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Investments | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The following table summarizes our cash equivalents and available-for-sale debt investments:
| December 31, 2023
|  |  | Fair Value Level
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses (1) |  | Total Fair Value |  | Level 1 |  | Level 2
| (In thousands)
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 138 |  |  | $ | — |  |  | $ | — |  |  | $ | 138 |  |  | $ | — |  |  | $ | 138 |
Commercial paper | 48,063 |  |  | — |  |  | — |  |  | 48,063 |  |  | — |  |  | 48,063 |
Money market funds | 60,719 |  |  | — |  |  | — |  |  | 60,719 |  |  | 60,719 |  |  | — |
U.S. government bonds | 2,996 |  |  | — |  |  | — |  |  | 2,996 |  |  | 2,996 |  |  | — |
Total cash equivalents (2) | 111,916 |  |  | — |  |  | — |  |  | 111,916 |  |  | 63,715 |  |  | 48,201 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | 65,340 |  |  | 170 |  |  | (22) |  |  | 65,488 |  |  | — |  |  | 65,488 |
Certificate of deposits | 17,086 |  |  | — |  |  | — |  |  | 17,086 |  |  | 17,086 |  |  | — |
Commercial paper | 56,273 |  |  | — |  |  | — |  |  | 56,273 |  |  | — |  |  | 56,273 |
Corporate bonds | 251,671 |  |  | 432 |  |  | (299) |  |  | 251,804 |  |  | — |  |  | 251,804 |
U.S. government agency bonds | 13,200 |  |  | — |  |  | (9) |  |  | 13,191 |  |  | — |  |  | 13,191 |
U.S. government bonds | 65,881 |  |  | 13 |  |  | (79) |  |  | 65,815 |  |  | 65,815 |  |  | — |
Total short-term investments | 469,451 |  |  | 615 |  |  | (409) |  |  | 469,657 |  |  | 82,901 |  |  | 386,756 |
Total | $ | 581,367 |  |  | $ | 615 |  |  | $ | (409) |  |  | $ | 581,573 |  |  | $ | 146,616 |  |  | $ | 434,957 |
| December 31, 2022
|  |  | Fair Value Level
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses (1) |  | Total Fair Value |  | Level 1 |  | Level 2
| (In thousands)
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | 25 |
Commercial paper | 69,101 |  |  | — |  |  | — |  |  | 69,101 |  |  | — |  |  | 69,101 |
Money market funds | 97,650 |  |  | — |  |  | — |  |  | 97,650 |  |  | 97,650 |  |  | — |
Municipal bonds | 1,001 |  |  | — |  |  | — |  |  | 1,001 |  |  | — |  |  | 1,001 |
US government bonds | 10,767 |  |  | 1 |  |  | — |  |  | 10,768 |  |  | 10,768 |  |  | — |
US government agency bonds | 16,982 |  |  | 3 |  |  | — |  |  | 16,985 |  |  | — |  |  | 16,985 |
Total cash equivalents (2) | 195,526 |  |  | 4 |  |  | — |  |  | 195,530 |  |  | 108,418 |  |  | 87,112 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | 25,677 |  |  | 7 |  |  | (134) |  |  | 25,550 |  |  | — |  |  | 25,550 |
Certificate of deposits | 17,362 |  |  | — |  |  | — |  |  | 17,362 |  |  | 17,362 |  |  | — |
Commercial paper | 27,866 |  |  | — |  |  | — |  |  | 27,866 |  |  | — |  |  | 27,866 |
Corporate bonds | 198,868 |  |  | 7 |  |  | (1,529) |  |  | 197,346 |  |  | — |  |  | 197,346 |
Foreign government bonds | 996 |  |  | — |  |  | (4) |  |  | 992 |  |  | — |  |  | 992 |
Mortgage-backed securities | 696 |  |  | — |  |  | (2) |  |  | 694 |  |  | — |  |  | 694 |
Municipal bonds | 364 |  |  | — |  |  | (2) |  |  | 362 |  |  | — |  |  | 362 |
U.S. government agency bonds | 735 |  |  | — |  |  | (1) |  |  | 734 |  |  | — |  |  | 734 |
U.S. government bonds | 6,704 |  |  | 1 |  |  | (20) |  |  | 6,685 |  |  | 6,685 |  |  | — |
Total short-term investments | 279,268 |  |  | 15 |  |  | (1,692) |  |  | 277,591 |  |  | 24,047 |  |  | 253,544 |
Total | $ | 474,794 |  |  | $ | 19 |  |  | $ | (1,692) |  |  | $ | 473,121 |  |  | $ | 132,465 |  |  | $ | 340,656 |
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases. (2)During the years ended December 31, 2023, 2022, and 2021 we sold cash equivalent investments for proceeds of $47.0 million, $29.6 million and $12.8 million, respectively, and realized no gain or loss on such sales. The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of December 31, 2023:
|  | Amortized Cost |  | Fair Value |  |  |  |  |  |  |  |
Within 1 year |  | $ | 406,551 |  |  | $ | 406,346 |  |  |  |  |  |  |  |  |
After 1 year through 5 years |  | 109,338 |  |  | 109,601 |  |  |  |  |  |  |  |  |
Asset-backed securities |  | 65,478 |  |  | 65,626 |  |  |  |  |  |  |  |  |
Total |  | $ | 581,367 |  |  | $ | 581,573 |  |  |  |  |  |  |  |  |
Actual maturities can differ from contractual maturities due to various factors including whether the issuers have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations. As of December 31, 2023, the amortized cost and fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $5.2 million. As of December 31, 2022 the amortized cost and fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $4.4 million and $4.3 million, respectively.

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