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FINANCIAL INSTRUMENTS | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS All marketable securities were classified as available-for-sale as of June 30, 2023 and December 31, 2022. The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented:
| June 30, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Aggregate Fair Value |  | Cash and Cash Equivalents |  | Short-term Marketable Securities (1) |  | Long-term Marketable Securities (2)
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 306,006 |  |  | $ | — |  |  | $ | — |  |  | $ | 306,006 |  |  | $ | 306,006 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market instruments | 382,127 |  |  | — |  |  | — |  |  | 382,127 |  |  | 382,127 |  |  | — |  |  | — |
Corporate debt securities | 420,171 |  |  | 34 |  |  | (7,194) |  |  | 413,011 |  |  | — |  |  | 223,194 |  |  | 189,817 |
U.S. government agency securities | 386,313 |  |  | 8 |  |  | (3,508) |  |  | 382,813 |  |  | 6,248 |  |  | 243,078 |  |  | 133,487 |
Commercial paper | 8,929 |  |  | 2 |  |  | (1) |  |  | 8,930 |  |  | — |  |  | 8,930 |  |  | — |
Asset-backed securities | 64,370 |  |  | 13 |  |  | (535) |  |  | 63,848 |  |  | — |  |  | 1,375 |  |  | 62,473 |
Subtotal | 1,261,910 |  |  | 57 |  |  | (11,238) |  |  | 1,250,729 |  |  | 388,375 |  |  | 476,577 |  |  | 385,777 |
Total | $ | 1,567,916 |  |  | $ | 57 |  |  | $ | (11,238) |  |  | $ | 1,556,735 |  |  | $ | 694,381 |  |  | $ | 476,577 |  |  | $ | 385,777 |
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Aggregate Fair Value |  | Cash and Cash Equivalents |  | Short-term Marketable Securities (1) |  | Long-term Marketable Securities (2)
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 463,248 |  |  | $ | — |  |  | $ | — |  |  | $ | 463,248 |  |  | $ | 463,248 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market instruments | 248,933 |  |  | — |  |  | — |  |  | 248,933 |  |  | 248,933 |  |  | — |  |  | — |
Corporate debt securities | 504,984 |  |  | 34 |  |  | (11,541) |  |  | 493,477 |  |  | 1,881 |  |  | 299,153 |  |  | 192,443 |
U.S. government agency securities | 312,720 |  |  | 45 |  |  | (3,771) |  |  | 308,994 |  |  | — |  |  | 229,846 |  |  | 79,148 |
Commercial paper | 48,103 |  |  | 11 |  |  | (22) |  |  | 48,092 |  |  | 10,469 |  |  | 37,623 |  |  | — |
Asset-backed securities | 63,151 |  |  | 69 |  |  | (592) |  |  | 62,628 |  |  | — |  |  | 384 |  |  | 62,244 |
Subtotal | 1,177,891 |  |  | 159 |  |  | (15,926) |  |  | 1,162,124 |  |  | 261,283 |  |  | 567,006 |  |  | 333,835 |
Total | $ | 1,641,139 |  |  | $ | 159 |  |  | $ | (15,926) |  |  | $ | 1,625,372 |  |  | $ | 724,531 |  |  | $ | 567,006 |  |  | $ | 333,835 |
(1) The Company’s short-term marketable securities mature in one year or less. (2) The Company’s long-term marketable securities mature between one and five years. As of June 30, 2023, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss. The Company has certain investments in non-marketable equity securities, measured using unobservable valuation inputs and remeasured on a nonrecurring basis, which are collectively considered strategic investments. As of June 30, 2023 and December 31, 2022, the fair value of the Company’s strategic investments was $11.3 million and $23.9 million, respectively. These investments were recorded to Other Assets in the Company’s Condensed Consolidated Balance Sheets. In the first quarter of 2023, based on new developments, the Company concluded that factors existed indicating it would no longer realize a $12.6 million equity investment in its non-marketable securities. The loss on the equity investment due to impairment was recorded to Other Income (Expense), Net on the Company’s Condensed Consolidated Statements of Comprehensive Income. See Note 1 - Business Overview and Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information related to the Company’s non-marketable securities policy.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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