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Investments
 12 Months Ended
Dec. 31, 2023
Investments [Abstract]  
Investments

Note 3: Investments

Cash equivalents and marketable securities are measured at fair value and within Level 2 in the fair value hierarchy, because we use quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value.

The following tables summarize our cash equivalents and marketable securities measured at fair value on a recurring basis as of December 31, 2023 (in thousands):

 

 

Fair Value Hierarchy

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Cash Equivalents

 

 

Marketable Securities

 

Money market funds

Level 2

 

$

4,450

 

 

$

–

 

 

$

–

 

 

$

4,450

 

 

$

4,450

 

 

$

–

 

Time deposits

Level 2

 

 

23,628

 

 

 

73

 

 

 

–

 

 

 

23,701

 

 

 

330

 

 

 

23,371

 

Commercial paper

Level 2

 

 

126,307

 

 

 

143

 

 

 

(28

)

 

 

126,422

 

 

 

996

 

 

 

125,426

 

Government bonds

Level 2

 

 

23,014

 

 

 

15

 

 

 

(13

)

 

 

23,016

 

 

 

–

 

 

 

23,016

 

Corporate debt securities

Level 2

 

 

132,323

 

 

 

314

 

 

 

(7

)

 

 

132,630

 

 

 

2,142

 

 

 

130,488

 

Total

 

 

$

309,722

 

 

$

545

 

 

$

(48

)

 

$

310,219

 

 

$

7,918

 

 

$

302,301

 

The following table shows the fair value of the Company’s cash equivalents and marketable securities, by contractual maturity, as of December 31, 2023 (in thousands):

 

 

December 31, 2023

 

Due in 1 year or less

$

310,210

 

Due in 1 year through 5 years

 

–

 

Total

$

310,210

 

 

The following table shows fair values and gross unrealized losses recorded to accumulated other comprehensive loss, aggregated by category and the length of time that individual securities have been in a continuous loss position as of December 31, 2023 (in thousands):

 

 

Less than 12 months

 

 

12 Months or Greater

 

 

Total

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

Time deposits

$

–

 

 

$

–

 

 

$

–

 

 

$

–

 

 

$

–

 

 

$

–

 

Commercial paper

 

52,783

 

 

 

(28

)

 

 

–

 

 

 

–

 

 

 

52,783

 

 

 

(28

)

Government bonds

 

9,986

 

 

 

(13

)

 

 

–

 

 

 

–

 

 

 

9,986

 

 

 

(13

)

Corporate debt securities

 

16,078

 

 

 

(7

)

 

 

–

 

 

 

–

 

 

 

16,078

 

 

 

(7

)

Total

$

78,847

 

 

$

(48

)

 

$

–

 

 

$

–

 

 

$

78,847

 

 

$

(48

)

 

The Company holds debt securities of companies with high credit quality and has determined that there was no material change in the credit risk of its debt securities during the year ended December 31, 2023. As such, the Company has not recognized an allowance for credit losses related to marketable debt securities during the years ended December 31, 2023, 2022 and 2021.