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Cash, Cash Equivalents, and Investments (Tables) | 12 Months Ended
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Dec. 31, 2022
Cash and Cash Equivalents [Abstract] |
Components of Cash, Cash Equivalents and Investments | Cash, cash equivalents, and investments consisted of the following (in thousands):
| December 31,
| 2022 |  | 2021
Cash | $ | 180,959 |  |  | $ | 185,624 |
Money market instruments | 415 |  |  | 537 |
Cash and cash equivalents | 181,374 |  |  | 186,161 |
Corporate bonds | 164,055 |  |  | 73,088 |
Asset-backed securities | 26,890 |  |  | 37,655 |
Agency bonds | 15,858 |  |  | 2,802 |
Treasury bills | 11,332 |  |  | 18,912 |
Municipal bonds | 624 |  |  | 4,998 |
Current investments | 218,759 |  |  | 137,455 |
Corporate bonds | 374,440 |  |  | 481,218 |
Treasury bills | 44,214 |  |  | 39,753 |
Asset-backed securities | 33,539 |  |  | 43,940 |
Sovereign bonds | 1,924 |  |  | 2,119 |
Agency bonds | — |  |  | 16,077 |
Municipal bonds | — |  |  | 641 |
Non-current investments | 454,117 |  |  | 583,748 |
| $ | 854,250 |  |  | $ | 907,364 |
Summary of Available-for-Sale Investments | The following table summarizes the Company’s available-for-sale investments as of December 31, 2022 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Current: |  |  |  |  |  |  |  |
Corporate bonds | $ | 167,558 |  |  | $ | — |  |  | $ | (3,503) |  |  | $ | 164,055 |  |
Asset-backed securities | 27,607 |  |  | — |  |  | (717) |  |  | 26,890 |  |
Agency bonds | 16,143 |  |  | — |  |  | (285) |  |  | 15,858 |  |
Treasury bills | 11,602 |  |  | — |  |  | (270) |  |  | 11,332 |  |
Municipal bonds | 635 |  |  | — |  |  | (11) |  |  | 624 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 394,576 |  |  | 561 |  |  | (20,697) |  |  | 374,440 |  |
Treasury bills | 44,333 |  |  | 79 |  |  | (198) |  |  | 44,214 |  |
Asset-backed securities | 35,144 |  |  | 103 |  |  | (1,708) |  |  | 33,539 |  |
Sovereign bonds | 2,095 |  |  | — |  |  | (171) |  |  | 1,924 |  |
| $ | 699,693 |  |  | $ | 743 |  |  | $ | (27,560) |  |  | $ | 672,876 |  |
Gross Unrealized Losses and Fair Value for Available-for-Sale Investments |
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 285,087 |  |  | $ | (9,591) |  |  | $ | 187,153 |  |  | $ | (14,609) |  |  | $ | 472,240 |  |  | $ | (24,200) |
Asset-backed securities | 47,582 |  |  | (2,299) |  |  | 2,495 |  |  | (126) |  |  | 50,077 |  |  | (2,425) |
Treasury bills | 32,614 |  |  | (465) |  |  | 102 |  |  | (3) |  |  | 32,716 |  |  | (468) |
Agency Bonds | 15,858 |  |  | (285) |  |  | — |  |  | — |  |  | 15,858 |  |  | (285) |
Sovereign bonds | 967 |  |  | (67) |  |  | 957 |  |  | (104) |  |  | 1,924 |  |  | (171) |
Municipal bonds | 624 |  |  | (11) |  |  | — |  |  | — |  |  | 624 |  |  | (11) |
| $ | 382,732 |  |  | $ | (12,718) |  |  | $ | 190,707 |  |  | $ | (14,842) |  |  | $ | 573,439 |  |  | $ | (27,560) |
Effective Maturity Dates of Available-for-Sale Investments | The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2022 (in thousands):
| <1 Year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-7 Years |  | Total
Corporate bonds | $ | 164,055 |  |  | $ | 167,661 |  |  | $ | 94,417 |  |  | $ | 63,101 |  |  | $ | 48,796 |  |  | $ | 465 |  |  | $ | 538,495 |
Asset-backed securities | 26,890 |  |  | 12,755 |  |  | 12,587 |  |  | 8,197 |  |  | — |  |  | — |  |  | 60,429 |
Treasury bills | 11,332 |  |  | 2,429 |  |  | 6,384 |  |  | 17,758 |  |  | 17,643 |  |  | — |  |  | 55,546 |
Agency bonds | 15,858 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,858 |
Sovereign bonds | — |  |  | 967 |  |  | 957 |  |  | — |  |  | — |  |  | — |  |  | 1,924 |
Municipal bonds | 624 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 624 |
| $ | 218,759 |  |  | $ | 183,812 |  |  | $ | 114,345 |  |  | $ | 89,056 |  |  | $ | 66,439 |  |  | $ | 465 |  |  | $ | 672,876 |

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