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CASH, CASH EQUIVALENTS AND INVESTMENTS | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
CASH, CASH EQUIVALENTS AND INVESTMENTS | CASH, CASH EQUIVALENTS AND INVESTMENTS The following table presents the Company’s cash, cash equivalents and short-term investments:
| December 31, 2022 |  | December 31, 2021
(in thousands) | Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |  | Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Cash: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits | $ | 7,373 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,373 |  |  | $ | 26,536 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,536 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 64,855 |  |  | — |  |  | — |  |  | 64,855 |  |  | 1,152,761 |  |  | — |  |  | — |  |  | 1,152,761 |
U.S. agency securities | 63,605 |  |  | 1 |  |  | (2) |  |  | 63,604 |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. Treasury securities | 795 |  |  | — |  |  | — |  |  | 795 |  |  | — |  |  | — |  |  | — |  |  | — |
Total cash equivalents | 129,255 |  |  | 1 |  |  | (2) |  |  | 129,254 |  |  | 1,152,761 |  |  | — |  |  | — |  |  | 1,152,761 |
Total cash and equivalents | 136,628 |  |  | 1 |  |  | (2) |  |  | 136,627 |  |  | 1,179,297 |  |  | — |  |  | — |  |  | 1,179,297 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | 979,878 |  |  | 361 |  |  | (17) |  |  | 980,222 |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. Treasury securities | 65,586 |  |  | 1 |  |  | (91) |  |  | 65,496 |  |  | — |  |  | — |  |  | — |  |  | — |
Total short-term investments | 1,045,464 |  |  | 362 |  |  | (108) |  |  | 1,045,718 |  |  | — |  |  | — |  |  | — |  |  | — |
Total cash, cash equivalents and short-term investments | $ | 1,182,092 |  |  | $ | 363 |  |  | $ | (110) |  |  | $ | 1,182,345 |  |  | $ | 1,179,297 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,179,297 |
The Company does not intend to sell, nor is it more likely than not that the Company will be required to sell, any investments in unrealized loss positions before recovery of their amortized cost basis. The Company did not recognize any credit losses related to its available-for-sale investments during the year ended December 31, 2022. The unrealized losses on the Company’s available-for-sale investments were primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale investments held as of December 31, 2022, were in a continuous unrealized loss position for greater than 12 months and the unrealized losses and the related risk of expected credit losses were not material. The Company recognized $0.3 million of gross realized gains and $0.6 million of gross realized losses during the year ended December 31, 2022. Additionally, the Company recognized $19.8 million of interest and investment income on its available-for-sale securities and other money market funds for the year ended December 31, 2022. These amounts are included in “Other income, net” within the Company’s Consolidated Statements of Operations. As of December 31, 2022, the fair values of available-for-sale investments, by remaining contractual maturity, were as follows:
(in thousands) |
Due within one year | $ | 1,052,364 |
Due after one year through two years | 57,753 |
Total | $ | 1,110,117 |

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- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 + Details
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