The following tables summarize our cash and cash equivalents, and marketable securities on our Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (in thousands):


									Reported as:
March 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	689,175	$	—	$	—	$	689,175	$	689,175	$	—	$	—
Money market funds	236,960		—		(16)		236,944		236,944		—		—
Corporate bonds	116,307		3		(2,389)		113,921		—		41,164		72,757
U.S. government treasury bonds	46,638		—		(511)		46,127		—		31,055		15,072
Asset-backed securities	27,453		—		(197)		27,256		—		10,984		16,272
Municipal bonds	6,049		—		(77)		5,972		—		3,546		2,426
U.S. government agency bonds	1,204		—		(36)		1,168		—		—		1,168

Total	$	1,123,786	$	3	$	(3,226)	$	1,120,563	$	926,119	$	86,749	$	107,695


									Reported as:
December 31, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	754,802	$	—	$	—	$	754,802	$	754,802	$	—	$	—
Money market funds	343,012		—		(2)		343,010		343,010		—		—
Corporate bonds	115,507		9		(398)		115,118		1,042		35,065		79,011
U.S. government treasury bonds	42,976		—		(48)		42,928		—		22,251		20,677
Asset-backed securities	32,031		—		(40)		31,991		—		10,999		20,992
Municipal bonds	7,628		—		(15)		7,613		516		3,657		3,440
U.S. government agency bonds	1,201		—		(1)		1,200		—		—		1,200

Total	$	1,297,157	$	9	$	(504)	$	1,296,662	$	1,099,370	$	71,972	$	125,320

The following table summarizes the fair value of our available-for-sale marketable securities classified by contractual maturity as of March 31, 2022 and December 31, 2021 (in thousands):

The securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. Our unrealized losses as of March 31, 2022 and December 31, 2021 are primarily due to changes in interest rates and credit spreads.

Fair value is an exit price, representing the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use the GAAP fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value:

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. We obtain fair values for our Level 2 investments. Our custody bank and asset managers independently use professional pricing services to gather pricing data which may include quoted market prices for identical or comparable financial instruments, or inputs other than quoted prices that are observable either directly or indirectly, and we are ultimately responsible for these underlying estimates.

Level 3 — Unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.


Description	Balance as of March 31, 2022		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	236,944	$	236,944	$	—	$	—





Short-term investments:


U.S. government treasury bonds	31,055		31,055		—		—
Corporate bonds	41,164		—		41,164		—
Municipal bonds	3,546		—		3,546		—
Asset-backed securities	10,984		—		10,984		—
Long-term investments:
U.S. government treasury bonds	15,072		15,072		—		—
Corporate bonds	72,757		—		72,757		—
Municipal bonds	2,426		—		2,426		—
U.S. government agency bonds	1,168		—		1,168		—
Asset-backed securities	16,272		—		16,272		—

Other assets:
Investments in privately held companies	11,225		—		—		11,225
	$	442,613	$	283,071	$	148,317	$	11,225


Description	Balance as of December 31, 2021		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	343,010	$	343,010	$	—	$	—

Corporate bonds	1,042		—		1,042		—
Municipal bonds	516		—		516		—

Short-term investments:
U.S. government treasury bonds	22,251		22,251		—		—
Corporate bonds	35,065		—		35,065		—
Municipal bonds	3,657		—		3,657		—
Asset-backed securities	10,999		—		10,999		—



Long-term investments:
U.S. government treasury bonds	20,677		20,677		—		—
Corporate bonds	79,011		—		79,011		—
Municipal bonds	3,440		—		3,440		—
U.S. government agency bonds	1,200		—		1,200		—
Asset-backed securities	20,992		—		20,992		—
Prepaid expenses and other current assets:
Israeli funds	3,841		—		3,841		—


Other assets:
Investments in privately held companies	8,621		—		—		8,621
	$	554,322	$	385,938	$	159,763	$	8,621

We enter into foreign currency forward contracts to minimize the short-term impact of foreign currency exchange rate fluctuations on certain trade and intercompany receivables and payables. These forward contracts are classified within Level 2 of the fair value hierarchy. As a result of the settlement of foreign currency forward contracts, the net losses we recognized during the three months ended March 31, 2022 were not material and we recognized net gains of $12.4 million during the three months ended March 31, 2021. The fair value of foreign exchange forward contracts outstanding was $8.4 million as of March 31, 2022 and was not material as of December 31, 2021.

The following tables present the gross notional value of all our foreign exchange forward contracts outstanding as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€189,795	$	210,031
Chinese Yuan	¥520,500	81,862
Polish Zloty	PLN324,500	77,086
Canadian Dollar	C$96,000	76,733
Brazilian Real	R$323,700	67,665
Japanese Yen	¥5,666,200	46,621
British Pound	£32,275	42,394
Russian Ruble	₽3,700,000	35,885
Swiss Franc	CHF17,270	18,692
Israeli Shekel	ILS54,210	17,085
Mexican Peso	M$281,560	14,127
Australian Dollar	A$5,000	3,748
		$	691,929