Cash and Cash Equivalents, and Investments

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents, and Investments

The following table shows our cash and cash equivalents, and investments’ adjusted cost, unrealized gain, unrealized loss and fair value as of December 31, 2019 and 2018 (in thousands):



	December 31, 2019
	Cost		Unrealized Gain		Unrealized Loss			Fair Value
Cash and cash equivalents:
Cash	$	241,355	$	—	$	—		$	241,355
Money market funds	146,165		—		—			146,165
Total cash and cash equivalents	$	387,520	$	—	$	—		$	387,520
Short-term investments:
Commercial paper	$	7,489	$	—	$	—		$	7,489
Corporate securities	318,946		425		(78		)	319,293
U.S. treasury securities	44,251		39		(4		)	44,286
Agency bond	10,000		6		—			10,006
Total short-term investments	$	380,686	$	470	$	(82	)	$	381,074
Long-term investments
Corporate securities	$	295,103	$	533	$	(158	)	$	295,478
Agency bond	14,999		6		—			15,005
Total long-term investments	$	310,102	$	539	$	(158	)	$	310,483



	December 31, 2018
	Cost		Unrealized Gain		Unrealized Loss			Fair Value
Cash and cash equivalents:
Cash	$	351,345	$	—	$	—		$	351,345
Money market funds	5,052		—		—			5,052
Commercial paper	18,267		—		—			18,267
Total cash and cash equivalents	$	374,664	$	—	$	—		$	374,664
Short-term investments:
Commercial paper	$	40,500	$	—	$	(12	)	$	40,488
Corporate securities	38,616		—		(87		)	38,529
U.S. treasury securities	14,333		—		(5		)	14,328
Total short-term investments	$	93,449	$	—	$	(104	)	$	93,345
Long-term investments
Corporate securities	$	14,429	$	9	$	(14	)	$	14,424
U.S. treasury securities	1,630		—		(2		)	1,628
Total long-term investments	$	16,059	$	9	$	(16	)	$	16,052

The adjusted cost and fair value of investments as of December 31, 2019 by contractual maturity were as follows (in thousands):



	December 31, 2019
	Cost		Fair Value
Due in 1 year or less	$	380,686	$	381,074
Due in 1-2 years	310,102		310,483
Investments not due at a single maturity date	146,165		146,165
Total	$	836,953	$	837,722

Investments not due at a single maturity date in the preceding table consist of money market fund deposits.

As of December 31, 2019, we considered the declines in market value of our investment portfolio to be temporary in nature and did not consider any of our investments to be other-than-temporarily impaired. We typically invest in highly-rated securities with a minimum credit rating of A- and a weighted average maturity of nine months, and our investment policy generally limits the amount of credit exposure to any one issuer or industry sector. The policy requires investments generally to be investment grade, with the primary objective of preserving capital and maintaining liquidity. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and our intent to sell, or whether it is more likely than not we will be required to sell, the investment before recovery of the investment’s cost basis. During the years ended December 31, 2019, 2018, and 2017 we did not recognize any other-than-impairment charges.

Restricted Cash

As of December 31, 2019 and 2018, we had approximately $1.9 million and $1.3 million, respectively, of restricted cash that primarily consists of security deposits for our corporate offices. As of December 31, 2019 and 2018, $0.1 million of restricted cash is classified in other current assets in our consolidated balance sheets. As of December 31, 2019 and 2018, $1.8 million and $1.2 million, respectively, of restricted cash is classified in other assets in our consolidated balance sheets. These amounts are classified based upon the term of the remaining restrictions.

Strategic Investments

In October 2018, we completed an investment of $10.0 million in WayUp, Inc., a U.S.-based job site and mobile application for college students and recent graduates. Additionally, we previously invested $3.0 million in a foreign entity to explore expanding our reach internationally. We did not record any impairment charges on our strategic investments during the

years ended December 31, 2019, 2018, and 2017, as there were no significant identified events or changes in circumstances that would be considered an indicator for impairment. There were no observable price changes in orderly transactions for the identical or similar investments of the same issuers during the years ended December 31, 2019 and 2018.