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v3.23.1

Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, All Other Investments [Abstract] |
Cash and Cash Equivalents | The following tables summarize our cash and cash equivalents, and marketable securities on our Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in thousands):
|  |  |  |  |  |  |  |  |  | Reported as:
March 31, 2023 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable securities, short-term |  | Marketable securities, long-term
Cash |  | $ | 650,946 |  |  | $ | — |  |  | $ | — |  |  | $ | 650,946 |  |  | $ | 650,946 |  |  | $ | — |  |  | $ | — |
Money market funds |  | 181,437 |  |  | — |  |  | — |  |  | 181,437 |  |  | 181,437 |  |  | — |  |  | — |
Corporate bonds |  | 62,003 |  |  | — |  |  | (2,187) |  |  | 59,816 |  |  | — |  |  | 35,284 |  |  | 24,532 |
U.S. government treasury bonds |  | 17,057 |  |  | 7 |  |  | (356) |  |  | 16,708 |  |  | — |  |  | 12,039 |  |  | 4,669 |
Asset-backed securities |  | 4,859 |  |  | 2 |  |  | (24) |  |  | 4,837 |  |  | — |  |  | 1,887 |  |  | 2,950 |
Municipal bonds |  | 2,470 |  |  | — |  |  | (36) |  |  | 2,434 |  |  | — |  |  | 2,434 |  |  | — |
U.S. government agency bonds |  | 5,280 |  |  | 2 |  |  | (54) |  |  | 5,228 |  |  | — |  |  | — |  |  | 5,228 |
Total |  | $ | 924,052 |  |  | $ | 11 |  |  | $ | (2,657) |  |  | $ | 921,406 |  |  | $ | 832,383 |  |  | $ | 51,644 |  |  | $ | 37,379 |
|  |  |  |  |  |  |  |  |  | Reported as:
December 31, 2022 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable securities, short-term |  | Marketable securities, long-term
Cash |  | $ | 712,921 |  |  | $ | — |  |  | $ | — |  |  | $ | 712,921 |  |  | $ | 712,921 |  |  | $ | — |  |  | $ | — |
Money market funds |  | 229,129 |  |  | — |  |  | — |  |  | 229,129 |  |  | 229,129 |  |  | — |  |  | — |
Corporate bonds |  | 69,390 |  |  | — |  |  | (2,915) |  |  | 66,475 |  |  | — |  |  | 36,510 |  |  | 29,965 |
U.S. government treasury bonds |  | 20,559 |  |  | — |  |  | (549) |  |  | 20,010 |  |  | — |  |  | 15,404 |  |  | 4,606 |
Asset-backed securities |  | 4,514 |  |  | 1 |  |  | (37) |  |  | 4,478 |  |  | — |  |  | 2,909 |  |  | 1,569 |
Municipal bonds |  | 3,447 |  |  | — |  |  | (61) |  |  | 3,386 |  |  | — |  |  | 2,711 |  |  | 675 |
U.S. government agency bonds |  | 5,231 |  |  | 1 |  |  | (69) |  |  | 5,163 |  |  | — |  |  | — |  |  | 5,163 |
Total |  | $ | 1,045,191 |  |  | $ | 2 |  |  | $ | (3,631) |  |  | $ | 1,041,562 |  |  | $ | 942,050 |  |  | $ | 57,534 |  |  | $ | 41,978 |
Marketable Securities | The following tables summarize our cash and cash equivalents, and marketable securities on our Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in thousands):
|  |  |  |  |  |  |  |  |  | Reported as:
March 31, 2023 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable securities, short-term |  | Marketable securities, long-term
Cash |  | $ | 650,946 |  |  | $ | — |  |  | $ | — |  |  | $ | 650,946 |  |  | $ | 650,946 |  |  | $ | — |  |  | $ | — |
Money market funds |  | 181,437 |  |  | — |  |  | — |  |  | 181,437 |  |  | 181,437 |  |  | — |  |  | — |
Corporate bonds |  | 62,003 |  |  | — |  |  | (2,187) |  |  | 59,816 |  |  | — |  |  | 35,284 |  |  | 24,532 |
U.S. government treasury bonds |  | 17,057 |  |  | 7 |  |  | (356) |  |  | 16,708 |  |  | — |  |  | 12,039 |  |  | 4,669 |
Asset-backed securities |  | 4,859 |  |  | 2 |  |  | (24) |  |  | 4,837 |  |  | — |  |  | 1,887 |  |  | 2,950 |
Municipal bonds |  | 2,470 |  |  | — |  |  | (36) |  |  | 2,434 |  |  | — |  |  | 2,434 |  |  | — |
U.S. government agency bonds |  | 5,280 |  |  | 2 |  |  | (54) |  |  | 5,228 |  |  | — |  |  | — |  |  | 5,228 |
Total |  | $ | 924,052 |  |  | $ | 11 |  |  | $ | (2,657) |  |  | $ | 921,406 |  |  | $ | 832,383 |  |  | $ | 51,644 |  |  | $ | 37,379 |
|  |  |  |  |  |  |  |  |  | Reported as:
December 31, 2022 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable securities, short-term |  | Marketable securities, long-term
Cash |  | $ | 712,921 |  |  | $ | — |  |  | $ | — |  |  | $ | 712,921 |  |  | $ | 712,921 |  |  | $ | — |  |  | $ | — |
Money market funds |  | 229,129 |  |  | — |  |  | — |  |  | 229,129 |  |  | 229,129 |  |  | — |  |  | — |
Corporate bonds |  | 69,390 |  |  | — |  |  | (2,915) |  |  | 66,475 |  |  | — |  |  | 36,510 |  |  | 29,965 |
U.S. government treasury bonds |  | 20,559 |  |  | — |  |  | (549) |  |  | 20,010 |  |  | — |  |  | 15,404 |  |  | 4,606 |
Asset-backed securities |  | 4,514 |  |  | 1 |  |  | (37) |  |  | 4,478 |  |  | — |  |  | 2,909 |  |  | 1,569 |
Municipal bonds |  | 3,447 |  |  | — |  |  | (61) |  |  | 3,386 |  |  | — |  |  | 2,711 |  |  | 675 |
U.S. government agency bonds |  | 5,231 |  |  | 1 |  |  | (69) |  |  | 5,163 |  |  | — |  |  | — |  |  | 5,163 |
Total |  | $ | 1,045,191 |  |  | $ | 2 |  |  | $ | (3,631) |  |  | $ | 1,041,562 |  |  | $ | 942,050 |  |  | $ | 57,534 |  |  | $ | 41,978 |
Contractual Maturity of Marketable Securities | The following table summarizes the fair value of our available-for-sale marketable securities classified by contractual maturity as of March 31, 2023 and December 31, 2022 (in thousands):
|  | March 31, 2023 |  | December 31, 2022
Due in 1 year or less |  | $ | 45,512 |  |  | $ | 51,037 |
Due in 1 year through 5 years |  | 43,511 |  |  | 48,475 |
Total |  | $ | 89,023 |  |  | $ | 99,512 |
Unrealized Losses for Investments in a Continuous Unrealized Loss Position | The following tables summarize the gross unrealized losses as of March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):
|  | As of March 31, 2023
|  | Less than 12 months |  | 12 Months of Greater |  | Total
March 31, 2023 |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  |  | Fair Value |  | Unrealized Loss
Corporate bonds |  | $ | 1,793 |  |  | $ | (9) |  |  | $ | 58,022 |  |  | $ | (2,178) |  |  |  | $ | 59,815 |  |  | $ | (2,187) |
U.S. government treasury bonds |  | — |  |  | — |  |  | 14,698 |  |  | (356) |  |  |  | 14,698 |  |  | (356) |
Asset-backed securities |  | 2,780 |  |  | (13) |  |  | 1,053 |  |  | (11) |  |  |  | 3,833 |  |  | (24) |
Municipal bonds |  | — |  |  | — |  |  | 2,154 |  |  | (36) |  |  |  | 2,154 |  |  | (36) |
U.S. government agency bonds |  | 2,037 |  |  | (1) |  |  | 1,150 |  |  | (53) |  |  |  | 3,187 |  |  | (54) |
Total |  | $ | 6,610 |  |  | $ | (23) |  |  | $ | 77,077 |  |  | $ | (2,634) |  |  |  | $ | 83,687 |  |  | $ | (2,657) |
|  | As of December 31, 2022
|  | Less than 12 months |  | 12 Months of Greater |  | Total
December 31, 2022 |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  |  | Fair Value |  | Unrealized Loss
Corporate bonds |  | $ | 10,639 |  |  | $ | (440) |  |  | $ | 54,634 |  |  | $ | (2,475) |  |  |  | $ | 65,273 |  |  | $ | (2,915) |
U.S. government treasury bonds |  | 5,262 |  |  | (177) |  |  | 14,748 |  |  | (372) |  |  |  | 20,010 |  |  | (549) |
Asset-backed securities |  | 2,636 |  |  | (17) |  |  | 1,275 |  |  | (20) |  |  |  | 3,911 |  |  | (37) |
Municipal bonds |  | — |  |  | — |  |  | 2,412 |  |  | (61) |  |  |  | 2,412 |  |  | (61) |
U.S. government agency bonds |  | 3,017 |  |  | (5) |  |  | 1,136 |  |  | (64) |  |  |  | 4,153 |  |  | (69) |
Total |  | $ | 21,554 |  |  | $ | (639) |  |  | $ | 74,205 |  |  | $ | (2,992) |  |  |  | $ | 95,759 |  |  | $ | (3,631) |
Financial Assets Measured At Fair Value On A Recurring Basis | The following tables summarize our financial assets measured at fair value as of March 31, 2023 and December 31, 2022 (in thousands):
Description |  | Balance as of March 31, 2023 |  | Level 1 |  | Level 2 |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 181,437 |  |  | $ | 181,437 |  |  | $ | — |  |  |
Short-term investments: |  |  |  |  |  |  |  |
U.S. government treasury bonds |  | 12,039 |  |  | 12,039 |  |  | — |  |  |
Corporate bonds |  | 35,284 |  |  | — |  |  | 35,284 |  |  |
Municipal bonds |  | 2,434 |  |  | — |  |  | 2,434 |  |  |
Asset-backed securities |  | 1,887 |  |  | — |  |  | 1,887 |  |  |
Long-term investments: |  |  |  |  |  |  |  |
U.S. government treasury bonds |  | 4,669 |  |  | 4,669 |  |  | — |  |  |
Corporate bonds |  | 24,532 |  |  | — |  |  | 24,532 |  |  |
Municipal bonds |  | — |  |  | — |  |  | — |  |  |
U.S. government agency bonds |  | 5,228 |  |  | — |  |  | 5,228 |  |  |
Asset-backed securities |  | 2,950 |  |  | — |  |  | 2,950 |  |  |
|  | $ | 270,460 |  |  | $ | 198,145 |  |  | $ | 72,315 |  |  |
Description |  | Balance as of December 31, 2022 |  | Level 1 |  | Level 2
Cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 229,129 |  |  | $ | 229,129 |  |  | $ | — |
Corporate bonds |  | — |  |  | — |  |  | — |
Municipal bonds |  | — |  |  | — |  |  | — |
Short-term investments: |  |  |  |  |  |
U.S. government treasury bonds |  | 15,404 |  |  | 15,404 |  |  | — |
Corporate bonds |  | 36,510 |  |  | — |  |  | 36,510 |
Municipal bonds |  | 2,711 |  |  | — |  |  | 2,711 |
Asset-backed securities |  | 2,909 |  |  | — |  |  | 2,909 |
Long-term investments: |  |  |  |  |  |
U.S. government treasury bonds |  | 4,606 |  |  | 4,606 |  |  | — |
Corporate bonds |  | 29,965 |  |  | — |  |  | 29,965 |
Municipal bonds |  | 675 |  |  | — |  |  | 675 |
U.S. government agency bonds |  | 5,163 |  |  | — |  |  | 5,163 |
Asset-backed securities |  | 1,569 |  |  | — |  |  | 1,569 |
|  | $ | 328,641 |  |  | $ | 249,139 |  |  | $ | 79,502 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following tables present the gross notional value of all our foreign exchange forward contracts outstanding as of March 31, 2023 and December 31, 2022 (in thousands):
| March 31, 2023
| Local Currency Amount |  | Notional Contract Amount (USD)
Euro | €203,780 |  | $ | 222,215 |
Canadian Dollar | C$97,500 |  | 72,007 |
Chinese Yuan | ¥478,805 |  | 69,842 |
Polish Zloty | PLN277,000 |  | 64,459 |
British Pound | £42,920 |  | 53,198 |
Japanese Yen | ¥6,170,000 |  | 46,513 |
Brazilian Real | R$158,800 |  | 31,055 |
Swiss Franc | CHF25,600 |  | 28,081 |
Israeli Shekel | ILS53,600 |  | 14,864 |
Mexican Peso | M$230,000 |  | 12,744 |
New Zealand Dollar | NZ$10,500 |  | 6,575 |
Korean Won | ₩6,400,000 |  | 4,946 |
New Taiwan Dollar | NT$83,000 |  | 2,737 |
Australian Dollar | A$3,900 |  | $ | 2,615 |
Czech Koruna | Kč56,000 |  | 2,589 |
|  |  | $ | 634,440 |
| December 31, 2022
| Local Currency Amount |  | Notional Contract Amount (USD)
Euro | €186,900 |  | $ | 200,010 |
Polish Zloty | PLN365,988 |  | 83,307 |
Canadian Dollar | $109,000 |  | 80,514 |
Chinese Yuan | ¥471,000 |  | 68,223 |
British Pound | £41,200 |  | 49,677 |
Japanese Yen | ¥6,200,000 |  | 47,196 |
Israeli Shekel | ILS110,030 |  | 31,383 |
Swiss Franc | CHF25,000 |  | 27,165 |
Brazilian Real | R$141,200 |  | 26,839 |
Mexican Peso | M$230,000 |  |  | 11,746 |
New Zealand Dollar | NZ$6,000 |  | 3,806 |
Australian Dollar | A$4,000 |  | 2,721 |
Czech Koruna | Kč56,000 |  | 2,469 |
New Taiwan Dollar | NT$60,000 |  | 1,959 |
|  |  | $ | 637,015 |

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