 
Agency bondsLevel 215,501 — (12)15,489 
Total short-term investments$922,358 $9 $(6,936)$915,431 
Long-term investments:   
Corporate debt securitiesLevel 2$346,032 $— $(7,939)$338,093 
U.S. treasury securitiesLevel 199,294 — (1,974)97,320 
Total long-term investments$445,326 $— $(9,913)$435,413 

 December 31, 2021
 Fair Value LevelAdjusted CostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents:   
Cash$30,324 $— $— $30,324 
Money market fundsLevel 1823,754 — — 823,754 
Total cash and cash equivalents$854,078 $— $— $854,078 
Short-term investments:   
Commercial paperLevel 2$124,211 $2 $(33)$124,180 
Corporate debt securitiesLevel 2552,609 36 (546)552,099 
Agency bondsLevel 215,500 2 — 15,502 
Total short-term investments$692,320 $40 $(579)$691,781 
Long-term investments:   
Corporate debt securitiesLevel 2$724,517 $— $(3,277)$721,240 
U.S. treasury securitiesLevel 124,860 — (107)24,753 
Total long-term investments$749,377 $— $(3,384)$745,993 

As of March 31, 2022, we determined that the declines in the market value of our investment portfolio were not driven by credit related factors. During the three months ended March 31, 2022 and 2021 we did not recognize any losses on our investments due to credit related factors. During the three months ended March 31, 2022 and 2021, our gross realized gains and losses on investments were not significant.
The following table shows our cash equivalents and investments' adjusted cost and fair value by contractual maturity as of March 31, 2022 (in thousands):
 Adjusted CostFair Value
Due in 1 year or less$922,358 $915,431 
Due in 1-2 years445,326 435,413 
Investments not due at a single maturity date228,318 228,318 
Total$1,596,002 $1,579,162 

Investments not due at a single maturity date in the preceding table consisted of money market funds.

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

We report our financial instruments at fair value with the exception of the notes. The estimated fair value of the notes was determined based on the trading price of the notes as of the last day of trading for the period. We consider the fair value of the notes to be a Level 2 measurement due to the limited trading activity. The estimated fair value of the 2026 notes as of March 31, 2022 and December 31, 2021 was $818.8 million and $840.0 million, respectively. The estimated fair value of the 2025 notes as of March 31, 2022 and December 31, 2021 was $708.8 million and $682.2 million, respectively. For further information on the notes refer to Note 7, “Convertible Senior Notes.”