Cash, Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2021

Cash, Cash Equivalents and Investments

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, 2021 and December 31, 2020 (in thousands):

	As of June 30, 2021
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	199,426	$	—	$	—	$	199,426	$	199,426	$	—	$	—
Level 1:
Money market funds		48,052		—		—		48,052		48,052		—		—
Agency bonds		73,669		74		—		73,743		5,500		60,169		8,000
Treasury bills		96,795		2		(1)		96,796		12,600		84,195		—
Subtotal		218,516		76		(1)		218,591		66,152		144,364		8,000
Level 2:
State and municipal obligations		101,610		14		(27)		101,597		801		87,596		13,213
Certificates of deposit		500		—		—		500		—		500		—
Corporate bonds		150,082		105		(32)		150,155		—		122,607		27,475
Commercial paper		33,983		—		—		33,983		—		33,983		—
Subtotal		286,175		119		(59)		286,235		801		244,686		40,688
Total	$	704,117	$	195	$	(60)	$	704,252		266,379		389,050		48,688
Expected credit loss reserve										(7)		(155)		(19)
Total, net of reserve for expected credit losses									$	266,372	$	388,895	$	48,669

Because we do not have any history of losses for our held-to-maturity investments, our expected credit 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 each of June 30, 2021 and December 31, 2020, our credit loss reserve for held-to-maturity investments was approximately $0.2 million.

	As of December 31, 2020
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	116,107	$	—	$	—	$	116,107	$	116,107	$	—	$	—
Level 1:
Money market funds		23,611		—		—		23,611		23,611		—		—
Agency bonds		63,794		122		—		63,916		—		23,794		40,000
Treasury Bills		96,384		6		—		96,390				96,384
Subtotal		183,789		128		—		183,917		23,611		120,178		40,000
Level 2:
State and municipal obligations		77,130		25		(28)		77,127		—		66,519		10,611
Certificates of deposit		500		—		—		500		—		500		—
Corporate bonds		212,825		232		(100)		212,957		2,525		170,205		40,095
U.S. Treasury repurchase agreements		13,200		—		—		13,200		13,200		—		—
Treasury inflation-protected securities		3,291		16		—		3,307		—		3,291
Commercial paper		45,974		—		—		45,974				45,974		—
Subtotal		352,920		273		(128)		353,065		15,725		286,489		50,706
Total	$	652,816	$	401	$	(128)	$	653,089		155,443		406,667		90,706
Expected credit loss reserve										(3)		(142)		(25)
Total, net of reserve for expected credit losses									$	155,440	$	406,525	$	90,681