Cash, Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2020

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Investments

3. Cash, Cash Equivalents and Investments

The following tables summarize our cash, cash equivalents, and held-to-maturity investments at June 30, 2020 and December 31, 2019 (in thousands):

	As of June 30, 2020
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	141,191	$	—	$	—	$	141,191	$	141,191	$	—	$	—
Level 1:
Money market funds		92,773		—		—		92,773		92,773		—		—
Agency bonds		78,965		97		(6)		79,056		—		14,924		64,041
Treasury bills		32,093		1		—		32,094		7,999		24,094		—
Subtotal		203,831		98		(6)		203,923		100,772		39,018		64,041
Level 2:
State and municipal obligations		55,436		71		(14)		55,493		6,502		40,892		8,042
Certificates of deposit		1,900		—		—		1,900		—		1,400		500
Corporate bonds		196,247		515		(113)		196,649		9,102		130,117		57,028
U.S. Treasury repurchase agreements		55,500		—		—		55,500		55,500		—		—
Treasury inflation-protected securities		3,232		29		—		3,261		—		3,232		—
Commercial paper		29,616		—		—		29,616		6,197		23,419		—
Subtotal		341,931		615		(127)		342,419		77,301		199,060		65,570
Total	$	686,953	$	713	$	(133)	$	687,533	$	319,264	$	238,078	$	129,611

As of June 30, 2020, the balances reflected above were offset by a net payable of $10.4 million related to unsettled investment purchases, which was settled in early July. We believe unrealized losses on our investments are due to interest rate fluctuations.

We adopted Topic 326 on January 1, 2020, and applied the credit loss guidance related to held-to-maturity securities prospectively. Because we do not have any history of losses for our held-to-maturity investments, our expected loss allowance methodology for held-to-maturity investments is developed using published or estimated credit default rates for similar investments and current and future economic and market conditions. At both January 1 and June 30, 2020, our credit loss reserve for held-to-maturity investments was approximately $0.1 million. During the three and six months ended June 30, 2020, we increased the frequency of review for our investment portfolio in order to more closely monitor potential impacts of the novel coronavirus ("COVID-19”) pandemic.

	As of December 31, 2019
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	103,319	$	—	$	—	$	103,319	$	103,319	$	—	$	—
Level 1:
Money market funds		8,845		—		—		8,845		8,845		—		—
Agency bonds		32,869		14		(4)		32,879		—		15,131		17,738
Subtotal		41,714		14		(4)		41,724		8,845		15,131		17,738
Level 2:
State and municipal obligations		25,038		8		—		25,046		—		21,560		3,478
Certificates of deposit		1,400		—		—		1,400		—		1,400		—
Corporate bonds		135,175		71		(30)		135,216		886		113,241		21,048
U.S. Treasury repurchase agreements		57,200		—		—		57,200		57,200		—		—
Treasury inflation-protected securities		3,235		14		—		3,249		—		—		3,235
Commercial paper		29,202		—		—		29,202		2,000		27,202		—
Subtotal		251,250		93		(30)		251,313		60,086		163,403		27,761
Total	$	396,283	$	107	$	(34)	$	396,356	$	172,250	$	178,534	$	45,499