Cash, Cash Equivalents and Marketable Investments

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Investments

Cash, Cash Equivalents and Marketable Investments

The Company invests its cash primarily in money market funds and in highly liquid debt instruments of U.S. federal and municipal governments and their agencies. All highly liquid investments with stated maturities of three months or less from date of purchase are classified as cash equivalents; all highly liquid investments with stated maturities of greater than three months are classified as marketable investments. The majority of the Company’s cash and investments are held in U.S. banks and U.S. Treasuries. The Company's foreign subsidiaries maintain a limited amount of cash in their local banks to cover their short term operating expenses.

The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable securities have been classified and accounted for as available-for-sale securities. Investments with remaining maturities of more than one year are viewed by the Company as available to support current operations and are classified as current assets under the caption marketable investments in the accompanying condensed consolidated balance sheets. Investments in available-for-sale debt securities are measured at fair value under the guidance in ASC 320. Credit losses on impaired available-for-sale debt securities are recognized through an allowance for credit losses. Under ASC 326, credit losses recognized on an available-for-sale debt security should not reduce the net carrying amount of the available-for-sale debt security below its fair value. Any changes in fair value unrelated to credit are recognized as an unrealized gain or loss in other comprehensive income.

The following table summarizes the Company's cash and cash equivalents and marketable investments (in thousands):

			Gross		Gross		Fair
	Amortized		Unrealized		Unrealized		Market
March 31, 2022	Cost		Gains		Losses		Value
Cash and cash equivalents	$	57,732	$	—	$	—	$	57,732
Non-current restricted cash	700		—		—		700
Cash, cash equivalents, and restricted cash as reported within the Consolidated Statements of Cash Flows	58,432		—		—		58,432
Marketable investments - U.S. Treasury	74,058		—		(11)		74,047
Total	$	132,490	$	—	$	(11)	$	132,479

			Gross		Gross		Fair
	Amortized		Unrealized		Unrealized		Market
December 31, 2021	Cost		Gains		Losses		Value
Cash and cash equivalents	$	164,164	$	—	$	—	$	164,164
Non-current restricted cash	700		—		—		700
Cash, cash equivalents, and restricted cash as reported within the Consolidated Statements of Cash Flows	$	164,864	$	—	$	—	$	164,864

At March 31, 2022 and December 31, 2021, the net unrealized losses were $11 thousand and nil, respectively, and were related to interest rate changes on available-for-sale marketable investments. The Company has concluded that it is more-likely-than-not that the securities will be held until maturity or the recovery of their cost basis. No securities were in an unrealized loss position for more than 12 months. The cash is restricted to support an outstanding letter of credit for $0.7 million provided to a supplier.

The following table summarizes the contractual maturities of the Company’s available-for-sale securities, classified as marketable investments, as of March 31, 2022 (in thousands):

March 31, 2022	Amount
Due in less than one year	$	74,058