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Cash and Cash Equivalents, and Investments | 12 Months Ended
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Dec. 31, 2020
Cash and Cash Equivalents [Abstract] |
Cash and Cash Equivalents, and Investments | Cash and Cash Equivalents, and Investments The following tables show our cash and cash equivalents, and investments’ adjusted cost, unrealized gain, unrealized loss and fair value as of December 31, 2020 and 2019 (in thousands):
| December 31, 2020
| Adjusted Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 15,054 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,054 |
Money market funds | 464,799 |  |  | — |  |  | — |  |  | 464,799 |
Total cash and cash equivalents | $ | 479,853 |  |  | $ | — |  |  | $ | — |  |  | $ | 479,853 |
Short-term investments: |  |  |  |  |  |  |
Commercial paper | $ | 204,152 |  |  | $ | 24 |  |  | $ | (6) |  |  | $ | 204,170 |
Corporate debt securities | 459,967 |  |  | 1,478 |  |  | (48) |  |  | 461,397 |
Total short-term investments | $ | 664,119 |  |  | $ | 1,502 |  |  | $ | (54) |  |  | $ | 665,567 |
Long-term investments |  |  |  |  |  |  |
Corporate debt securities | $ | 484,275 |  |  | $ | 605 |  |  | $ | (283) |  |  | $ | 484,597 |
Agency bonds | 38,995 |  |  | 36 |  |  | — |  |  | 39,031 |
Total long-term investments | $ | 523,270 |  |  | $ | 641 |  |  | $ | (283) |  |  | $ | 523,628 |
| December 31, 2019
| Adjusted 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 debt securities | 318,946 |  |  | 425 |  |  | (78) |  |  | 319,293 |
U.S. treasury securities | 44,251 |  |  | 39 |  |  | (4) |  |  | 44,286 |
Agency bonds | 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 bonds | 14,999 |  |  | 6 |  |  | — |  |  | 15,005 |
Total long-term investments | $ | 310,102 |  |  | $ | 539 |  |  | $ | (158) |  |  | $ | 310,483 |
The adjusted cost and fair value of our cash equivalents and investments as of December 31, 2020 by contractual maturity were as follows (in thousands):
| December 31, 2020
| Cost |  | Fair Value
Due in 1 year or less | $ | 664,119 |  |  | $ | 665,567 |
Due in 1-2 years | 523,270 |  |  | 523,628 |
Investments not due at a single maturity date | 464,799 |  |  | 464,799 |
Total | $ | 1,652,188 |  |  | $ | 1,653,994 |
Investments not due at a single maturity date in the preceding table consist of money market funds. As of December 31, 2020, we did not consider the declines in market value of our investment portfolio to be driven by credit related factors. When evaluating whether an investment's unrealized losses are related to credit factors, we review factors such as the extent to which fair value is below its cost basis, any changes to the credit rating of the security, adverse conditions specifically related to the security, changes in market interest rates and our intent to sell, or whether it is more likely than not we will be required to sell, before recovery of cost basis. We invest in highly-rated securities with a minimum credit rating of A- and a weighted average maturity of less than twelve months, and our investment policy 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. During the year ended December 31, 2020, we did not recognize any losses on our investments due to credit related factors. During the years ended December 31, 2019 and 2018, we did not recognize any impairment charges. Strategic Investments In March 2020, we completed an investment of $2.0 million in TAPD, Inc., also known as Frank, a U.S.-based service that helps students access financial aid. In October 2018, we completed an investment of $10.0 million in WayUp, Inc. (WayUp), 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. During the year ended December 31, 2020, we recorded a $10.0 million impairment charge on our investment in WayUp included within general and administrative expense on our consolidated statements of operations. Our impairment assessment was the result of the uncertainty around WayUp's ability to raise additional funding to support their future operations. We did not record any other impairment charges on our other strategic investments during the years ended December 31, 2020, 2019 and 2018, as there were no other significant identified events or changes in circumstances that would be considered an indicator for impairment. We considered general market conditions as a result of the COVID-19 pandemic in our impairment analysis. There were no observable price changes in orderly transactions for the identical or similar investments of the same issuers that resulted in an upward or downward adjustment on our strategic investments during the years ended December 31, 2020, 2019 and 2018.

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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