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Cash, Cash Equivalents and Short-Term Investments | 9 Months Ended
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Sep. 30, 2022
Cash, Cash Equivalents and Short-Term Investments |
Cash, Cash Equivalents and Short-Term Investments | Note 5. Cash, Cash Equivalents and Short-Term Investments Cash, cash equivalents and short-term investments consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2022 |  | 2021
Cash | ​ | $ | 28,868 | ​ | $ | 27,788
Cash equivalents: | ​ |  | ​ | ​ | ​ | ​
Money market mutual fund | ​ |  | 1,856 | ​ | ​ | 111,313
Total cash and cash equivalents | ​ |  | 30,724 | ​ | ​ | 139,101
Short-term investments: | ​ |  | ​ | ​ | ​ | ​
U.S. Treasury notes and bills | ​ |  | 201,390 | ​ | ​ | 223,896
Mutual funds | ​ |  | 98,747 | ​ | ​ | 110,006
Corporate debt securities | ​ | ​ | 198,664 | ​ | ​ | 155,796
Total short-term investments | ​ |  | 498,801 | ​ | ​ | 489,698
Cash, cash equivalents and short-term investments | ​ | $ | 529,525 | ​ | $ | 628,799
​ Available-for-sale investments The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at September 30, 2022 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Treasury notes | ​ | $ | 211,391 | ​ | $ | 6 | ​ | $ | (10,007) | ​ | $ | 201,390
Corporate debt securities | ​ | ​ | 214,575 | ​ | ​ | 9 | ​ | ​ | (15,920) | ​ | ​ | 198,664
Total available-for-sale investments | ​ | $ | 425,966 | ​ | $ | 15 | ​ | $ | (25,927) | ​ | $ | 400,054
​ The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of September 30, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized Cost |  | Fair Value
Due within one year | ​ | $ | 100,284 | ​ | $ | 98,528
Due after one year through five years | ​ |  | 325,682 | ​ | ​ | 301,526
Due after five years through ten years | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 425,966 | ​ | $ | 400,054
​ The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at December 31, 2021 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
​ |  | Amortized 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 investments based on stated contractual maturities as of December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized Cost |  | Fair Value
Due within one year | ​ | $ | 39,081 | ​ | $ | 39,035
Due after one year through five years | ​ |  | 328,776 | ​ | ​ | 325,047
Due after five years through ten years | ​ | ​ | 15,690 | ​ | ​ | 15,610
Total | ​ | $ | 383,547 | ​ | $ | 379,692
​ 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 nine months ended September 30, 2022 and 2021 we had realized losses (gains) of $0.1 million and $(0.01) million on available-for-sale investments, respectively. Equity Investments We held investments in equity securities with readily determinable fair values of $98.7 million at September 30, 2022. These investments consist of mutual funds that invest primarily in tax-free municipal bonds and treasury inflation protected securities. Unrealized losses during 2022 and 2021 related to equity securities held at September 30, 2022 and 2021 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ |  | 2022 |  | 2021
Net losses recognized during the nine months on equity securities | ​ | $ | (12,436) | ​ | $ | (308)
Less: net gains (losses) recognized during the year on equity securities sold during the period | ​ |  | — | ​ | ​ | —
Unrealized losses recognized during the nine months on equity securities still held at September 30, 2022 and 2021 | ​ | $ | (12,436) | ​ | $ | (308)
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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 https://asc.fasb.org/topic&trid=2196928 + Details
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