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Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Financial Instruments  
Schedule of available-for-sale securities

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December 31, 2021

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December 31, 2020

 

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Amortized
Cost

    

Gross
Unrealized
Gain

    

Gross
Unrealized
(Loss)

    

Estimated Fair
Value

    

Amortized
Cost

    

Gross
Unrealized
Gain

    

Gross
Unrealized
(Loss)

    

Estimated Fair
Value

 

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(in thousands)

 

Money market deposits

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$

10,041

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$

—

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$

—

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$

10,041

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$

28,990

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$

—

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$

—

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$

28,990

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U.S. Treasury securities (1)

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689,640

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1,081

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(2,624)

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688,097

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594,252

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3,512

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(20)

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597,744

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Corporate bonds and notes (1)

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52,729

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—

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(392)

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52,337

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12,331

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2

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(5)

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12,328

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Municipal securities

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89,814

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261

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(613)

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89,462

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77,764

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796

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(26)

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78,534

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Total

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$

842,224

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$

1,342

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$

(3,629)

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$

839,937

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$

713,337

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$

4,310

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$

(51)

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$

717,596

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Classified as:

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Cash equivalents (2)

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$

10,041

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$

28,990

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Short-term investments

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829,896

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688,606

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Total

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$

839,937

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$

717,596

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(1)
Per the Company’s investment policy, all debt securities are classified as short-term investments irrespective of holding period.

(2)

Cash equivalents includes cash sweep accounts and U.S. Treasury money market mutual funds.

Summarized portfolio of available-for-sale securities by contractual maturity

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December 31, 2021

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Amortized
Cost

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Fair
Value

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(in thousands)

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Less than or equal to one year

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$

274,879

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$

275,331

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Greater than one year but less than five years

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557,304

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554,565

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Total

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$

832,183

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$

829,896

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