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Investments
 6 Months Ended
Jun. 30, 2022
Investments [Abstract]  
Investments

4. Investments

The Company invests portions of excess cash in United States treasuries, non-U.S. government securities, municipal securities, corporate debt securities and commercial paper with maturities ranging from three to thirty-six months from the purchase date. These securities are classified as short-term and long-term investments in the accompanying unaudited condensed consolidated balance sheets based on each security’s contractual maturity date and are accounted for as available-for-sale securities.

The following table summarizes the Company’s investments accounted for as available-for-sale securities as of June 30, 2022 and December 31, 2021 (in thousands, except for maturity in years):

 

 

 

Maturity
(in years)

 

Amortized
Cost

 

 

Unrealized
Losses

 

 

Unrealized
Gains

 

 

Estimated
Fair Value

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury debt securities

 

1 or less

 

$

120,196

 

 

$

(965

)

 

$

—

 

 

$

119,231

 

Municipal securities

 

1 or less

 

 

19,939

 

 

 

(278

)

 

 

—

 

 

 

19,661

 

Corporate debt securities

 

1 or less

 

 

178,376

 

 

 

(1,657

)

 

 

—

 

 

 

176,719

 

Commercial paper

 

1 or less

 

 

198,371

 

 

 

(407

)

 

 

—

 

 

 

197,964

 

Total short-term investments

 

 

 

$

516,882

 

 

$

(3,307

)

 

$

—

 

 

$

513,575

 

Classified as non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

Greater than 1

 

 

12,035

 

 

 

(110

)

 

 

—

 

 

 

11,925

 

Total long-term investments

 

 

 

$

12,035

 

 

$

(110

)

 

$

—

 

 

$

11,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury debt securities

 

1 or less

 

$

70,653

 

 

$

(163

)

 

$

—

 

 

$

70,490

 

Municipal securities

 

1 or less

 

 

18,017

 

 

 

(6

)

 

 

1

 

 

 

18,012

 

Corporate debt securities

 

1 or less

 

 

169,736

 

 

 

(187

)

 

 

—

 

 

 

169,549

 

Commercial paper

 

1 or less

 

 

224,333

 

 

 

(59

)

 

 

2

 

 

 

224,276

 

Total short-term investments

 

 

 

$

482,739

 

 

$

(415

)

 

$

3

 

 

$

482,327

 

Classified as non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury debt securities

 

Greater than 1

 

$

9,989

 

 

$

(35

)

 

$

—

 

 

$

9,954

 

Municipal securities

 

Greater than 1

 

 

9,034

 

 

 

(42

)

 

 

—

 

 

 

8,992

 

Corporate debt securities

 

Greater than 1

 

 

81,989

 

 

 

(271

)

 

 

—

 

 

 

81,718

 

Total long-term investments

 

 

 

$

101,012

 

 

$

(348

)

 

$

—

 

 

$

100,664

 

 

As of June 30, 2022 and December 31, 2021, the Company had $1.0 million and $1.1 million, respectively, of accrued interest on investments recorded in prepaid expenses and other assets on the unaudited condensed consolidated balance sheets.

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury debt securities

 

$

119,232

 

 

$

(965

)

 

$

—

 

 

$

—

 

 

$

119,232

 

 

$

(965

)

Municipal securities

 

 

19,661

 

 

 

(278

)

 

 

—

 

 

 

—

 

 

 

19,661

 

 

 

(278

)

Corporate debt securities

 

 

150,489

 

 

 

(1,734

)

 

 

31,154

 

 

 

(33

)

 

 

181,643

 

 

 

(1,767

)

Commercial paper

 

 

84,465

 

 

 

(407

)

 

 

—

 

 

 

—

 

 

 

84,465

 

 

 

(407

)

Total

 

$

373,847

 

 

$

(3,384

)

 

$

31,154

 

 

$

(33

)

 

$

405,001

 

 

$

(3,417

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury debt securities

 

$

80,444

 

 

$

(198

)

 

$

—

 

 

$

—

 

 

$

80,444

 

 

$

(198

)

Municipal securities

 

 

23,352

 

 

 

(48

)

 

 

—

 

 

 

—

 

 

 

23,352

 

 

 

(48

)

Corporate debt securities

 

 

250,467

 

 

 

(458

)

 

 

—

 

 

 

—

 

 

 

250,467

 

 

 

(458

)

Commercial paper

 

 

59,863

 

 

 

(59

)

 

 

—

 

 

 

—

 

 

 

59,863

 

 

 

(59

)

Total

 

$

414,126

 

 

$

(763

)

 

$

—

 

 

$

—

 

 

$

414,126

 

 

$

(763

)

 

The Company reviews its investment holdings at the end of each reporting period and evaluates any unrealized losses using the expected credit loss model to determine if the unrealized loss is a result of a credit loss or other factors. The Company also evaluates its investment holdings for impairment using a variety of factors including the Company’s intent to sell the underlying securities prior to maturity and whether it is more likely than not that the Company would be required to sell the securities before the recovery of their amortized basis. During each of the three and six months ended June 30, 2022 and 2021, the Company did not recognize any impairment or realized gains or losses on sales of investments, and the Company did not record an allowance for, or recognize, any expected credit losses.