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Investments | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investment Components The components of investments were as follows:
| As of December 31, 2022
| Adjusted Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities - Current |  | Marketable Securities - Non-current
Asset-backed securities | $ | 58,455 |  |  | $ | 1 |  |  | $ | (264) |  |  | $ | 58,192 |  |  | $ | — |  |  | $ | 1,464 |  |  | $ | 56,728 |
Corporate notes and bonds | 111,592 |  |  | — |  |  | (1,294) |  |  | 110,298 |  |  | — |  |  | 110,298 |  |  | — |
Commercial paper | 10,477 |  |  | 2 |  |  | — |  |  | 10,479 |  |  | — |  |  | 10,479 |  |  | — |
Money market funds | 232,448 |  |  | — |  |  | — |  |  | 232,448 |  |  | 232,448 |  |  | — |  |  | — |
Foreign government securities | 5,064 |  |  | — |  |  | (37) |  |  | 5,027 |  |  | — |  |  | 5,027 |  |  | — |
US government and agency securities | 86,869 |  |  | 29 |  |  | — |  |  | 86,898 |  |  | 86,898 |  |  | — |  |  | — |
Total investments | $ | 504,905 |  |  | $ | 32 |  |  | $ | (1,595) |  |  | $ | 503,342 |  |  | $ | 319,346 |  |  | $ | 127,268 |  |  | $ | 56,728 |
| As of December 31, 2021
| Adjusted Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities - Current |  | Marketable Securities - Non-current
Asset-backed securities | $ | 111,619 |  |  | $ | 1 |  |  | $ | (68) |  |  | $ | 111,552 |  |  | $ | — |  |  | $ | 5,372 |  |  | $ | 106,180 |
Certificates of deposits | 6,002 |  |  | — |  |  | — |  |  | 6,002 |  |  | — |  |  | 6,002 |  |  | — |
Corporate notes and bonds | 207,170 |  |  | 21 |  |  | (201) |  |  | 206,990 |  |  | 3,026 |  |  | 132,688 |  |  | 71,276 |
Commercial paper | 109,391 |  |  | — |  |  | — |  |  | 109,391 |  |  | 24,193 |  |  | 85,198 |  |  | — |
Money market funds | 51,768 |  |  | — |  |  | — |  |  | 51,768 |  |  | 51,768 |  |  | — |  |  | — |
Foreign government securities | 8,186 |  |  | — |  |  | (5) |  |  | 8,181 |  |  | — |  |  | 3,008 |  |  | 5,173 |
US government and agency securities | 86,783 |  |  | 4 |  |  | — |  |  | 86,787 |  |  | — |  |  | 86,787 |  |  | — |
Total investments | $ | 580,919 |  |  | $ | 26 |  |  | $ | (274) |  |  | $ | 580,671 |  |  | $ | 78,987 |  |  | $ | 319,055 |  |  | $ | 182,629 |
Non-marketable equity securities are investments in privately held companies without readily determinable fair values. The carrying value of the Company’s investments without readily determinable fair values was $55.6 million as of December 31, 2022 and 2021 and is classified within “Investments in non-marketable equity securities” in the condensed consolidated balance sheets. The Company did not record any adjustments to the carrying value of its non-marketable equity securities accounted for under the measurement alternative, and did not recognize any gains or losses related to the sale of non-marketable equity securities in the years ended December 31, 2022 or 2021. Unrealized Losses on Marketable Securities Marketable securities with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:
| As of December 31, 2022
| Less than 12 Months |  | 12 Months or more |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Asset-backed securities | $ | 52,412 |  |  | $ | (229) |  |  | $ | 4,656 |  |  | $ | (35) |  |  | $ | 57,068 |  |  | $ | (264) |
Corporate notes and bonds | 55,864 |  |  | (571) |  |  | 54,434 |  |  | (723) |  |  | 110,298 |  |  | (1,294) |
Foreign government securities | — |  |  | — |  |  | 5,027 |  |  | (37) |  |  | 5,027 |  |  | (37) |
Total investments | $ | 108,276 |  |  | $ | (800) |  |  | $ | 64,117 |  |  | $ | (795) |  |  | $ | 172,393 |  |  | $ | (1,595) |
Unrealized losses from marketable securities are primarily attributable to changes in interest rates. The company does not believe any of unrealized losses represent impairments based on the Company’s evaluation of available evidence. Marketable Securities Maturities
|  | Adjusted |  | Estimated |
|  | Cost Basis |  | Fair Value |
December 31, 2022 |  |  |  |  |
Due in one year or less |  | $ | 128,597 |  |  | $ | 127,268 |  |
Due after one year through five years |  | 56,990 |  |  | 56,728 |  |
Total |  | $ | 185,587 |  |  | $ | 183,996 |  |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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