; ForgeRock, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Cash Equivalents and Short-Term Investments

v3.21.2
Cash Equivalents and Short-Term Investments
9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Short-Term Investments Cash Equivalents and Short-Term Investments
The amortized cost, unrealized loss and estimated fair value of the Company’s cash equivalents and short-term investments as of September 30, 2021 were as follows (in thousands):
September 30, 2021
Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value
Cash Equivalents:
Money market funds $ 169,315  $ —  $ —  $ 169,315 
Corporate debt securities —  —  —  — 
Total cash equivalents 169,315  —  —  169,315 
Short-term investments
Commercial paper 58,050  —  —  $ 58,050 
Asset-backed securities 30,279  (1) 30,287 
Corporate debt securities 66,081  18  —  66,099 
U.S. Government debt securities 26,438  —  (2) 26,436 
Short-term investments 180,848  27  (3) 180,872 
Total $ 350,163  $ 27  $ (3) $ 350,187 
All short-term investments were designated as available-for-sale as of September 30, 2021. The Company had $79.9 million in money market funds at December 31, 2020.
The following table presents the contractual maturities of the Company’s short-term investments as of September 30, 2021 (in thousands):
September 30, 2021
Amortized Cost Estimated Fair Value
Due within one year
$ 121,766  $ 121,776 
Due between one to five years
59,082  59,096 
Total $ 180,848  $ 180,872 
As of September 30, 2021, the Company did not have any unsettled purchases or unsettled maturities of short-term investments.
The Company had short-term investments with a market value of $86.6 million in unrealized loss positions as of September 30, 2021. There were no material gross unrealized gains or losses from available-for-sale securities and no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three and nine months ended September 30, 2021.
For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non- credit related factors. Based on this evaluation, the Company determined that for short-term investments, there were no material credit or non-credit related impairments as of September 30, 2021.