MARKETABLE INVESTMENT SECURITIES

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

The following table presents our Marketable investment securities:


	As of
	June 30, 2023		December 31, 2022
Marketable investment securities:
Available-for-sale debt securities:
Corporate bonds	$	271,848	$	160,559
Commercial paper	834,132		687,927
Other debt securities	17,255		17,695
Total available-for-sale debt securities	1,123,235		866,181
Equity securities	99,627		118,790
Total marketable investment securities, including restricted amounts	1,222,862		984,971
Less: Restricted marketable investment securities	(11,455)		(11,056)
Total marketable investment securities	$	1,211,407	$	973,915

Debt Securities

Available-for-Sale

The following table presents the components of our available-for-sale debt securities:


	Amortized		Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
As of June 30, 2023
Corporate bonds	$	269,338	$	2,622	$	(112)	$	271,848
Commercial paper	834,135		—		(3)		834,132
Other debt securities	17,273		—		(18)		17,255
Total available-for-sale debt securities	$	1,120,746	$	2,622	$	(133)	$	1,123,235
As of December 31, 2022
Corporate bonds	$	160,494	$	125	$	(60)	$	160,559
Commercial paper	687,956		—		(29)		687,927
Other debt securities	17,785		—		(90)		17,695
Total available-for-sale debt securities	$	866,235	$	125	$	(179)	$	866,181

The following table presents the activity on our available-for-sale debt securities:


	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Proceeds from sales	$	99,368	$	8,886	$	137,477	$	37,904

As of June 30, 2023, we have $1,090.0 million of available-for-sale debt securities with contractual maturities of one year or less and $33.2 million with contractual maturities greater than one year.

Equity Securities

The following table presents the activity of our equity securities:


	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Gains (losses) on investments, net	$	(5,715)	$	(22,752)	$	(12,821)	$	8,263

Fair Value Measurements

The following table presents our marketable investment securities categorized by the fair value hierarchy, certain of which have historically experienced volatility:


	Level 1		Level 2		Total
As of June 30, 2023
Cash equivalents (including restricted)	$	437	$	602,325	$	602,762
Available-for-sale debt securities:
Corporate bonds	$	—	$	271,848	$	271,848
Commercial paper	—		834,132		834,132
Other debt securities	12,922		4,333		17,255
Total available-for-sale debt securities	12,922		1,110,313		1,123,235
Equity securities	89,436		10,191		99,627
Total marketable investment securities, including restricted amounts	102,358		1,120,504		1,222,862
Less: Restricted marketable investment securities	(11,455)		—		(11,455)
Total marketable investment securities	$	90,903	$	1,120,504	$	1,211,407

As of December 31, 2022
Cash equivalents (including restricted)	$	657	$	595,814	$	596,471
Available-for-sale debt securities:
Corporate bonds	$	—	$	160,559	$	160,559
Commercial paper	—		687,927		687,927
Other debt securities	15,968		1,727		17,695
Total available-for-sale debt securities	15,968		850,213		866,181
Equity securities	109,002		9,788		118,790
Total marketable investment securities, including restricted amounts	124,970		860,001		984,971
Less: Restricted marketable investment securities	(11,056)		—		(11,056)
Total marketable investment securities	$	113,914	$	860,001	$	973,915

As of June 30, 2023 and December 31, 2022, we did not have any investments that were categorized within Level 3 of the fair value hierarchy.