The following tables summarize our cash and cash equivalents, and marketable securities on our Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in thousands):


									Reported as:
September 30, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	709,497	$	—	$	—	$	709,497	$	709,497	$	—	$	—
Money market funds	335,026		—		—		335,026		335,026		—		—
Corporate bonds	70,560		—		(3,405)		67,155		—		29,454		37,701
U.S. government treasury bonds	18,587		—		(641)		17,946		—		9,078		8,868
Asset-backed securities	5,624		—		(53)		5,571		—		3,695		1,876
Municipal bonds	4,780		—		(93)		4,687		—		4,015		672
U.S. government agency bonds	1,204		—		(65)		1,139		—		—		1,139

Total	$	1,145,278	$	—	$	(4,257)	$	1,141,021	$	1,044,523	$	46,242	$	50,256


									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 September 30, 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 September 30, 2022 and December 31, 2021 are primarily due to changes in interest rates and credit spreads.

During the third quarter of 2022, we entered into factoring transactions on a non-recourse basis with financial institutions to sell certain of our non-U.S. accounts receivable. We account for these transactions as sales of accounts receivables and include the cash proceeds as a part of our cash flows from operations in the Condensed Consolidated Statements of Cash Flows. Total accounts receivable sold under the factoring arrangements was $22.9 million during the three months ended September 30, 2022. Factoring fees on the sales of receivables were recorded in other income (expense), net in our Condensed Consolidated Statement of Operations and were not material.

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 September 30, 2022		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	335,026	$	335,026	$	—	$	—





Short-term investments:


U.S. government treasury bonds	9,078		9,078		—		—
Corporate bonds	29,454		—		29,454		—
Municipal bonds	4,015		—		4,015		—
Asset-backed securities	3,695		—		3,695		—
Long-term investments:
U.S. government treasury bonds	8,868		8,868		—		—
Corporate bonds	37,701		—		37,701		—
Municipal bonds	672		—		672		—

U.S. government agency bonds	1,139		—		1,139		—
Asset-backed securities	1,876		—		1,876		—

Other assets:
Investments in privately held companies	12,180		—		—		12,180
	$	443,704	$	352,972	$	78,552	$	12,180


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, during the three months ended September 30, 2022 and 2021, we recognized net gains of $34.6 million and $14.7 million, respectively, and during the nine months ended September 30, 2022 and 2021, we recognized net gains of $43.8 million and $14.1 million, respectively. As of September 30, 2022 and December 31, 2021, the fair value of foreign exchange forward contracts outstanding was not material.

The following tables present the gross notional value of all our foreign exchange forward contracts outstanding as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€181,300	$	177,102
Chinese Yuan	¥569,000	79,875
Canadian Dollar	C$92,800	67,607
Polish Zloty	PLN315,800	63,306
British Pound	£44,200	48,974
Japanese Yen	¥6,224,000	43,194
Brazilian Real	R$200,000	36,666
Swiss Franc	CHF24,800	25,391
Israeli Shekel	ILS78,390	22,021
Mexican Peso	M$283,900	14,088
Korean Won	₩8,200,000	5,710
Australian Dollar	A$4,090	2,653
New Taiwan Dollar	NT$70,000	2,200
Czech Koruna	Kč40,000	1,585
New Zealand Dollar	NZ$2,500	1,419
		$	591,791


	December 31, 2021
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€165,110	$	186,358
Canadian Dollar	C$99,800	78,018
Chinese Yuan	¥494,500	77,358
Polish Zloty	PLN219,800	54,014
Brazilian Real	R$286,500	50,894
Japanese Yen	¥5,548,700	48,206
British Pound	£34,740	46,881
Israeli Shekel	ILS54,110	17,416
Mexican Peso	M$311,500	15,133
Swiss Franc	CHF9,950	10,883
Australian Dollar	A$6,900	5,009
		$	590,170