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Cash, Cash Equivalents, and Investments (Tables) | 12 Months Ended
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Dec. 31, 2021 | Dec. 31, 2020
Cash and Cash Equivalents [Abstract] |  |
Components of Cash, Cash Equivalents and Investments | Cash, cash equivalents, and investments consisted of the following (in thousands):
| December 31,
| 2021 |  | 2020
Cash | $ | 185,624 |  |  | $ | 266,609 |
Money market instruments | 537 |  |  | 2,464 |
Cash and cash equivalents | 186,161 |  |  | 269,073 |
Corporate bonds | 73,088 |  |  | 32,714 |
Asset-backed securities | 37,655 |  |  | 25,160 |
Treasury bills | 18,912 |  |  | 35,403 |
Municipal bonds | 4,998 |  |  | 1,303 |
Agency bonds | 2,802 |  |  | — |
Sovereign bonds | — |  |  | 8,660 |
Current investments | 137,455 |  |  | 103,240 |
Corporate bonds | 481,218 |  |  | 203,428 |
Asset-backed securities | 43,940 |  |  | 67,058 |
Treasury bills | 39,753 |  |  | 96,458 |
Agency bonds | 16,077 |  |  | 19,006 |
Sovereign bonds | 2,119 |  |  | 3,440 |
Municipal bonds | 641 |  |  | 5,735 |
Non-current investments | 583,748 |  |  | 395,125 |
| $ | 907,364 |  |  | $ | 767,438 |
Summary of Available-for-Sale Investments | 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 securities | 37,568 |  |  | 112 |  |  | (25) |  |  | 37,655 |  |
Treasury bills | 18,864 |  |  | 51 |  |  | (3) |  |  | 18,912 |  |
Municipal bonds | 5,029 |  |  | 1 |  |  | (32) |  |  | 4,998 |  |
Agency bonds | 2,800 |  |  | 2 |  |  | — |  |  | 2,802 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 485,140 |  |  | 555 |  |  | (4,477) |  |  | 481,218 |  |
Asset-backed securities | 44,197 |  |  | 45 |  |  | (302) |  |  | 43,940 |  |
Treasury bills | 39,740 |  |  | 46 |  |  | (33) |  |  | 39,753 |  |
Agency bonds | 16,128 |  |  | — |  |  | (51) |  |  | 16,077 |  |
Sovereign bonds | 2,141 |  |  | — |  |  | (22) |  |  | 2,119 |  |
Municipal bonds | 635 |  |  | 6 |  |  | — |  |  | 641 |  |
| $ | 725,105 |  |  | $ | 1,069 |  |  | $ | (4,971) |  |  | $ | 721,203 |  |
Gross Unrealized Losses and Fair Value for Available-for-Sale Investments |
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 431,652 |  |  | $ | (4,470) |  |  | $ | 3,110 |  |  | $ | (33) |  |  | $ | 434,762 |  |  | $ | (4,503) |
Asset-backed securities | 50,980 |  |  | (317) |  |  | 806 |  |  | (10) |  |  | 51,786 |  |  | (327) |
Treasury bills | 25,040 |  |  | (36) |  |  | — |  |  | — |  |  | 25,040 |  |  | (36) |
Agency Bonds | 16,077 |  |  | (51) |  |  | — |  |  | — |  |  | 16,077 |  |  | (51) |
Municipal bonds | — |  |  | — |  |  | 3,892 |  |  | (32) |  |  | 3,892 |  |  | (32) |
Sovereign bonds | 2,119 |  |  | (22) |  |  | — |  |  | — |  |  | 2,119 |  |  | (22) |
| $ | 525,868 |  |  | $ | (4,896) |  |  | $ | 7,808 |  |  | $ | (75) |  |  | $ | 533,676 |  |  | $ | (4,971) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 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 losses | 160 |  |
Decreases to the allowance for credit losses | (160) |  |
Balance as of December 31, 2020 | — |  |
Balance 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 losses | 160 |  |
Decreases to the allowance for credit losses | (160) |  |
Balance as of December 31, 2020 | — |  |
Balance as of December 31, 2021 | $ | — |  |
Effective Maturity Dates of Available-for-Sale Investments | The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2021 (in thousands):
| <1 Year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  |  |  | Total
Corporate bonds | $ | 73,088 |  |  | $ | 205,331 |  |  | $ | 175,992 |  |  | $ | 64,356 |  |  | $ | 35,539 |  |  |  |  | $ | 554,306 |
Asset-backed securities | 37,655 |  |  | 23,370 |  |  | 4,668 |  |  | 8,092 |  |  | 7,810 |  |  |  |  | 81,595 |
Treasury bills | 18,912 |  |  | 39,753 |  |  | — |  |  | — |  |  | — |  |  |  |  | 58,665 |
Agency bonds | 2,802 |  |  | 16,077 |  |  | — |  |  | — |  |  | — |  |  |  |  | 18,879 |
Municipal bonds | 4,998 |  |  | 641 |  |  | — |  |  | — |  |  | — |  |  |  |  | 5,639 |
Sovereign bonds | — |  |  | — |  |  | 1,052 |  |  | 1,067 |  |  | — |  |  |  |  | 2,119 |
| $ | 137,455 |  |  | $ | 285,172 |  |  | $ | 181,712 |  |  | $ | 73,515 |  |  | $ | 43,349 |  |  |  |  | $ | 721,203 |

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