Investments

6 Months Ended

Jun. 30, 2021

InvestmentsAvailable-for-sale investments at June 30, 2021 were as follows:


(In thousands)	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Cash equivalents:
Money market funds	$	52,425	$	—	$	—	$	52,425
Time deposits	37,685		—		—		37,685
Total cash equivalents	90,110		—		—		90,110

Short-term investments:
Time deposits	32,163		—		—		32,163
Commercial paper	354,800		27		(13)		354,814
Government and corporate bonds	251,453		112		(54)		251,511
Total short-term investments	638,416		139		(67)		638,488

Long-term investments:
Government and corporate bonds	106,306		2		(108)		106,200

Total available-for-sale investments	$	834,832	$	141	$	(175)	$	834,798

Available-for-sale investments at December 31, 2020 were as follows:


(In thousands)	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Cash equivalents:
Money market funds	$	40,027	$	—	$	—	$	40,027
Time deposits	36,756		—		—		36,756
Commercial Paper	61,000		—		—		61,000
Total cash equivalents	137,783		—		—		137,783

Short-term investments:
Time deposits	28,302		—		—		28,302
Commercial Paper	264,000		12		(19)		263,993
Government and corporate bonds	149,975		247		(44)		150,178
Total short-term investments	442,277		259		(63)		442,473

Long-term investments:
Government and corporate bonds	136,983		152		(57)		137,078

Total available-for-sale investments	$	717,043	$	411	$	(120)	$	717,334

We sold available-for-sale investments for proceeds of $80 million and $5 million during the six months ended June 30, 2021 and June 30, 2020, respectively, resulting in insignificant losses in each period.

Other Investments

At June 30, 2021 and December 31, 2020, we had investments in equity securities that do not have readily determinable fair values of $371 million and $361 million, respectively, accounted for in accordance with Accounting Standards Codification Topic ("ASC") 321, Investments-Equity Securities. Such investments are included in "Long-term investments" in our condensed consolidated balance sheets. We did not record any changes in the measurement of such investments during the six months ended June 30, 2021 and June 30, 2020, respectively.

At June 30, 2021 and December 31, 2020, we had investments in equity securities reported under the equity method of accounting of $20 million and $12 million, respectively. Such investments are included in "Long-term investments" in our condensed consolidated balance sheets.