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Cash and Cash Equivalents, and Investments | 9 Months Ended
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Sep. 30, 2021
Cash and Cash Equivalents [Abstract] |
Cash and Cash Equivalents, and Investment | 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 September 30, 2021 and December 31, 2020 (in thousands):
| September 30, 2021
| Adjusted Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 29,338 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,338 |
Money market funds | 684,499 |  |  | — |  |  | — |  |  | 684,499 |
Total cash and cash equivalents | $ | 713,837 |  |  | $ | — |  |  | $ | — |  |  | $ | 713,837 |
Short-term investments: |  |  |  |  |  |  |
Commercial paper | $ | 364,098 |  |  | $ | 49 |  |  | $ | (4) |  |  | $ | 364,143 |
Corporate debt securities | 658,525 |  |  | 280 |  |  | (122) |  |  | 658,683 |
Agency bonds | 15,501 |  |  | 18 |  |  | — |  |  | 15,519 |
Total short-term investments | $ | 1,038,124 |  |  | $ | 347 |  |  | $ | (126) |  |  | $ | 1,038,345 |
Long-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 813,889 |  |  | $ | 142 |  |  | $ | (531) |  |  | $ | 813,500 |
Total long-term investments | $ | 813,889 |  |  | $ | 142 |  |  | $ | (531) |  |  | $ | 813,500 |
| 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 |
The following table shows our cash equivalents and investments' adjusted cost and fair value by contractual maturity as of September 30, 2021 (in thousands):
| Adjusted Cost |  | Fair Value
Due in 1 year or less | $ | 1,038,124 |  |  | $ | 1,038,345 |
Due in 1-2 years | 813,889 |  |  | 813,500 |
Investments not due at a single maturity date | 684,499 |  |  | 684,499 |
Total | $ | 2,536,512 |  |  | $ | 2,536,344 |
Investments not due at a single maturity date in the preceding table consisted of money market funds. As of September 30, 2021, we determined that the declines in the market value of our investment portfolio were not 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. In addition, our investment policy limits the amount of our credit exposure to any one issuer or industry sector. The policy requires investments 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 three and nine months ended September 30, 2021 and 2020, we did not recognize any losses on our investments due to credit related factors. Strategic Investments We previously invested $2.0 million in TAPD, Inc., also known as Frank; a U.S.-based service that helps students access financial aid. In September 2021, we sold our investment in Frank for total consideration of $9.2 million, resulting in a $7.2 million gain included within other income (expense), net on our condensed consolidated statements of operations. We received a cash payment of $9.0 million included within cash flows from investing activities on our condensed consolidated statements of cash flows. We also previously invested $3.0 million in a foreign entity to explore expanding our reach internationally. In March 2021, we sold our investment in that foreign entity for total consideration of $8.3 million, resulting in a $5.3 million gain included within other income (expense), net on our condensed consolidated statements of operations. We received a cash payment, net of taxes withheld, of $7.1 million included within cash flows from investing activities on our condensed consolidated statements of cash flows. Aside from a $10.0 million impairment charge previously recorded in 2020 on our strategic investment in WayUp, Inc., we did not record any other impairment charges on our strategic investments during the three and nine months ended September 30, 2021 and 2020, 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 during the three and nine months ended September 30, 2021 and 2020. As of September 30, 2021, we had no amounts related to strategic investments on our condensed consolidated balance sheet.

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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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