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Investments
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 (in thousands):

 

 

Fair Value Hierarchy

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Cash Equivalents

 

 

Marketable Securities

 

Money market funds

Level 2

 

$

5,011

 

 

$

–

 

 

$

–

 

 

$

5,011

 

 

$

5,011

 

 

$

–

 

Time deposits

Level 2

 

 

26,289

 

 

 

38

 

 

 

(1

)

 

 

26,326

 

 

 

–

 

 

 

26,326

 

Commercial paper

Level 2

 

 

63,624

 

 

 

62

 

 

 

(322

)

 

 

63,364

 

 

 

1,289

 

 

 

62,075

 

Asset backed securities

Level 2

 

 

1,134

 

 

 

–

 

 

 

–

 

 

 

1,134

 

 

 

–

 

 

 

1,134

 

Government bonds

Level 2

 

 

48,368

 

 

 

6

 

 

 

(25

)

 

 

48,349

 

 

 

21,828

 

 

 

26,521

 

Corporate debt securities

Level 2

 

 

128,769

 

 

 

147

 

 

 

(55

)

 

 

128,861

 

 

 

308

 

 

 

128,553

 

Total

 

 

$

273,195

 

 

$

253

 

 

$

(403

)

 

$

273,045

 

 

$

28,436

 

 

$

244,609

 

The following table shows the fair value of the Company’s cash equivalents and marketable securities, by contractual maturity, as of March 31, 2024 (in thousands):

 

 

March 31, 2024

 

Due in 1 year or less

$

253,599

 

Due in 1 year through 5 years

 

19,446

 

Total

$

273,045

 

 

The following table shows fair values and gross unrealized losses recorded to accumulated other comprehensive income, aggregated by category and the length of time that individual securities have been in a continuous loss position as of March 31, 2024 (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

$

2,496

 

 

$

(1

)

 

$

–

 

 

$

–

 

 

$

2,496

 

 

$

(1

)

Commercial paper

 

17,714

 

 

 

(322

)

 

 

–

 

 

 

–

 

 

 

17,714

 

 

 

(322

)

Asset backed securities

 

664

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

664

 

 

 

–

 

Government bonds

 

7,884

 

 

 

(25

)

 

 

–

 

 

 

–

 

 

 

7,884

 

 

 

(25

)

Corporate debt securities

 

34,418

 

 

 

(55

)

 

 

–

 

 

 

–

 

 

 

34,418

 

 

 

(55

)

Total

$

63,176

 

 

$

(403

)

 

$

–

 

 

$

–

 

 

$

63,176

 

 

$

(403

)

 

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 three months ended March 31, 2024. As such, the Company has not recognized an allowance for credit losses related to our marketable debt securities during the three months ended March 31, 2024 and 2023.