Cash, Cash Equivalents and Investments (Tables)

6 Months Ended

Jun. 30, 2021

Cash, Cash Equivalents and Investments

Summary of Cash, Cash Equivalents and Held-to-Maturity Investments by Type

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

	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