XML 33 R14.htm IDEA: XBRL DOCUMENT v3.22.0.1
Cash, Cash Equivalents, and Investments
 12 Months Ended
Dec. 31, 2021
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Investments Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 December 31,
 20212020
Cash$185,624 $266,609 
Money market instruments537 2,464 
Cash and cash equivalents186,161 269,073 
Corporate bonds73,088 32,714 
Asset-backed securities37,655 25,160 
Treasury bills18,912 35,403 
Municipal bonds4,998 1,303 
Agency bonds2,802 — 
Sovereign bonds— 8,660 
Current investments137,455 103,240 
Corporate bonds481,218 203,428 
Asset-backed securities43,940 67,058 
Treasury bills39,753 96,458 
Agency bonds16,077 19,006 
Sovereign bonds2,119 3,440 
Municipal bonds641 5,735 
Non-current investments583,748 395,125 
$907,364 $767,438 
The Company’s cash balance included foreign bank balances totaling $142,009,000 and $225,853,000 as of December 31, 2021 and 2020, respectively.
Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; treasury bills consist of debt securities issued by the U.S. government; municipal bonds consist of debt securities issued by state and local government entities; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of December 31, 2021 and 2020 were denominated in U.S. Dollars.
Accrued interest receivable is included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $3,037,000 and $1,560,000 as of December 31, 2021 and 2020, respectively.
The following table summarizes the Company’s available-for-sale investments as of December 31, 2021 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$72,863 $251 $(26)$73,088 
Asset-backed securities37,568 112 (25)37,655 
Treasury bills18,864 51 (3)18,912 
Municipal bonds5,029 1 (32)4,998 
Agency bonds2,800 2 — 2,802 
Non-current:
Corporate bonds485,140 555 (4,477)481,218 
Asset-backed securities44,197 45 (302)43,940 
Treasury bills39,740 46 (33)39,753 
Agency bonds16,128 — (51)16,077 
Sovereign bonds2,141 — (22)2,119 
Municipal bonds635 6 — 641 
$725,105 $1,069 $(4,971)$721,203 
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2021 (in thousands):
 Unrealized Loss
Position For Less than
12 Months		Unrealized Loss
Position For Greater than
12 Months		Total
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$431,652 $(4,470)$3,110 $(33)$434,762 $(4,503)
Asset-backed securities50,980 (317)806 (10)51,786 (327)
Treasury bills25,040 (36)— — 25,040 (36)
Agency Bonds16,077 (51)— — 16,077 (51)
Municipal bonds— — 3,892 (32)3,892 (32)
Sovereign bonds2,119 (22)— — 2,119 (22)
$525,868 $(4,896)$7,808 $(75)$533,676 $(4,971)
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of December 31, 2021.
The following table summarizes changes in the allowance for credit losses (in thousands):
Balance as of December 31, 2019$— 
Increases to the allowance for credit losses160 
Decreases to the allowance for credit losses(160)
Balance as of December 31, 2020— 
Balance as of December 31, 2021$— 
The Company recorded gross realized gains on the sale of debt securities totaling $246,000 in 2021, $4,283,000 in 2020, and $1,581,000 in 2019, and gross realized losses on the sale of debt securities totaling $10,000 in 2021, $164,000 in 2020, and $129,000 in 2019.
The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2021 (in thousands):
<1 Year1-2 Years2-3 Years3-4 Years4-5 YearsTotal
Corporate bonds$73,088 $205,331 $175,992 $64,356 $35,539 $554,306 
Asset-backed securities37,655 23,370 4,668 8,092 7,810 81,595 
Treasury bills18,912 39,753 — — — 58,665 
Agency bonds2,802 16,077 — — — 18,879 
Municipal bonds4,998 641 — — — 5,639 
Sovereign bonds— — 1,052 1,067 — 2,119 
$137,455 $285,172 $181,712 $73,515 $43,349 $721,203