| Summary of Investments |
The following table summarizes the Company’s investments accounted for as available-for-sale securities as of March 31, 2022 and December 31, 2021 (in thousands, except for maturity in years):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity
(in years) |
|
Amortized
Cost |
|
|
Unrealized
Losses |
|
|
Unrealized
Gains |
|
|
Estimated
Fair Value |
|
March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classified as current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury debt securities |
|
1 or less |
|
$ |
140,478 |
|
|
$ |
(773 |
) |
|
$ |
3 |
|
|
$ |
139,708 |
|
Municipal securities |
|
1 or less |
|
|
16,847 |
|
|
|
(157 |
) |
|
|
— |
|
|
|
16,690 |
|
Corporate debt securities |
|
1 or less |
|
|
168,484 |
|
|
|
(491 |
) |
|
|
— |
|
|
|
167,993 |
|
Commercial paper |
|
1 or less |
|
|
184,976 |
|
|
|
(336 |
) |
|
|
— |
|
|
|
184,640 |
|
Total short-term investments |
|
|
|
$ |
510,785 |
|
|
$ |
(1,757 |
) |
|
$ |
3 |
|
|
$ |
509,031 |
|
Classified as non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal securities |
|
Greater than 1 |
|
$ |
4,979 |
|
|
$ |
(39 |
) |
|
$ |
— |
|
|
$ |
4,940 |
|
Corporate debt securities |
|
Greater than 1 |
|
|
64,070 |
|
|
|
(1,068 |
) |
|
|
— |
|
|
|
63,002 |
|
Total long-term investments |
|
|
|
$ |
69,049 |
|
|
$ |
(1,107 |
) |
|
$ |
— |
|
|
$ |
67,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classified as current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury debt securities |
|
1 or less |
|
$ |
70,653 |
|
|
$ |
(163 |
) |
|
$ |
— |
|
|
$ |
70,490 |
|
Municipal securities |
|
1 or less |
|
|
18,017 |
|
|
|
(6 |
) |
|
|
1 |
|
|
|
18,012 |
|
Corporate debt securities |
|
1 or less |
|
|
169,736 |
|
|
|
(187 |
) |
|
|
— |
|
|
|
169,549 |
|
Commercial paper |
|
1 or less |
|
|
224,333 |
|
|
|
(59 |
) |
|
|
2 |
|
|
|
224,276 |
|
Total short-term investments |
|
|
|
$ |
482,739 |
|
|
$ |
(415 |
) |
|
$ |
3 |
|
|
$ |
482,327 |
|
Classified as non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury debt securities |
|
Greater than 1 |
|
$ |
9,989 |
|
|
$ |
(35 |
) |
|
$ |
— |
|
|
$ |
9,954 |
|
Municipal securities |
|
Greater than 1 |
|
|
9,034 |
|
|
|
(42 |
) |
|
|
— |
|
|
|
8,992 |
|
Corporate debt securities |
|
Greater than 1 |
|
|
81,989 |
|
|
|
(271 |
) |
|
|
— |
|
|
|
81,718 |
|
Total long-term investments |
|
|
|
$ |
101,012 |
|
|
$ |
(348 |
) |
|
$ |
— |
|
|
$ |
100,664 |
|
|
| Aggregated by investment category and the length of time |
aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than 12 Months |
|
|
12 Months or Greater |
|
|
Total |
|
|
|
Estimated Fair Value |
|
|
Unrealized Losses |
|
|
Estimated Fair Value |
|
|
Unrealized Losses |
|
|
Estimated Fair Value |
|
|
Unrealized Losses |
|
March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury debt securities |
|
$ |
129,711 |
|
|
$ |
(773 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
129,711 |
|
|
$ |
(773 |
) |
Municipal securities |
|
|
21,630 |
|
|
|
(196 |
) |
|
|
— |
|
|
|
— |
|
|
|
21,630 |
|
|
|
(196 |
) |
Corporate debt securities |
|
|
202,366 |
|
|
|
(1,536 |
) |
|
|
23,192 |
|
|
|
(23 |
) |
|
|
225,558 |
|
|
|
(1,559 |
) |
Commercial paper |
|
|
66,900 |
|
|
|
(336 |
) |
|
|
— |
|
|
|
— |
|
|
|
66,900 |
|
|
|
(336 |
) |
Total |
|
$ |
420,607 |
|
|
$ |
(2,841 |
) |
|
$ |
23,192 |
|
|
$ |
(23 |
) |
|
$ |
443,799 |
|
|
$ |
(2,864 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury debt securities |
|
$ |
80,444 |
|
|
$ |
(198 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
80,444 |
|
|
$ |
(198 |
) |
Municipal securities |
|
|
23,352 |
|
|
|
(48 |
) |
|
|
— |
|
|
|
— |
|
|
|
23,352 |
|
|
|
(48 |
) |
Corporate debt securities |
|
|
250,467 |
|
|
|
(458 |
) |
|
|
— |
|
|
|
— |
|
|
|
250,467 |
|
|
|
(458 |
) |
Commercial paper |
|
|
59,863 |
|
|
|
(59 |
) |
|
|
— |
|
|
|
— |
|
|
|
59,863 |
|
|
|
(59 |
) |
Total |
|
$ |
414,126 |
|
|
$ |
(763 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
414,126 |
|
|
$ |
(763 |
) |
|