Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

5. Cash Equivalents and Investments

The following is a summary of the Company’s cash equivalents and short-term and long-term investments (in thousands):


	As of March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Level 1
Money market funds	$	308,160	$	—	$	—	$	308,160	$	308,160	$	—	$	—
U.S. Treasury securities	1,432,243		1,250		(331)		1,433,162		159,472		874,957		398,733
Subtotal	1,740,403		1,250		(331)		1,741,322		467,632		874,957		398,733
Level 2
U.S. agency securities	488,688		154		(147)		488,695		34,945		370,108		83,642
Foreign government securities	14,150		40		(74)		14,116		—		—		14,116
Certificates of deposits	12,741		—		—		12,741		—		12,741		—
Commercial paper	183,892		—		—		183,892		49,802		134,090		—
Corporate debt securities	376,871		550		(2,017)		375,404		—		20,966		354,438
Subtotal	1,076,342		744		(2,238)		1,074,848		84,747		537,905		452,196
Total	$	2,816,745	$	1,994	$	(2,569)	$	2,816,170	$	552,379	$	1,412,862	$	850,929


	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Level 1
Money market funds	$	1,903,880	$	—	$	—	$	1,903,880	$	1,903,880	$	—	$	—
Total	$	1,903,880	$	—	$	—	$	1,903,880	$	1,903,880	$	—	$	—

As of March 31, 2023, all of the Company’s short-term debt investments have contractual maturities of one year or less and all of the Company’s long-term debt investments have contractual maturities of between one and three years.

Changes in market interest rates, credit risk of borrowers and overall market liquidity, amongst other factors, may cause our short-term and long-term debt investments to fall below their amortized cost basis, resulting in unrealized losses.