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Cash and Investments | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
CASH AND INVESTMENTS | CASH AND INVESTMENTS Cash, Cash Equivalents and Restricted Cash Equivalents A reconciliation of cash, cash equivalents and restricted cash equivalents reported in the accompanying Condensed Consolidated Balance Sheets to the amount reported within the accompanying Condensed Consolidated Statements of Cash Flows was as follows (in thousands):
| March 31, 2023 |  | December 31, 2022
Cash and cash equivalents | $ | 540,597 |  |  | $ | 501,195 |
Restricted cash equivalents included in other long-term assets | 1,482 |  |  | 1,482 |
Cash, cash equivalents and restricted cash equivalents as reported within the accompanying Condensed Consolidated Statements of Cash Flows | $ | 542,079 |  |  | $ | 502,677 |
Restricted cash equivalents are used to collateralize letters of credit agreements and are invested primarily in certificates of deposit with original maturity of 90 days or less. The restricted cash equivalents are classified as other long-term assets. Cash, Cash Equivalents, Restricted Cash Equivalents and Investments Cash, cash equivalents, restricted cash equivalents and investments consisted of the following (in thousands):
| March 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt securities available-for-sale: |  |  |  |  |  |  |
Commercial paper | $ | 684,917 |  |  | $ | — |  |  | $ | — |  |  | $ | 684,917 |
Corporate bonds | 823,100 |  |  | 2,105 |  |  | (10,274) |  |  | 814,931 |
U.S. Treasury and government-sponsored enterprises | 367,479 |  |  | 466 |  |  | (3,859) |  |  | 364,086 |
Municipal bonds | 11,480 |  |  | — |  |  | (144) |  |  | 11,336 |
Total debt securities available-for-sale | 1,886,976 |  |  | 2,571 |  |  | (14,277) |  |  | 1,875,270 |
Cash | 64 |  |  | — |  |  | — |  |  | 64 |
Money market funds | 165,941 |  |  | — |  |  | — |  |  | 165,941 |
Certificates of deposit | 79,955 |  |  | — |  |  | — |  |  | 79,955 |
Total cash, cash equivalents, restricted cash equivalents and investments | $ | 2,132,936 |  |  | $ | 2,571 |  |  | $ | (14,277) |  |  | $ | 2,121,230 |
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt securities available-for-sale: |  |  |  |  |  |  |
Commercial paper | $ | 722,018 |  |  | $ | — |  |  | $ | — |  |  | $ | 722,018 |
Corporate bonds | 810,439 |  |  | 541 |  |  | (13,132) |  |  | 797,848 |
U.S. Treasury and government-sponsored enterprises | 338,218 |  |  | 48 |  |  | (5,679) |  |  | 332,587 |
Municipal bonds | 16,385 |  |  | — |  |  | (223) |  |  | 16,162 |
Total debt securities available-for-sale | 1,887,060 |  |  | 589 |  |  | (19,034) |  |  | 1,868,615 |
Cash | 41 |  |  | — |  |  | — |  |  | 41 |
Money market funds | 94,344 |  |  | — |  |  | — |  |  | 94,344 |
Certificates of deposit | 103,681 |  |  | — |  |  | — |  |  | 103,681 |
Total cash, cash equivalents, restricted cash equivalents and investments | $ | 2,085,126 |  |  | $ | 589 |  |  | $ | (19,034) |  |  | $ | 2,066,681 |
Interest receivable was $10.1 million and $7.3 million as of March 31, 2023 and December 31, 2022, respectively, and is included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets. Realized gains and losses on the sales of investments were immaterial during the three months ended March 31, 2023 and 2022. We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and limits the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):
|  |  |  |  |  |  |  |  | March 31, 2023
|  |  |  |  |  |  |  |  | Fair Value |  | Gross Unrealized Losses
Corporate Bonds |  |  |  |  |  |  |  |  | $ | 551,038 |  |  | $ | (10,274) |
U.S. Treasury and government-sponsored enterprises |  |  |  |  |  |  |  |  | 283,051 |  |  | (3,859) |
Municipal bonds |  |  |  |  |  |  |  |  | 11,336 |  |  | (144) |
Total |  |  |  |  |  |  |  |  | $ | 845,425 |  |  | $ | (14,277) |
|  |  |  |  |  |  |  |  | December 31, 2022
|  |  |  |  |  |  |  |  | Fair Value |  | Gross Unrealized Losses
Corporate bonds |  |  |  |  |  |  |  |  | $ | 706,711 |  |  | $ | (13,132) |
U.S. Treasury and government-sponsored enterprises |  |  |  |  |  |  |  |  | 308,307 |  |  | (5,679) |
Municipal bonds |  |  |  |  |  |  |  |  | 15,792 |  |  | (223) |
Total |  |  |  |  |  |  |  |  | $ | 1,030,810 |  |  | $ | (19,034) |
There were 237 and 285 debt securities available-for-sale in an unrealized loss position as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, all securities have been in an unrealized loss position for less than twelve months except for 91 debt securities available-for-sale with an aggregate fair value of $317.1 million and an aggregate $6.3 million unrealized loss. As of December 31, 2022, all securities have been in an unrealized loss position for less than twelve months except for 81 debt securities available-for-sale with an aggregate fair value of $237.6 million and an aggregate $6.1 million unrealized loss. During the three months ended March 31, 2023, we did not record an allowance for credit losses or other impairment charges on our investment securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our investments, we determined that it was more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis. The fair value of debt securities available-for-sale by contractual maturity was as follows (in thousands):
| March 31, 2023 |  | December 31, 2022
Maturing in one year or less | $ | 1,071,653 |  |  | $ | 1,114,884 |
Maturing after one year through five years | 803,617 |  |  | 753,731 |
Total debt securities available-for-sale | $ | 1,875,270 |  |  | $ | 1,868,615 |

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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