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Cash and Investments in Marketable Securities
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Cash and Investments in Marketable Securities Cash and Investments in Marketable Securities
Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):
Estimated Fair Value at
June 30, 2022December 31, 2021
Cash and cash equivalents$77,545 $25,218 
Short-term investments541,771 708,737 
Long-term investments8,928 64,828 
Total cash and investments in marketable securities$628,244 $798,783 
We invest in liquid, high quality debt securities which are subject to interest rate risk. To minimize the exposure due to an adverse shift in interest rates, we invest in securities with maturities of two years or less and maintain a weighted average maturity of one year or less. As of June 30, 2022 and December 31, 2021, all of our long-term investments had maturities between one and two years.
Our portfolio of cash and investments in marketable securities includes (in thousands):
Fair Value Hierarchy LevelJune 30, 2022December 31, 2021
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value
Corporate notes and bonds2$141,416 $— $(1,505)$139,911 $278,121 
Corporate commercial paper2415,106 — (2,232)412,874 478,629 
Obligations of U.S. government agencies24,880 — (5)4,875 5,875 
Available-for-sale investments$561,402 $— $(3,742)$557,660 $762,625 
Money market funds142,342 23,968 
Certificates of deposit29,516 10,940 
CashN/A18,726 1,250 
Total cash and investments in marketable securities$628,244 $798,783 
For the three and six months ended June 30, 2022 and 2021, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. At December 31, 2021, our gross unrealized losses totaled $0.7 million, and our gross unrealized gains were insignificant.