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Strategic Investments | 3 Months Ended
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Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Strategic Investments | Strategic Investments We hold strategic investments primarily in privately held companies with a carrying value of $223.3 million and $252.3 million as of March 31, 2023 and December 31, 2022, respectively, which consist primarily of equity securities, and to a lesser extent, debt securities. These strategic investments are primarily recorded at fair value on a non-recurring basis. The estimation of fair value for these privately held strategic investments requires the use of significant unobservable inputs, such as the issuance of new equity by the company, and as a result, we deem these assets as Level 3 financial instruments within the fair value measurement framework. Gains and losses recognized during the periods presented were as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
| (in thousands)
Unrealized gains (losses) on investments in privately held companies still held at the reporting date, net | $ | 1,079 |  |  | $ | 13,255 |  |  |  |  |
Gains and losses on all strategic investments are included within other income (expense), net on our consolidated statements of operations and included as an adjustment to reconcile net loss to net cash provided by (used in) operating activities in our consolidated statements of cash flows. Strategic investments are included within other assets on our consolidated balance sheets. All strategic investments are reviewed periodically for impairment. Impairment expense recorded for the three months ended March 31, 2023 and 2022, respectively, was not material.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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