Investments

6 Months Ended

Jun. 30, 2021

Investments in privately-held companies [Abstract]

Investments

Investments

Investments in Privately-Held Companies    

    Our investments in privately-held companies do not have readily-determinable fair values. Their initial cost is adjusted to fair value on a non-recurring basis based on observable price changes from orderly transactions of identical or similar securities of the same issuer, or for impairment. These investments are classified within Level III of the fair value hierarchy as we estimate the value based on valuation methods using the observable transaction price at the transaction date and other significant unobservable inputs, such as volatility, rights, and obligations related to these securities. In addition, the valuation requires management judgment due to the absence of market price and lack of liquidity. The following table summarizes the activity related to our investments in privately-held companies as of June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021		December 31, 2020
Cost of investments	$	8,333	$	3,000
Cumulative impairment	—		—
Cumulative upward adjustment	5,314		5,314
Carrying amount of investments	$	13,647	$	8,314

    During the three and six months ended June 30, 2021 and June 30, 2020, there were no realized or unrealized gains or losses recorded.