Investments

12 Months Ended

Dec. 31, 2021

Available-for-sale investments at the end of 2021 were as follows:


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

Cash equivalents:
Money market funds	$	149,429	$	—	$	—	$	149,429
Time deposits	35,342		—		—		35,342
Commercial paper	77,850		—		—		77,850
Government and corporate bonds	5,000		—		—		5,000
Total cash equivalents	267,621		—		—		267,621

Short-term investments:
Time deposits	25,598		—		—		25,598
Commercial paper	57,000		—		(14)		56,986
Government and corporate bonds	170,123		18		(103)		170,038
Total short-term investments	252,721		18		(117)		252,622

Long-term investments:
Government and corporate bonds	31,167		—		(149)		31,018

Total available-for-sale investments	$	551,509	$	18	$	(266)	$	551,261

Available-for-sale investments at the end of 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 $420 million, $71 million and $233 million in 2021, 2020 and 2019, respectively, resulting in insignificant gains/losses in each period.

Other Investments

At December 31, 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 consolidated balance sheets. We did not record any changes in the measurement of such investments in 2021, 2020, or 2019, respectively.

At December 28, 2019, we had investments in equity securities with readily determinable fair values of $14 million, accounted for in accordance with ASC 321. Such investments were included in "Short-term investments" in our consolidated balance sheets. Changes in the measurement of such investments favorably impacted "Other income (loss), net" by $76 million and $14 million in 2020 and 2019, respectively. In August 2020, we sold these investments for cash proceeds of $90 million.

At December 31, 2021 and December 31, 2020, we had investments in equity securities reported under the equity method of accounting of $25 million and $12 million, respectively. Such investments are included in "Long-term investments" in our consolidated balance sheets.

Impairment Assessment

We adopted ASU 2016-13 in the first quarter of 2020, which made certain amendments to the model used to assess available-for-sale debt securities for impairment. Such guidance provides that an available-for-sale debt security is impaired if the fair value of the security is less than its amortized cost basis. A determination is made whether the decline in fair value below the amortized cost basis has resulted from a credit loss or other factors, such as market liquidity or changes in interest rates. Impairment related to credit losses is recognized in net earnings, whereas impairment related to other factors is recognized as a component of accumulated other comprehensive loss, net. We did not recognize any impairment on our available-for-sale debt securities through net earnings in 2021 or 2020.