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Investments | 12 Months Ended
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Dec. 31, 2022
Investments Debt And Equity Securities [Abstract] |
Investments |
3. | INVESTMENTS
Marketable securities Marketable securities consisted of the following as of December 31, 2022 (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. treasury securities |  | $ | 86,666 |  |  | $ | 7 |  |  | $ | (196 | ) |  | $ | 86,477 |
Commercial paper |  |  | 73,234 |  |  |  | 6 |  |  |  | (326 | ) |  |  | 72,914 |
Corporate notes and obligations |  |  | 65,150 |  |  | - |  |  | - |  |  |  | 65,150 |
Time deposits |  |  | 60,951 |  |  |  | 1 |  |  | - |  |  |  | 60,952 |
Total marketable securities |  | $ | 286,001 |  |  | $ | 14 |  |  | $ | (522 | ) |  | $ | 285,493 |
All marketable securities held as of December 31, 2022 had a contractual maturity of less than one year. During the year ended December 31, 2022, there were maturities of marketable securities of $85.6 million. There were no sales or impairments of marketable securities during 2022. The Company held no marketable securities as of December 31, 2021. Strategic investments In connection with the acquisition of Levelset in November 2021, further discussed in Note 7, the Company acquired a convertible promissory note (“Convertible Note”) in a privately held company. At the acquisition date, the fair value of the Convertible Note was $3.0 million. The Convertible Note is classified as an available-for-sale debt security. Strategic investment activity during the year ended December 31, 2022 is summarized as follows (in thousands):
|  | Equity Securities |  |  | Limited Partnerships |  |  | Available-for-Sale Debt Securities |  |  | Total |
Balance as of December 31, 2021 |  | $ | 3,882 |  |  | $ | - |  |  | $ | 3,450 |  |  | $ | 7,332 |
Interest accrued |  |  | - |  |  |  | - |  |  |  | 105 |  |  |  | 105 |
Purchases of strategic investments |  |  | - |  |  |  | 3,609 |  |  |  | 350 |  |  |  | 3,959 |
Conversion of available-for-sale debt securities into equity securities |  |  | 3,680 |  |  |  | - |  |  |  | (3,680 | ) |  |  | - |
Unrealized (losses) gains |  |  | (139 | ) |  |  | (207 | ) |  |  | 130 |  |  |  | (216 | )
Impairment losses |  |  | (137 | ) |  |  | - |  |  |  | - |  |  |  | (137 | )
Balance as of December 31, 2022 |  | $ | 7,286 |  |  | $ | 3,402 |  |  | $ | 355 |  |  | $ | 11,043 |
Strategic investment activity during the year ended December 31, 2021 is summarized as follows (in thousands):
|  | Equity Securities |  |  | Available-for-Sale Debt Securities |  |  | Total |
Balance as of December 31, 2020 |  | $ | - |  |  | $ | - |  |  | $ | - |
Purchases of strategic investments |  |  | 3,850 |  |  |  | 450 |  |  |  | 4,300 |
Convertible note acquired in connection with a business combination |  |  | - |  |  |  | 3,000 |  |  |  | 3,000 |
Unrealized gains |  |  | 32 |  |  |  | - |  |  |  | 32 |
Balance as of December 31, 2021 |  | $ | 3,882 |  |  | $ | 3,450 |  |  | $ | 7,332 |
Strategic investments are recorded in other assets in the accompanying consolidated balance sheets. As of December 31, 2022, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $6.4 million at the option of the investees. No impairment losses were recorded during the year ended December 31, 2021.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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