Investments

3 Months Ended

Mar. 31, 2021

Available-for-sale investments at March 31, 2021 were as follows:


(In thousands)	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Cash equivalents:
Money market funds	$	165,667	$	—	$	—	$	165,667
Time deposits	31,588		—		—		31,588
Commercial Paper	131,000		—		—		131,000
Government and corporate bonds	9,709		—		—		9,709
Total cash equivalents	337,964		—		—		337,964

Short-term investments:
Time deposits	31,192		—		—		31,192
Commercial paper	252,500		9		(70)		252,439
Government and corporate bonds	192,606		226		(101)		192,731
Total short-term investments	476,298		235		(171)		476,362

Long-term investments:
Government and corporate bonds	105,645		10		(72)		105,583

Total available-for-sale investments	$	919,907	$	245	$	(243)	$	919,909

Available-for-sale investments at December 31, 2020 were as follows:


(In thousands)	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Cash equivalents:
Money market funds	$	40,027	$	—	$	—	$	40,027
Time deposits	36,756		—		—		36,756
Commercial Paper	61,000		—		—		61,000
Total cash equivalents	137,783		—		—		137,783

Short-term investments:
Time deposits	28,302		—		—		28,302
Commercial Paper	264,000		12		(19)		263,993
Government and corporate bonds	149,975		247		(44)		150,178
Total short-term investments	442,277		259		(63)		442,473

Long-term investments:
Government and corporate bonds	136,983		152		(57)		137,078

Total available-for-sale investments	$	717,043	$	411	$	(120)	$	717,334

We sold available-for-sale investments for proceeds of $5 million during the three months ended March 31, 2020, resulting in insignificant losses in the period.

Other Investments

At March 31, 2021 and December 31, 2020, we had investments in equity securities that do not have readily determinable fair values of $369 million and $361 million, respectively, accounted for in accordance with Accounting Standards Codification Topic ("ASC") 321, Investments-Equity Securities. Such investments are included in "Long-term investments"

in our condensed consolidated balance sheets. We did not record any changes in the measurement of such investments during the three months ended March 31, 2021 and March 31, 2020, respectively.

At March 31, 2021 and December 31, 2020, we had investments in equity securities reported under the equity method of accounting of $18 million and $12 million, respectively. Such investments are included in "Long-term investments" in our condensed consolidated balance sheets.