FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

All marketable securities were classified as available-for-sale at September 30, 2022 and December 31, 2021.

The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented:


	September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	358,325	$	—	$	—	$	358,325	$	358,325	$	—	$	—

Level 2:
Money market instruments	347,274		—		—		347,274		347,274		—		—
Corporate debt securities	522,723		10		(14,622)		508,111		978		273,333		233,800
U.S. government agency securities	354,810		4		(4,377)		350,437		54,938		209,469		86,030
Commercial paper	29,461		1		(22)		29,440		—		29,440		—
Asset-backed securities	53,182		—		(699)		52,483		—		11		52,472

Subtotal	1,307,450		15		(19,720)		1,287,745		403,190		512,253		372,302
Total	$	1,665,775	$	15	$	(19,720)	$	1,646,070	$	761,515	$	512,253	$	372,302


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	301,177	$	—	$	—	$	301,177	$	301,177	$	—	$	—

Level 2:
Money market instruments	285,099		—		—		285,099		285,099		—		—
Corporate debt securities	584,000		386		(2,086)		582,300		—		200,304		381,996
U.S. government agency securities	224,774		182		(325)		224,631		—		146,421		78,210
Commercial paper	68,384		—		—		68,384		1,000		67,384		—
Asset-backed securities	56,936		10		(95)		56,851		—		9,451		47,400
Foreign and other	3,097		141		(12)		3,226		—		3,039		187
Subtotal	1,222,290		719		(2,518)		1,220,491		286,099		426,599		507,793
Total	$	1,523,467	$	719	$	(2,518)	$	1,521,668	$	587,276	$	426,599	$	507,793

(1) The Company’s short-term marketable securities mature in one year or less.

(2) The Company’s long-term marketable securities mature between one and five years.

As of September 30, 2022, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.

The Company has certain investments in non-marketable equity securities, measured using unobservable valuation inputs and remeasured on a nonrecurring basis, which are collectively considered strategic investments. As of September 30, 2022 and December 31, 2021, the fair value of the Company’s strategic investments was $23.7 million and $16.5 million, respectively. These investments were recorded in Other Assets in the Company’s Condensed Consolidated Balance Sheets.