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Financial Instruments | 6 Months Ended
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Jun. 30, 2022
Financial Instruments |
Financial Instruments | 5. Financial Instruments The Company elected to invest a portion of its cash assets in conservative, income earning, and liquid investments. Cash equivalents and investments, all of which are classified as available-for-sale securities, consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022 | ​ | December 31, 2021
​ |  | Amortized Cost |  | Gross Unrealized Loss |  | Estimated Fair Value |  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Estimated Fair Value
​ | ​ | (in thousands)
Money market deposits | ​ | $ | 40,268 | ​ | $ | — | ​ | $ | 40,268 | ​ | $ | 10,041 | ​ | $ | — | ​ | $ | — | ​ | $ | 10,041
U.S. Treasury securities (1) | ​ |  | 459,509 | ​ | ​ | (12,505) | ​ |  | 447,004 | ​ |  | 689,640 | ​ |  | 1,081 | ​ |  | (2,624) | ​ |  | 688,097
Corporate bonds and notes (1) | ​ |  | 34,280 | ​ | ​ | (839) | ​ |  | 33,441 | ​ |  | 52,729 | ​ |  | — | ​ |  | (392) | ​ |  | 52,337
Municipal securities | ​ | ​ | 69,749 | ​ | ​ | (2,841) | ​ | ​ | 66,908 | ​ | ​ | 89,814 | ​ | ​ | 261 | ​ | ​ | (613) | ​ | ​ | 89,462
Total | ​ | $ | 603,806 | ​ | $ | (16,185) | ​ | $ | 587,621 | ​ | $ | 842,224 | ​ | $ | 1,342 | ​ | $ | (3,629) | ​ | $ | 839,937
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Classified as: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 40,268 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 10,041
Short-term investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 547,353 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 829,896
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 587,621 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 839,937
​
| (1) | Per the Company’s investment policy, all U.S. Treasury securities and debt securities are classified as short-term investments irrespective of holding period.
| (2) | Cash equivalents includes cash sweep accounts and U.S. Treasury money market mutual funds.
​ The Company invests in U.S. Treasuries, U.S. agency and high-quality municipal bonds which mature at par value and are all paying their coupons on schedule. The Company has therefore concluded there is currently no other than temporary impairment of its investments and will continue to recognize unrealized gains and losses in other comprehensive income (loss). During the six months ended June 30, 2022, the Company sold $191.9 million of investments. During the six months ended June 30, 2022, the amount of net realized losses upon sales of investments was $0.2 million. The Company uses the specific investment identification method to calculate realized gains and losses and amounts reclassified out of other comprehensive income to net income. As of June 30, 2022, the Company had 70 investments in an unrealized loss position in its portfolio. An allowance for credit losses was not necessary since the investments are low risk, investment grade securities. The Company has assessed the unrealized loss position for available-for-sale debt securities for which an allowance for credit losses has not been recorded. The fair value for investment securities at an unrealized loss position as of June 30, 2022 was $547.4 million. The aggregate amount of unrealized losses of these securities was $16.2 million, and the impact of the securities in a continuous loss position to the condensed consolidated statements of operations and comprehensive loss was not material as of June 30, 2022. The following table summarizes the Company’s portfolio of available-for-sale securities by contractual maturity as of June 30, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022
​ | ​ | Amortized Cost | ​ | Fair Value
​ | ​ | (in thousands)
Less than or equal to one year | ​ | $ | 187,392 | ​ | $ | 184,947
Greater than one year but less than five years | ​ | ​ | 376,146 | ​ | ​ | 362,406
Total | ​ | $ | 563,538 | ​ | $ | 547,353
​

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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