Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents, Short-Term And Long-Term Investments

v3.22.1
Cash, Cash Equivalents, Short-Term And Long-Term Investments
3 Months Ended
Mar. 31, 2022
Cash Cash Equivalents And Short Term And Long Term Investments [Abstract]  
Cash, Cash Equivalents, Short-Term and Long-Term Investments

(2)

Cash, Cash Equivalents, Short-term and Long-term Investments

The following tables show the Company’s cash, cash equivalents, short-term and long-term investments by significant investment category:

 

 

As of March 31, 2022

 

(in thousands)

 

Adjusted Cost

 

 

Fair Value

 

 

Cash and Cash Equivalents

 

 

Short-Term Investments

 

 

Long-Term Investments

 

Cash

 

$

570,833

 

 

$

570,833

 

 

$

570,833

 

 

$

 

 

$

 

Level 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

19,075

 

 

 

19,075

 

 

 

19,075

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

22,983

 

 

 

22,983

 

 

 

 

 

 

11,775

 

 

 

11,208

 

Total level 1

 

 

42,058

 

 

 

42,058

 

 

 

19,075

 

 

 

11,775

 

 

 

11,208

 

Level 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

133,565

 

 

 

133,565

 

 

 

 

 

 

86,388

 

 

 

47,177

 

Asset-backed securities

 

 

21,312

 

 

 

21,312

 

 

 

 

 

 

6,770

 

 

 

14,542

 

Mutual funds

 

 

52,124

 

 

 

52,124

 

 

 

 

 

 

 

 

 

52,124

 

Total level 2

 

 

207,001

 

 

 

207,001

 

 

 

 

 

 

93,158

 

 

 

113,843

 

Total

 

$

819,892

 

 

$

819,892

 

 

$

589,908

 

 

$

104,933

 

 

$

125,051

 

 

 

 

As of December 31, 2021

 

(in thousands)

 

Adjusted Cost

 

 

Fair Value

 

 

Cash and Cash Equivalents

 

 

Short-Term Investments

 

 

Long-Term Investments

 

Cash

 

$

664,220

 

 

$

664,220

 

 

$

664,220

 

 

$

 

 

$

 

Level 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

132,063

 

 

 

132,063

 

 

 

132,063

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

25,437

 

 

 

25,437

 

 

 

 

 

 

8,896

 

 

 

16,541

 

Total level 1

 

 

157,500

 

 

 

157,500

 

 

 

132,063

 

 

 

8,896

 

 

 

16,541

 

Level 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

148,373

 

 

 

148,373

 

 

 

 

 

 

84,783

 

 

 

63,590

 

Asset-backed securities

 

 

17,180

 

 

 

17,180

 

 

 

 

 

 

4,901

 

 

 

12,279

 

Mutual funds

 

 

53,180

 

 

 

53,180

 

 

 

 

 

 

 

 

 

53,180

 

Total level 2

 

 

218,733

 

 

 

218,733

 

 

 

 

 

 

89,684

 

 

 

129,049

 

Total

 

$

1,040,453

 

 

$

1,040,453

 

 

$

796,283

 

 

$

98,580

 

 

$

145,590

 

The Company’s investments consist of U.S. Treasury securities, corporate notes and bonds and asset-backed securities, which the Company has the intent and ability to hold to maturity and therefore are classified as held-to-maturity. The Company holds mutual

funds in its deferred compensation plan which are classified as trading securities. The Company may sell certain of its investments prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s long-term investments are less than two years. The Company minimizes the potential risk of principal loss by investing in highly-rated securities and limiting the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.

When evaluating an investment for its current expected credit losses, the Company reviews factors such as historical experience with defaults, losses, credit ratings, term, market sector and macroeconomic trends, including current conditions and forecasts to the extent they are reasonable and supportable.