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CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables) | 6 Months Ended
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Jun. 30, 2022
Cash, Cash Equivalents, and Short-Term Investments [Abstract] |
Summary of Cash and Cash Equivalents | As of June 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents and short-term investments were composed of:
| June 30, 2022
| Fair value level |  | Adjusted cost basis |  | Unrealized gains |  | Unrealized losses |  | Fair market value |  | Recorded basis |  | Cash and cash equivalents |  | Short-term investments
Cash |  |  | $ | 7,173 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,173 |  |  | $ | 7,173 |  |  | $ | 7,173 |  |  | $ | — |
Money market funds | Level 1 |  | 217,498 |  |  | — |  |  | — |  |  | 217,498 |  |  | 217,498 |  |  | 217,498 |  |  | — |
Certificate of deposits and term deposits | Level 2 |  | 486,770 |  |  | — |  |  | — |  |  | 486,770 |  |  | 486,770 |  |  | 140,829 |  |  | 345,941 |
AFS securities (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills | Level 1 |  | 547 |  |  | — |  |  | (10) |  |  | 537 |  |  | 537 |  |  | — |  |  | 537 |
Government and governmental agencies | Level 2 |  | 7,786 |  |  | — |  |  | (32) |  |  | 7,754 |  |  | 7,754 |  |  | — |  |  | 7,754 |
Corporate debt securities | Level 2 |  | 139,567 |  |  | 11 |  |  | (738) |  |  | 138,840 |  |  | 138,840 |  |  | 1,514 |  |  | 137,326 |
|  |  | $ | 147,900 |  |  | $ | 11 |  |  | $ | (780) |  |  | $ | 147,131 |  |  | $ | 147,131 |  |  | $ | 1,514 |  |  | $ | 145,617 |
HTM securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 89,945 |  |  | $ | — |  |  | $ | (213) |  |  | $ | 89,732 |  |  | $ | 89,945 |  |  | $ | — |  |  | $ | 89,945 |
|  |  | $ | 89,945 |  |  | $ | — |  |  | $ | (213) |  |  | $ | 89,732 |  |  | $ | 89,945 |  |  | $ | — |  |  | $ | 89,945 |
Total |  |  | $ | 949,286 |  |  | $ | 11 |  |  | $ | (993) |  |  | $ | 948,304 |  |  | $ | 948,517 |  |  | $ | 367,014 |  |  | $ | 581,503 |
| December 31, 2021
| Fair value level |  | Adjusted cost basis |  | Unrealized gains |  | Unrealized losses |  | Fair market value |  | Recorded basis |  | Cash and cash equivalents |  | Short-term investments
Cash |  |  | $ | 3,139 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,139 |  |  | $ | 3,139 |  |  | $ | 3,139 |  |  | $ | — |
Money market funds | Level 1 |  | 64,668 |  |  | — |  |  | — |  |  | 64,668 |  |  | 64,668 |  |  | 64,668 |  |  | — |
Certificate of deposits, notes and term deposits | Level 2 |  | 565,089 |  |  | — |  |  | — |  |  | 565,089 |  |  | 565,089 |  |  | 140,995 |  |  | 424,094 |
HTM securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills | Level 1 |  | 199,981 |  |  | 8 |  |  | — |  |  | 199,989 |  |  | 199,981 |  |  | — |  |  | 199,981 |
Corporate debt securities | Level 2 |  | 104,823 |  |  | — |  |  | — |  |  | 104,823 |  |  | 104,823 |  |  | — |  |  | 104,823 |
|  |  | $ | 304,804 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 304,812 |  |  | $ | 304,804 |  |  | $ | — |  |  | $ | 304,804 |
Total |  |  | $ | 937,700 |  | 937700408.11 | $ | 8 |  |  | $ | — |  |  | $ | 937,708 |  |  | $ | 937,700 |  |  | $ | 208,802 |  |  | $ | 728,898 |
(1) Changes in fair value of AFS securities are recorded in other comprehensive income. If unrealized loss is identified as credit loss, this loss will be recorded as finance expenses. (2) Changes in fair value of HTM securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.
Schedule of Available-for-Sale Securities Reconciliation | As of June 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents and short-term investments were composed of:
| June 30, 2022
| Fair value level |  | Adjusted cost basis |  | Unrealized gains |  | Unrealized losses |  | Fair market value |  | Recorded basis |  | Cash and cash equivalents |  | Short-term investments
Cash |  |  | $ | 7,173 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,173 |  |  | $ | 7,173 |  |  | $ | 7,173 |  |  | $ | — |
Money market funds | Level 1 |  | 217,498 |  |  | — |  |  | — |  |  | 217,498 |  |  | 217,498 |  |  | 217,498 |  |  | — |
Certificate of deposits and term deposits | Level 2 |  | 486,770 |  |  | — |  |  | — |  |  | 486,770 |  |  | 486,770 |  |  | 140,829 |  |  | 345,941 |
AFS securities (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills | Level 1 |  | 547 |  |  | — |  |  | (10) |  |  | 537 |  |  | 537 |  |  | — |  |  | 537 |
Government and governmental agencies | Level 2 |  | 7,786 |  |  | — |  |  | (32) |  |  | 7,754 |  |  | 7,754 |  |  | — |  |  | 7,754 |
Corporate debt securities | Level 2 |  | 139,567 |  |  | 11 |  |  | (738) |  |  | 138,840 |  |  | 138,840 |  |  | 1,514 |  |  | 137,326 |
|  |  | $ | 147,900 |  |  | $ | 11 |  |  | $ | (780) |  |  | $ | 147,131 |  |  | $ | 147,131 |  |  | $ | 1,514 |  |  | $ | 145,617 |
HTM securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 89,945 |  |  | $ | — |  |  | $ | (213) |  |  | $ | 89,732 |  |  | $ | 89,945 |  |  | $ | — |  |  | $ | 89,945 |
|  |  | $ | 89,945 |  |  | $ | — |  |  | $ | (213) |  |  | $ | 89,732 |  |  | $ | 89,945 |  |  | $ | — |  |  | $ | 89,945 |
Total |  |  | $ | 949,286 |  |  | $ | 11 |  |  | $ | (993) |  |  | $ | 948,304 |  |  | $ | 948,517 |  |  | $ | 367,014 |  |  | $ | 581,503 |
| December 31, 2021
| Fair value level |  | Adjusted cost basis |  | Unrealized gains |  | Unrealized losses |  | Fair market value |  | Recorded basis |  | Cash and cash equivalents |  | Short-term investments
Cash |  |  | $ | 3,139 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,139 |  |  | $ | 3,139 |  |  | $ | 3,139 |  |  | $ | — |
Money market funds | Level 1 |  | 64,668 |  |  | — |  |  | — |  |  | 64,668 |  |  | 64,668 |  |  | 64,668 |  |  | — |
Certificate of deposits, notes and term deposits | Level 2 |  | 565,089 |  |  | — |  |  | — |  |  | 565,089 |  |  | 565,089 |  |  | 140,995 |  |  | 424,094 |
HTM securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills | Level 1 |  | 199,981 |  |  | 8 |  |  | — |  |  | 199,989 |  |  | 199,981 |  |  | — |  |  | 199,981 |
Corporate debt securities | Level 2 |  | 104,823 |  |  | — |  |  | — |  |  | 104,823 |  |  | 104,823 |  |  | — |  |  | 104,823 |
|  |  | $ | 304,804 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 304,812 |  |  | $ | 304,804 |  |  | $ | — |  |  | $ | 304,804 |
Total |  |  | $ | 937,700 |  | 937700408.11 | $ | 8 |  |  | $ | — |  |  | $ | 937,708 |  |  | $ | 937,700 |  |  | $ | 208,802 |  |  | $ | 728,898 |
(1) Changes in fair value of AFS securities are recorded in other comprehensive income. If unrealized loss is identified as credit loss, this loss will be recorded as finance expenses. (2) Changes in fair value of HTM securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.
Summary of Amortized Cost and Recorded Basis of T-bills in Short-Term Investments | As of June 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents and short-term investments were composed of:
| June 30, 2022
| Fair value level |  | Adjusted cost basis |  | Unrealized gains |  | Unrealized losses |  | Fair market value |  | Recorded basis |  | Cash and cash equivalents |  | Short-term investments
Cash |  |  | $ | 7,173 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,173 |  |  | $ | 7,173 |  |  | $ | 7,173 |  |  | $ | — |
Money market funds | Level 1 |  | 217,498 |  |  | — |  |  | — |  |  | 217,498 |  |  | 217,498 |  |  | 217,498 |  |  | — |
Certificate of deposits and term deposits | Level 2 |  | 486,770 |  |  | — |  |  | — |  |  | 486,770 |  |  | 486,770 |  |  | 140,829 |  |  | 345,941 |
AFS securities (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills | Level 1 |  | 547 |  |  | — |  |  | (10) |  |  | 537 |  |  | 537 |  |  | — |  |  | 537 |
Government and governmental agencies | Level 2 |  | 7,786 |  |  | — |  |  | (32) |  |  | 7,754 |  |  | 7,754 |  |  | — |  |  | 7,754 |
Corporate debt securities | Level 2 |  | 139,567 |  |  | 11 |  |  | (738) |  |  | 138,840 |  |  | 138,840 |  |  | 1,514 |  |  | 137,326 |
|  |  | $ | 147,900 |  |  | $ | 11 |  |  | $ | (780) |  |  | $ | 147,131 |  |  | $ | 147,131 |  |  | $ | 1,514 |  |  | $ | 145,617 |
HTM securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 89,945 |  |  | $ | — |  |  | $ | (213) |  |  | $ | 89,732 |  |  | $ | 89,945 |  |  | $ | — |  |  | $ | 89,945 |
|  |  | $ | 89,945 |  |  | $ | — |  |  | $ | (213) |  |  | $ | 89,732 |  |  | $ | 89,945 |  |  | $ | — |  |  | $ | 89,945 |
Total |  |  | $ | 949,286 |  |  | $ | 11 |  |  | $ | (993) |  |  | $ | 948,304 |  |  | $ | 948,517 |  |  | $ | 367,014 |  |  | $ | 581,503 |
| December 31, 2021
| Fair value level |  | Adjusted cost basis |  | Unrealized gains |  | Unrealized losses |  | Fair market value |  | Recorded basis |  | Cash and cash equivalents |  | Short-term investments
Cash |  |  | $ | 3,139 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,139 |  |  | $ | 3,139 |  |  | $ | 3,139 |  |  | $ | — |
Money market funds | Level 1 |  | 64,668 |  |  | — |  |  | — |  |  | 64,668 |  |  | 64,668 |  |  | 64,668 |  |  | — |
Certificate of deposits, notes and term deposits | Level 2 |  | 565,089 |  |  | — |  |  | — |  |  | 565,089 |  |  | 565,089 |  |  | 140,995 |  |  | 424,094 |
HTM securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills | Level 1 |  | 199,981 |  |  | 8 |  |  | — |  |  | 199,989 |  |  | 199,981 |  |  | — |  |  | 199,981 |
Corporate debt securities | Level 2 |  | 104,823 |  |  | — |  |  | — |  |  | 104,823 |  |  | 104,823 |  |  | — |  |  | 104,823 |
|  |  | $ | 304,804 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 304,812 |  |  | $ | 304,804 |  |  | $ | — |  |  | $ | 304,804 |
Total |  |  | $ | 937,700 |  | 937700408.11 | $ | 8 |  |  | $ | — |  |  | $ | 937,708 |  |  | $ | 937,700 |  |  | $ | 208,802 |  |  | $ | 728,898 |
(1) Changes in fair value of AFS securities are recorded in other comprehensive income. If unrealized loss is identified as credit loss, this loss will be recorded as finance expenses. (2) Changes in fair value of HTM securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.
Debt Securities, Available-for-Sale | Debt securities with continuous unrealized losses for less than 12 months and their related fair values were as follows:
| June 30, 2022
| Less than 12 months
| Fair value |  | Unrealized loss
U.S. Treasury bills | $ | 537 |  |  | $ | (10) |
Government and governmental agencies | 7,754 |  |  | (32) |
Corporate debt securities | 132,264 |  |  | (738) |
Total | $ | 140,555 |  |  | $ | (780) |

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