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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, All Other Investments [Abstract]

The following tables summarize our cash and cash equivalents, and marketable securities on our Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in thousands):


									Reported as:
March 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	650,946	$	—	$	—	$	650,946	$	650,946	$	—	$	—
Money market funds	181,437		—		—		181,437		181,437		—		—
Corporate bonds	62,003		—		(2,187)		59,816		—		35,284		24,532
U.S. government treasury bonds	17,057		7		(356)		16,708		—		12,039		4,669
Asset-backed securities	4,859		2		(24)		4,837		—		1,887		2,950
Municipal bonds	2,470		—		(36)		2,434		—		2,434		—
U.S. government agency bonds	5,280		2		(54)		5,228		—		—		5,228

Total	$	924,052	$	11	$	(2,657)	$	921,406	$	832,383	$	51,644	$	37,379


									Reported as:
December 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	$	712,921	$	—	$	—	$	712,921	$	712,921	$	—	$	—
Money market funds	229,129		—		—		229,129		229,129		—		—
Corporate bonds	69,390		—		(2,915)		66,475		—		36,510		29,965
U.S. government treasury bonds	20,559		—		(549)		20,010		—		15,404		4,606
Asset-backed securities	4,514		1		(37)		4,478		—		2,909		1,569
Municipal bonds	3,447		—		(61)		3,386		—		2,711		675
U.S. government agency bonds	5,231		1		(69)		5,163		—		—		5,163

Total	$	1,045,191	$	2	$	(3,631)	$	1,041,562	$	942,050	$	57,534	$	41,978

Marketable Securities

The following tables summarize our cash and cash equivalents, and marketable securities on our Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in thousands):


									Reported as:
March 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable securities, short-term		Marketable securities, long-term
Cash	$	650,946	$	—	$	—	$	650,946	$	650,946	$	—	$	—
Money market funds	181,437		—		—		181,437		181,437		—		—
Corporate bonds	62,003		—		(2,187)		59,816		—		35,284		24,532
U.S. government treasury bonds	17,057		7		(356)		16,708		—		12,039		4,669
Asset-backed securities	4,859		2		(24)		4,837		—		1,887		2,950
Municipal bonds	2,470		—		(36)		2,434		—		2,434		—
U.S. government agency bonds	5,280		2		(54)		5,228		—		—		5,228

Total	$	924,052	$	11	$	(2,657)	$	921,406	$	832,383	$	51,644	$	37,379


									Reported as:
December 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	$	712,921	$	—	$	—	$	712,921	$	712,921	$	—	$	—
Money market funds	229,129		—		—		229,129		229,129		—		—
Corporate bonds	69,390		—		(2,915)		66,475		—		36,510		29,965
U.S. government treasury bonds	20,559		—		(549)		20,010		—		15,404		4,606
Asset-backed securities	4,514		1		(37)		4,478		—		2,909		1,569
Municipal bonds	3,447		—		(61)		3,386		—		2,711		675
U.S. government agency bonds	5,231		1		(69)		5,163		—		—		5,163

Total	$	1,045,191	$	2	$	(3,631)	$	1,041,562	$	942,050	$	57,534	$	41,978

Contractual Maturity of Marketable Securities

The following table summarizes the fair value of our available-for-sale marketable securities classified by contractual maturity as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023		December 31, 2022
Due in 1 year or less	$	45,512	$	51,037
Due in 1 year through 5 years	43,511		48,475
Total	$	89,023	$	99,512

Unrealized Losses for Investments in a Continuous Unrealized Loss Position

The following tables summarize the gross unrealized losses as of March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):


	As of March 31, 2023
	Less than 12 months				12 Months of Greater				Total
March 31, 2023	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate bonds	$	1,793	$	(9)	$	58,022	$	(2,178)		$	59,815	$	(2,187)
U.S. government treasury bonds	—		—		14,698		(356)			14,698		(356)
Asset-backed securities	2,780		(13)		1,053		(11)			3,833		(24)
Municipal bonds	—		—		2,154		(36)			2,154		(36)
U.S. government agency bonds	2,037		(1)		1,150		(53)			3,187		(54)

Total	$	6,610	$	(23)	$	77,077	$	(2,634)		$	83,687	$	(2,657)


	As of December 31, 2022
	Less than 12 months				12 Months of Greater				Total
December 31, 2022	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate bonds	$	10,639	$	(440)	$	54,634	$	(2,475)		$	65,273	$	(2,915)
U.S. government treasury bonds	5,262		(177)		14,748		(372)			20,010		(549)
Asset-backed securities	2,636		(17)		1,275		(20)			3,911		(37)
Municipal bonds	—		—		2,412		(61)			2,412		(61)
U.S. government agency bonds	3,017		(5)		1,136		(64)			4,153		(69)

Total	$	21,554	$	(639)	$	74,205	$	(2,992)		$	95,759	$	(3,631)

Financial Assets Measured At Fair Value On A Recurring Basis

The following tables summarize our financial assets measured at fair value as of March 31, 2023 and December 31, 2022 (in thousands):


Description	Balance as of March 31, 2023		Level 1		Level 2
Cash equivalents:
Money market funds	$	181,437	$	181,437	$	—





Short-term investments:


U.S. government treasury bonds	12,039		12,039		—
Corporate bonds	35,284		—		35,284
Municipal bonds	2,434		—		2,434
Asset-backed securities	1,887		—		1,887
Long-term investments:
U.S. government treasury bonds	4,669		4,669		—
Corporate bonds	24,532		—		24,532
Municipal bonds	—		—		—

U.S. government agency bonds	5,228		—		5,228
Asset-backed securities	2,950		—		2,950



	$	270,460	$	198,145	$	72,315


Description	Balance as of December 31, 2022		Level 1		Level 2
Cash equivalents:
Money market funds	$	229,129	$	229,129	$	—

Corporate bonds	—		—		—
Municipal bonds	—		—		—

Short-term investments:
U.S. government treasury bonds	15,404		15,404		—
Corporate bonds	36,510		—		36,510
Municipal bonds	2,711		—		2,711
Asset-backed securities	2,909		—		2,909



Long-term investments:
U.S. government treasury bonds	4,606		4,606		—
Corporate bonds	29,965		—		29,965
Municipal bonds	675		—		675
U.S. government agency bonds	5,163		—		5,163
Asset-backed securities	1,569		—		1,569






	$	328,641	$	249,139	$	79,502

Schedule of Notional Amounts of Outstanding Derivative Positions

The following tables present the gross notional value of all our foreign exchange forward contracts outstanding as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€203,780	$	222,215
Canadian Dollar	C$97,500	72,007
Chinese Yuan	¥478,805	69,842
Polish Zloty	PLN277,000	64,459
British Pound	£42,920	53,198
Japanese Yen	¥6,170,000	46,513
Brazilian Real	R$158,800	31,055
Swiss Franc	CHF25,600	28,081
Israeli Shekel	ILS53,600	14,864
Mexican Peso	M$230,000	12,744
New Zealand Dollar	NZ$10,500	6,575
Korean Won	₩6,400,000	4,946
New Taiwan Dollar	NT$83,000	2,737
Australian Dollar	A$3,900	$	2,615
Czech Koruna	Kč56,000	2,589
		$	634,440


	December 31, 2022
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€186,900	$	200,010
Polish Zloty	PLN365,988	83,307
Canadian Dollar	$109,000	80,514
Chinese Yuan	¥471,000	68,223
British Pound	£41,200	49,677
Japanese Yen	¥6,200,000	47,196
Israeli Shekel	ILS110,030	31,383
Swiss Franc	CHF25,000	27,165
Brazilian Real	R$141,200	26,839
Mexican Peso	M$230,000	11,746
New Zealand Dollar	NZ$6,000	3,806
Australian Dollar	A$4,000	2,721
Czech Koruna	Kč56,000	2,469
New Taiwan Dollar	NT$60,000	1,959
		$	637,015