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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from       to       
 
Commission file number 1-31443
 HAWAIIAN HOLDINGS INC
(Exact Name of Registrant as Specified in Its Charter)
Delaware 71-0879698
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
3375 Koapaka Street,Suite G-350  
Honolulu,HI 96819
(Address of Principal Executive Offices) (Zip Code)

(808) 835-3700
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value)HANASDAQ Stock Market, LLC
(NASDAQ Global Select Market)
Securities registered pursuant to Section 12(g) of the Act: None
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer Accelerated filer 
Non-accelerated filer  Smaller reporting company 
 Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  No
 
As of April 22, 2022, 51,327,070 shares of the registrant’s common stock were outstanding.



Hawaiian Holdings, Inc.
Form 10-Q
Quarterly Period ended March 31, 2022
 
Table of Contents
 
   
   
 
   
 
  
 
   
 
   
 
   
   
   
   
   
   
   
   
   
   
   
 
2


PART I. FINANCIAL INFORMATION

ITEM 1.                   FINANCIAL STATEMENTS.
Hawaiian Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended March 31,
 20222021
 (unaudited)
Operating Revenue:  
Passenger$404,029 $137,469 
Other73,185 44,748 
Total477,214 182,217 
Operating Expenses:  
Wages and benefits203,099 160,079 
Aircraft fuel, including taxes and delivery150,982 47,736 
Maintenance, materials and repairs55,650 34,252 
Aircraft and passenger servicing33,815 17,251 
Depreciation and amortization33,755 35,356 
Aircraft rent26,276 29,841 
Commissions and other selling20,647 11,409 
Other rentals and landing fees34,611 19,668 
Purchased services30,687 24,097 
Government grant recognition (147,270)
Other35,497 22,962 
Total625,019 255,381 
Operating Loss(147,805)(73,164)
Nonoperating Income (Expense):  
Interest expense and amortization of debt discounts and issuance costs(25,037)(23,693)
Gains on fuel derivatives 217 
Other components of net periodic benefit cost1,286 981 
Interest income4,434 1,249 
Capitalized interest1,052 684 
Loss on extinguishment of debt (3,994)
Other, net11,246 20,896 
Total(7,019)(3,660)
Loss Before Income Taxes(154,824)(76,824)
Income tax benefit(32,015)(16,133)
Net Loss$(122,809)$(60,691)
Net Loss Per Share  
Basic$(2.39)$(1.23)
Diluted$(2.39)$(1.23)
Weighted Average Number of Common Stock Shares Outstanding:
Basic51,288 49,472 
Diluted51,288 49,472 

See accompanying Notes to Consolidated Financial Statements.
3


Hawaiian Holdings, Inc.
Consolidated Statements of Comprehensive Income
(in thousands)
 Three Months Ended March 31,
 20222021
 (unaudited)
Net Loss$(122,809)$(60,691)
Other comprehensive loss, net:  
Net change related to employee benefit plans, net of tax expense of $208 and net of tax benefit of $39 for 2022 and 2021, respectively
630 1,117 
Net change in available-for-sale investments, net of tax benefit of $8,330 and $468 for 2022 and 2021, respectively
(25,268)(1,441)
Total other comprehensive loss(24,638)(324)
Total Comprehensive Loss$(147,447)$(61,015)


See accompanying Notes to Consolidated Financial Statements.

4


Hawaiian Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except shares)
March 31, 2022
(unaudited)
December 31, 2021
ASSETS  
Current Assets:  
Cash and cash equivalents$481,212 $490,561 
Restricted cash17,253 17,267 
Short-term investments1,162,895 1,241,752 
Accounts receivable, net91,135 92,888 
Income taxes receivable72,792 71,201 
Spare parts and supplies, net35,923 34,109 
Prepaid expenses and other60,305 66,127 
Total1,921,515 2,013,905 
Property and equipment, less accumulated depreciation and amortization of $1,033,614 and $999,966 as of March 31, 2022 and December 31, 2021, respectively
1,931,596 1,957,623 
Other Assets:  
Assets held for sale28,443 29,449 
Operating lease right-of-use assets516,355 536,154 
Long-term prepayments and other76,753 80,489 
Intangible assets, net13,500 13,500 
Total Assets$4,488,162 $4,631,120 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current Liabilities:  
Accounts payable$129,832 $114,400 
Air traffic liability and current frequent flyer deferred revenue760,783 631,157 
Other accrued liabilities157,687 165,050 
Current maturities of long-term debt, less discount60,431 97,096 
Current maturities of finance lease obligations23,607 24,149 
Current maturities of operating leases77,200 79,158 
Total1,209,540 1,111,010 
Long-Term Debt1,671,092 1,704,298 
Other Liabilities and Deferred Credits:  
Noncurrent finance lease obligations95,173 100,995 
Noncurrent operating leases404,378 423,293 
Accumulated pension and other post-retirement benefit obligations155,457 160,817 
Other liabilities and deferred credits77,450 78,340 
Noncurrent frequent flyer deferred revenue305,575 296,484 
Deferred tax liability, net147,404 186,797 
Total1,185,437 1,246,726 
Commitments and Contingencies
Shareholders’ Equity:  
Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of March 31, 2022 and December 31, 2021
  
Common stock, $0.01 par value per share, 51,327,070 and 51,233,369 shares outstanding as of March 31, 2022 and December 31, 2021, respectively
513 512 
Capital in excess of par value270,028 269,575 
Accumulated income258,028 380,837 
Accumulated other comprehensive loss, net(106,476)(81,838)
Total422,093 569,086 
Total Liabilities and Shareholders’ Equity$4,488,162 $4,631,120 
See accompanying Notes to Consolidated Financial Statements.
5


Hawaiian Holdings, Inc.
Consolidated Statements of Shareholders' Equity
(in thousands)
Common
Stock(*)
Special
Preferred
Stock(**)
Capital In Excess of Par ValueAccumulated IncomeAccumulated Other Comprehensive Income (Loss)Total
(unaudited)
Balance at December 31, 2021$512 $ $269,575 $380,837 $(81,838)$569,086 
Net Loss— — — (122,809)— (122,809)
Other comprehensive loss, net— — — — (24,638)(24,638)
Issuance of 93,701 shares of common stock, net of shares withheld for taxes
1 — (1,490)— — (1,489)
Share-based compensation expense— — 1,943 — — 1,943 
Balance at March 31, 2022$513 $ $270,028 $258,028 $(106,476)$422,093 

(*)    Common Stock—$0.01 par value; 118,000,000 authorized as of March 31, 2022 and December 31, 2021.
(**)    Special Preferred Stock—$0.01 par value; 2,000,000 shares authorized as of March 31, 2022 and December 31, 2021.

Common
Stock(*)
Special
Preferred
Stock(**)
Capital In Excess of Par ValueAccumulated IncomeAccumulated Other Comprehensive Income (Loss)Total
(unaudited)
Balance at December 31, 2020$481 $ $188,593 $525,610 $(114,527)$600,157 
Net Loss— — — (60,691)— (60,691)
Other comprehensive loss, net— — — — (324)(324)
Issuance of 101,907 shares of common stock, net of shares withheld for taxes
1 — (1,567)— — (1,566)
Issuance of 2,860,210 shares of common stock related to at-the-market offering
29 — 69,940 — — 69,969 
CARES Act warrant issuance, net of tax— — 2,251 — — 2,251 
Share-based compensation expense— — 2,206 — — 2,206 
Balance at March 31, 2021$511 $ $261,423 $464,919 $(114,851)$612,002 

(*)    Common Stock—$0.01 par value; 118,000,000 authorized as of March 31, 2021 and December 31, 2020.
(**)    Special Preferred Stock—$0.01 par value; 2,000,000 shares authorized as of March 31, 2021 and December 31, 2020.

See accompanying Notes to Consolidated Financial Statements.
6


Hawaiian Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
 
Three months ended March 31,
 20222021
(unaudited)
Net cash provided by Operating Activities$22,154 $122,009 
Cash flows from Investing Activities:  
Additions to property and equipment, including pre-delivery payments(9,066)(10,417)
Proceeds from the disposition of aircraft related equipment1,124 117 
Purchases of investments(263,161)(655,266)
Sales of investments307,780 117,857 
Net cash provided by (used in) investing activities36,677 (547,709)
Cash flows from Financing Activities:  
Proceeds from the issuance of common stock 68,132 
Long-term borrowings 1,220,259 
Repayments of long-term debt and finance lease obligations(66,704)(328,256)
Debt issuance costs and discounts (24,664)
Payment for taxes withheld for stock compensation(1,490)(1,565)
Other 1,837 
Net cash provided by (used in) financing activities(68,194)935,743 
Net increase (decrease) in cash and cash equivalents(9,363)510,043 
Cash, cash equivalents, and restricted cash - Beginning of Period507,828 509,639 
Cash, cash equivalents, and restricted cash - End of Period$498,465 $1,019,682 
 
See accompanying Notes to Consolidated Financial Statements.

7


Hawaiian Holdings, Inc. 
Notes to Consolidated Financial Statements (Unaudited)
 
1. General
 
Business and Basis of Presentation

Hawaiian Holdings, Inc. (the Company) and its direct wholly owned subsidiary, Hawaiian Airlines, Inc. (Hawaiian), are incorporated in the State of Delaware. Unless the context otherwise requires, the terms the Company, we, us, and our in this Quarterly Report on Form 10-Q refer to Hawaiian Holdings, Inc. and its consolidated subsidiaries. The Company’s primary asset is its sole ownership of all issued and outstanding shares of common stock of Hawaiian. The accompanying unaudited financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (SEC). Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements contain all adjustments, including normal recurring adjustments, necessary for the fair presentation of the Company’s results of operations and financial position for the periods presented. Due to seasonal variations in the demand for air travel, among other factors common to the airline industry, the results of operations for the periods presented are not necessarily indicative of the results of operations for the entire year. Furthermore, the severe impacts of the global coronavirus (COVID-19) pandemic make any comparison to prior or future periods unreliable. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and the notes of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

The Company reclassified certain prior period amounts for government grant recognition contra-expense from wages and benefits to its own financial statement line item to conform to the current period presentation.

Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.

2. Accumulated Other Comprehensive Income (Loss)
 
Reclassifications out of accumulated other comprehensive income (loss) by component are as follows: 
Details about accumulated other comprehensive income (loss) componentsThree months ended March 31,Affected line items in the statement where net income is presented
20222021
 (in thousands) 
Amortization of defined benefit plan items   
Actuarial loss$532 $986 Nonoperating Income (Expense), Other, net
Prior service cost92 92 Nonoperating Income (Expense), Other, net
Total before tax624 1,078  
Tax expense (benefit)(155)39  
Total, net of tax$469 $1,117  
Short-term investments   
Realized loss (gain) on sales of investments, net$1,887 $(76)Nonoperating Income (Expense), Other, net
Total before tax1,887 (76) 
Income tax expense (benefit)(628)19  
Total, net of tax$1,259 $(57) 
Total reclassifications for the period$1,728 $1,060  

A roll-forward of the amounts included in accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2022 and 2021 is as follows:
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Three months ended March 31, 2022Defined Benefit
Plan Items
Short-Term InvestmentsTotal
 (in thousands)
Beginning balance$(75,025)$(6,813)$(81,838)
Other comprehensive income (loss) before reclassifications, net of tax161 (26,527)(26,366)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax469 1,259 1,728 
Net current-period other comprehensive income (loss)630 (25,268)(24,638)
Ending balance$(74,395)$(32,081)$(106,476)
Three months ended March 31, 2021Defined Benefit Plan ItemsShort-Term InvestmentsTotal
 (in thousands)
Beginning balance$(116,181)$1,654 $(114,527)
Other comprehensive loss before reclassifications, net of tax (1,384)(1,384)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax1,117 (57)1,060 
Net current-period other comprehensive income (loss)1,117 (1,441)(324)
Ending balance$(115,064)$213 $(114,851)


3. Loss Per Share
 
Basic loss per share, which excludes dilution, is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding for the period. The potentially dilutive shares that were excluded from the computation of diluted weighted average common stock shares outstanding because their effect would have been antidilutive was 488,478 and 680,492 for the three months ended March 31, 2022 and 2021, respectively. The following table shows the computation of basic and diluted loss per share:
 Three Months Ended March 31,
 20222021
 (in thousands, except for per share data)
Numerator:  
Net Loss$(122,809)$(60,691)
Denominator:  
Weighted average common stock shares outstanding - Basic51,288 49,472 
Weighted average common stock shares outstanding - Diluted51,288 49,472 
Net Loss Per Share  
Basic$(2.39)$(1.23)
Diluted$(2.39)$(1.23)

At-the-Market Offering Program

On December 1, 2020, the Company entered into an Equity Distribution Agreement (the Equity Distribution Agreement) with Morgan Stanley & Co. LLC, BNP Paribas Securities Corp. and Goldman Sachs & Co. LLC (the Managers) relating to the issuance and sale from time to time by the Company through the Managers, of up to 5.0 million shares of the Company's common stock, par value $0.01 per share. Sales of the shares under the Equity Distribution Agreement were made in transactions that were deemed to be "at-the-market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Under the terms of the Equity Distribution Agreement, the Company set the parameters for the sale of the shares, including the number of the shares to be issued, time period during which sales were requested to be made, limitation on the number of the shares that may be sold in any one trading day and any minimum price below which sales may not be made.

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During the three months ended March 31, 2021, the Company sold 2.9 million shares pursuant to the Equity Distribution Agreement at an average price of $24.47 per share, with net proceeds to the Company totaling approximately $68.1 million. As of March 5, 2021, the Company sold all 5.0 million shares authorized under the Equity Distribution Agreement, at an average price of $22.46 per share, with net proceeds to the Company of approximately $109.3 million.

Stock Repurchase Program

Pursuant to the Company's receipt of financial assistance under federal Payroll Support Programs (PSP) related to the COVID-19 pandemic, the Company is restricted from making any stock repurchases through September 30, 2022. Accordingly, the Company did not repurchase stock during the three month periods ending March 31, 2022 or March 31, 2021.

Dividends

Pursuant to the Company’s receipt of federal PSP financial assistance, the Company is restricted from making dividend payments through September 30, 2022. Accordingly, the Company did not make any dividend payments during the three month periods ending March 31, 2022 or March 31, 2021.


4. Revenue Recognition
The majority of the Company's passenger revenue is derived from passenger ticket sales. Other revenue is primarily derived from the Company's cargo operations and loyalty program. The Company's primary operations are that of its wholly owned subsidiary, Hawaiian. Principally all operations of Hawaiian either originate and/or end in the State of Hawai'i. The management of such operations is based on a system-wide approach due to the interdependence of Hawaiian's route structure in its various markets. As Hawaiian is engaged in only one significant line of business (i.e., air transportation), management has concluded that it has only one segment. The Company's operating revenues by geographic region (as defined by the U.S. Department of Transportation (DOT)) are summarized below:
Three Months Ended March 31,
20222021
Geographic Information(in thousands)
Domestic$438,416 $165,702 
Pacific38,798 16,515 
Total operating revenue$477,214 $182,217 

Hawaiian attributes operating revenue by geographic region based on the destination of each flight segment. Hawaiian's tangible assets consist primarily of flight equipment, which is mobile across geographic markets, and therefore has not been allocated to specific geographic regions.
Other operating revenue consists of cargo revenue, ground handling fees, commissions, and fees earned under certain joint marketing agreements with other companies. These amounts are recognized when the service is provided.
Three Months Ended March 31,
20222021
Passenger Revenue by Type(in thousands)
Passenger revenue, excluding frequent flyer$372,182 $124,786 
Frequent flyer revenue, transportation component31,847 12,683 
Passenger Revenue$404,029 $137,469 
Other revenue (e.g., cargo and other miscellaneous)$45,816 $27,216 
Frequent flyer revenue, marketing and brand component27,369 17,532 
Other Revenue$73,185 $44,748 

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As of March 31, 2022 and December 31, 2021, the Company's Air traffic liability balance, as it relates to passenger tickets (excluding frequent flyer liability), was $575.1 million and $448.2 million, respectively, which generally represents revenue that is expected to be realized in future periods.

During the three months ended March 31, 2022 and 2021, the amount of passenger ticket revenue recognized that was included in Air traffic liability as of the beginning of the respective period was $198.8 million and $30.9 million, respectively.

Passenger revenue associated with unused tickets, which represents unexercised passenger rights, is recognized in proportion to the pattern of rights exercised by related passengers (e.g., scheduled departure dates). To calculate the portion to be recognized as revenue in the period, the Company utilizes historical information and applies the trend rate to the current Air traffic liability balances for that specific period. During the three months ended March 31, 2022, the Company recognized approximately $17.8 million in advanced ticket breakage. Given the ongoing impact of the COVID-19 pandemic actual results along with reductions in operational capacity, the Company continues to monitor customers' travel behavior and may adjust its estimates in the future as additional information becomes available.
Frequent Flyer Accounting

The Company's frequent flyer liability is recorded in Air traffic liability and Noncurrent frequent flyer deferred revenue on its unaudited Consolidated Balance Sheets. As of March 31, 2022, and December 31, 2021, the Company's frequent flyer liability balance was $480.5 million and $466.2 million, respectively.
March 31, 2022December 31, 2021
(in thousands)
Air traffic liability (current portion of frequent flyer revenue)$174,888 $169,687 
Noncurrent frequent flyer deferred revenue305,575 296,484 
Total frequent flyer liability$480,463 $466,171 

The table below presents the Company's activity of the current and noncurrent frequent flyer deferred revenue:
 20222021
 (in thousands)
Balance at January 1$466,171 $420,125 
Miles awarded47,503 26,276 
Travel miles redeemed (Passenger Revenue)(31,848)(12,683)
Non-travel miles redeemed (Other Revenue)(1,363)(290)
Balance at March 31$480,463 $433,428 

Frequent flyer program deferred revenue classified as a current liability represents the Company's current estimate of revenue expected to be recognized in the next 12 months based on projected redemptions, while the balance classified as a noncurrent liability represents the Company's current estimate of revenue expected to be recognized beyond 12 months. Due to the ongoing effects of the COVID-19 pandemic, including changes to the Company's ticket validity and exchange policies, and the uncertainty of the pacing to return to normalized service in various markets, primarily international, management continues to monitor customers' travel behavior and may adjust its estimates in the future as additional information becomes available.

In April 2021, the Company announced the elimination of its HawaiianMiles expiration policy, effective immediately. The Company does not believe that the change in policy will have a material impact on its accounting estimates and will continue to evaluate the impact of this change as additional information becomes available.

5.  Short-Term Investments

Debt and equity securities that are not classified as cash equivalents are classified as available-for-sale investments and are stated at fair value. Realized gains and losses on sales of investments are reflected in nonoperating income (expense).

The following is a summary of the amortized cost, gross unrealized gains and losses, and fair value of the Company's short-term investments as of March 31, 2022 and December 31, 2021:
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Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2022(in thousands)
Debt securities
Corporate debt$479,175 $147 $(19,986)$459,336 
U.S. government and agency debt348,771  (7,330)341,441 
Other fixed income securities89,726 355 (2,966)87,115 
Asset-backed securities26,167 2 (787)25,382 
Collateralized loan obligations45,492  (522)44,970 
Bank notes9,634 6  9,640 
Equity securities204,482  (11,473)193,009 
Other investments measured at net asset value2,107  (105)2,002 
Total short-term investments$1,205,554 $510 (43,169)$1,162,895 
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2021(in thousands)
Debt securities
Corporate debt$450,954 $277 (4,652)$446,579 
U.S. government and agency securities374,113 87 (1,893)372,307 
Other fixed income securities142,035 883 (638)142,280 
Asset-backed securities19,372 7 (71)19,308 
Collateralized loan obligations51,082 32 (116)50,998 
Bank notes8,110  (20)8,090 
Equity securities202,068 1 (2,023)200,046 
Other investments measured at net asset value2,193  (49)2,144 
Total short-term investments$1,249,927 $1,287 $(9,462)$1,241,752 

The following tables present fair values and gross unrealized losses by security type and length of time that individual securities have been in a continuous unrealized loss position:

Less than 12 Months12 Months or Greater Total
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
March 31, 2022(in thousands)
Debt securities
Corporate debt$229,426 $(14,546)$212,808 (5,440)$442,234 $(19,986)
U.S. government and agency debt205,066 (4,695)136,373 (2,635)341,439 (7,330)
Other fixed income securities4,834 (2,539)10,484 (427)15,318 (2,966)
Asset-backed securities20,363 (756)1,019 (31)21,382 (787)
Collateralized loan obligations41,336 (522)  41,336 (522)
Bank notes      
Equity securities193,010 (11,473)  193,010 (11,473)
Other investments measured at net asset value2,002 (105)  2,002 (105)
Total short-term investments$696,037 $(34,636)$360,684 $(8,533)$1,056,721 $(43,169)
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Less than 12 Months12 Months or Greater Total
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
December 31, 2021(in thousands)
Debt securities
Corporate debt$316,719 $(4,239)$83,889 $(413)$400,608 $(4,652)
U.S. government and agency debt291,949 (1,716)52,501 (177)344,450 (1,893)
Other fixed income securities28,198 (638)  28,198 (638)
Asset-backed securities16,949 (67)1,046 (4)17,995 (71)
Collateralized loan obligations24,030 (116)  24,030 (116)
Bank notes3,990 (20)  3,990 (20)
Equity securities200,046 (2,023)  200,046 (2,023)
Other investments measured at net asset value2,144 (49)  2,144 (49)
Total short-term investments$884,025 $(8,868)$137,436 $(594)$1,021,461 $(9,462)
As of March 31, 2022 and December 31, 2021, the Company's unrealized losses from debt and equity securities were generated from approximately 489 positions out of 586 positions and 451 positions out of 558 positions, respectively.
The Company reviews debt securities quarterly for credit losses and impairment. If the cost of an investment exceeds its fair value, the Company will evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. This determination requires significant judgment. In making this judgment, the Company employs a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment of its investments. In addition, the Company considers specific adverse conditions related to the financial health of, and business outlook for, the investee. If the Company has plans to sell the security or it is more likely than not that the Company will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in other income (expense), net and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments.

Equity investments without readily determinable fair values are written down to fair value if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than carrying value. The Company performs a qualitative assessment on a periodic basis. The Company is required to estimate the fair value of the investment to determine the amount of the impairment loss. Once an investment is determined to be impaired, an impairment charge is recorded in other income (expense), net.

Debt securities in a continuous unrealized loss position for twelve months or greater as of March 31, 2022 were primarily attributable to changes in interest rates, relative to when the investment securities were purchased. The Company does not intend to sell any of these investments and it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis, which may be at maturity. The Company has evaluated these debt securities and did not recognize any significant credit losses as of March 31, 2022. Accordingly, management has determined that the unrealized losses on our debt securities as of March 31, 2022 were temporary in nature.

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Contractual maturities of short-term investments as of March 31, 2022 are shown below:
 Under 1 Year1 to 5 YearsOver 5 YearsTotal
(in thousands)
Debt Securities
Corporate debt$31,893 $337,966 $89,477 $459,336 
U.S. government and agency debt13,876 320,368 7,197 341,441 
Other fixed income securities46,612 22,395 18,108 87,115 
Asset-backed securities