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Cash, Cash Equivalents and Short-Term Investments | 12 Months Ended
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Dec. 31, 2021
Cash, Cash Equivalents and Short-Term Investments |
Cash, Cash Equivalents and Short-Term Investments | Note 4. Cash, Cash Equivalents and Short-term Investments Cash, cash equivalents and short-term investments consisted of the following as of December 31, 2021 and 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Value
​ |  | 2021 |  | 2020
Cash | ​ | $ | 27,788 | ​ | ​ | 25,053
Cash equivalents: | ​ |  | ​ | ​ | ​ | ​
Money market mutual funds | ​ |  | 111,313 | ​ | ​ | 11,820
Total cash and cash equivalents | ​ |  | 139,101 | ​ | ​ | 36,873
Short-term investments: | ​ |  | ​ | ​ | ​ | ​
U.S. Treasury notes and bills | ​ |  | 223,896 | ​ | ​ | 23,309
Mutual funds | ​ |  | 110,006 | ​ | ​ | 33,135
Corporate debt securities | ​ | ​ | 155,796 | ​ | ​ | —
Total short-term investments | ​ |  | 489,698 | ​ | ​ | 56,444
Cash, cash equivalents and short-term investments | ​ | $ | 628,799 | ​ | $ | 93,317
​ Available-for-sale debt securities The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale debt securities by type of security at December 31, 2021 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Treasury notes | ​ | $ | 226,020 | ​ | $ | 12 | ​ | ​ | (2,136) | ​ | $ | 223,896
Corporate debt securities | ​ | ​ | 157,527 | ​ | ​ | — | ​ | ​ | (1,731) | ​ | ​ | 155,796
Total available-for-sale investments | ​ | $ | 383,547 | ​ | $ | 12 | ​ | $ | (3,867) | ​ | $ | 379,692
​ The following table summarizes the fair value of available-for-sale debt securities based on stated contractual maturities as of December 31, 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized Cost |  | Fair Value
Due in less than one year | ​ | $ | 39,081 | ​ | $ | 39,035
Due between one and six years | ​ |  | 344,466 | ​ |  | 340,657
Total | ​ | $ | 383,547 | ​ | $ | 379,692
​ The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale debt securities by type of security at December 31, 2020 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Treasury notes | ​ | $ | 23,179 |  | $ | 173 |  | $ | (43) | ​ | $ | 23,309
Total available-for-sale investments | ​ | $ | 23,179 |  | $ | 173 | ​ | $ | (43) | ​ | $ | 23,309
​ The primary objective of our investment portfolio is to enhance overall returns in an efficient manner while maintaining safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with primarily investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer. We review our available-for-sale investments for other-than-temporary declines in fair value below our cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. The evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below our cost basis, as well as adverse conditions related specifically to the security such as any changes to the credit rating of the security and the intent to sell or whether we will more likely than not be required to sell the security before recovery of its amortized cost basis. Our assessment of whether a security is other-than-temporarily impaired could change in the future based on new developments or changes in assumptions related to that particular security. During the years ended December 31, 2021,2020 and 2019, we had $0.08 million, $0.03 million and $0.08 million realized losses on available-for-sale investments, respectively. Equity Investments We held investments in equity securities with readily determinable fair values of $110.0 million and $33.1 million at December 31, 2021 and 2020, respectively. These investments consist of mutual funds that invest primarily in tax free municipal bonds and treasury inflation protected securities. Unrealized gains (losses) during 2021, 2020 and 2019 related to equity securities held at December 31, 2021, 2020 and 2019 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
Net losses recognized during the year on equity securities | ​ | $ | (1,386) | ​ | $ | (245) | ​ | $ | (102)
Less: net losses recognized during the year on equity securities sold during the year | ​ |  | — | ​ |  | (1,090) | ​ | ​ | —
Unrealized gains (losses) recognized during the year on equity securities still held at December 31, 2021, 2020 and 2019 | ​ | $ | (1,386) | ​ | $ | 845 | ​ | $ | (102)
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- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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