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Investments

12 Months Ended

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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- References

No definition available.

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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)

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