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Cash and Investments in Marketable Securities | 9 Months Ended
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Sep. 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
| September 30, 2022 |  | December 31, 2021
Cash and cash equivalents | $ | 105,758 |  |  | $ | 25,218 |
Short-term investments | 440,629 |  |  | 708,737 |
Long-term investments | — |  |  | 64,828 |
Total cash and investments in marketable securities | $ | 546,387 |  |  | $ | 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 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 Level |  | September 30, 2022 |  | December 31, 2021
|  |  |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Fair Value
Corporate notes and bonds |  | 2 |  | $ | 115,652 |  |  | $ | — |  |  | $ | (1,489) |  |  | $ | 114,163 |  |  | $ | 278,121 |
Corporate commercial paper |  | 2 |  | 358,066 |  |  | — |  |  | (1,763) |  |  | 356,303 |  |  | 478,629 |
Obligations of U.S. government agencies |  | 2 |  | 1,130 |  |  | — |  |  | — |  |  | 1,130 |  |  | 5,875 |
Available-for-sale investments |  |  |  | $ | 474,848 |  |  | $ | — |  |  | $ | (3,252) |  |  | $ | 471,596 |  |  | $ | 762,625 |
Money market funds |  | 1 |  |  |  |  |  |  |  | 50,696 |  |  | 23,968 |
Certificates of deposit |  | 2 |  |  |  |  |  |  |  | 15,754 |  |  | 10,940 |
Cash |  | N/A |  |  |  |  |  |  |  | 8,341 |  |  | 1,250 |
Total cash and investments in marketable securities |  | $ | 546,387 |  |  | $ | 798,783 |
For the three and nine months ended September 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.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 + Details
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