Cash Equivalents and Short-Term Investments
|12 Months Ended|
Dec. 31, 2022
|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 December 31, 2022 and 2021 were as follows (in thousands):
The Company had $91.4 million in money market funds and $209.2 million in short-term investments at December 31, 2022.
The following tables present the contractual maturities of the Company’s short-term investments as of December 31, 2022 and 2021 (in thousands):
As of December 31, 2022, the Company did not have any unsettled purchases or unsettled maturities of short-term investments.
The following table presents the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of December 31, 2022.
The Company had short-term investments with a market value of $156.4 million and $163.0 million in unrealized loss positions as of December 31, 2022 and 2021. Gross unrealized losses from available-for-sale securities were $2.0 million and $0.6 million as of December 31, 2022 and 2021, from 33 and 38 investment positions, respectively. 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 year ended December 31, 2022 and 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. The credit ratings associated with the corporate notes and obligations are mostly unchanged, are highly rated and the issuers continue to make timely principal and interest payments. Based on this evaluation, the Company determined that for short-term investments, there were no material credit or non-credit related impairments as of December 31, 2022 and 2021.
No definition available.
The entire disclosure for investments in certain debt and equity securities.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef