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Cash and Investments
12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Cash and Investments CASH AND INVESTMENTS
Cash, Cash Equivalents and Restricted Cash Equivalents
A reconciliation of cash, cash equivalents, and restricted cash equivalents reported in the accompanying Consolidated Balance Sheets to the amount reported within the accompanying Consolidated Statements of Cash Flows was as follows (in thousands):
December 31,
20212020
Cash and cash equivalents$647,169 $319,217 
Restricted cash equivalents included in other long-term assets16,722 1,555 
Cash, cash equivalents, and restricted cash equivalents as reported within the accompanying Consolidated Statements of Cash Flows$663,891 $320,772 
Restricted cash equivalents are used to collateralize letters of credit and consist of money-market funds and certificates of deposit with original maturities of 90 days or less. The restricted cash equivalents are classified as other long-term assets based upon the remaining term of the underlying restriction. As of December 31, 2021, restricted cash equivalents included $15.2 million of short-term investments, which is collateral under our January 2021 standby letter of credit to guarantee our obligation to fund a portion of the total tenant improvements related to our build-to-suit lease at our corporate campus. As we fund these tenant improvements, our restricted cash becomes available for operations.
Cash, cash equivalents, restricted cash equivalents and investment
Cash, cash equivalents, restricted cash equivalents and investments consisted of the following (in thousands):
December 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Debt securities available-for-sale:
Commercial paper$945,801 $42 $(2)$945,841 
Corporate bonds541,774 876 (1,672)540,978 
U.S. Treasury and government-sponsored enterprises33,965 (21)33,945 
Municipal bonds12,924 15 (35)12,904 
Total debt securities available-for-sale1,534,464 934 (1,730)1,533,668 
Cash135,653 — — 135,653 
Money market funds66,531 — — 66,531 
Certificates of deposit119,056 — — 119,056 
Total cash, cash equivalents, restricted cash equivalents and investments$1,855,704 $934 $(1,730)$1,854,908 
December 31, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Debt securities available-for-sale:
Commercial paper$569,456 $372 $— $569,828 
Corporate bonds543,520 5,244 (7)548,757 
U.S. Treasury and government-sponsored enterprises208,326 232 (4)208,554 
Municipal Bonds28,680 83 (1)28,762 
Total debt securities available-for-sale1,349,982 5,931 (12)1,355,901 
Cash82,176 — — 82,176 
Money market funds40,761 — — 40,761 
Certificates of deposit60,004 — — 60,004 
Total cash, cash equivalents, restricted cash equivalents and investments$1,532,923 $5,931 $(12)$1,538,842 
Interest receivable was $2.9 million and $4.5 million as of December 31, 2021 and 2020, respectively, and is included in prepaid and other current assets in the accompanying Consolidated Balance Sheets.
Realized gains and losses on the sales of investments were insignificant during the years ended December 31, 2021, 2020 and 2019.
We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and limits the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):
December 31, 2021
Fair ValueGross Unrealized Losses
Corporate bonds$385,053 $(1,672)
Commercial paper43,290 (2)
U.S. Treasury and government-sponsored enterprises18,962 (21)
Municipal bonds7,475 (35)
Total
$454,780 $(1,730)
December 31, 2020
Fair Value
Gross Unrealized Losses
Corporate bonds$28,445 $(7)
U.S. Treasury and government-sponsored enterprises21,989 (4)
Municipal bonds5,865 (1)
Total
$56,299 $(12)
All securities presented have been in an unrealized loss position for less than 12 months. There were 133 and 14 debt securities in an unrealized loss position as of December 31, 2021 and 2020, respectively. During the years ended December 31, 2021 and 2020, we did not record an allowance for credit losses or other impairment charges on our investment securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk, but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our investments, we determined that it was more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis.
The fair value of debt securities available-for-sale by contractual maturity was as follows (in thousands):
 
December 31,
 
20212020
Maturing in one year or less$1,168,256 $1,034,150 
Maturing after one year through five years365,412 321,751 
Total debt securities available-for-sale$1,533,668 $1,355,901