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Cash, Cash Equivalents and Short-Term Investments

12 Months Ended

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)