Investments

9 Months Ended

Sep. 30, 2021

Available-for-sale investments at September 30, 2021 were as follows:


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

Cash equivalents:
Money market funds	$	91,433	$	—	$	—	$	91,433
Time deposits	41,320		—		—		41,320
Total cash equivalents	132,753		—		—		132,753

Short-term investments:
Time deposits	32,439		—		—		32,439
Commercial paper	118,300		10		(2)		118,308
Government and corporate bonds	171,866		48		(27)		171,887
Total short-term investments	322,605		58		(29)		322,634

Long-term investments:
Government and corporate bonds	60,102		—		(41)		60,061

Total available-for-sale investments	$	515,460	$	58	$	(70)	$	515,448

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 $400 million and $5 million during the nine months ended September 30, 2021 and September 30, 2020, respectively, resulting in insignificant losses in each period.

Other Investments

At September 30, 2021 and December 31, 2020, we had investments in equity securities that do not have readily determinable fair values of $406 million and $361 million, respectively, accounted for in accordance with 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 nine months ended September 30, 2021 and September 30, 2020, respectively.

At September 30, 2021 and December 31, 2020, we had investments in equity securities reported under the equity method of accounting of $22 million and $12 million, respectively. Such investments are included in "Long-term investments" in our condensed consolidated balance sheets.