Investments

12 Months Ended

Dec. 31, 2022

Investments

Investments

4. Investments

The fair values of the Company’s investments are based upon prices provided by an independent pricing service. Management has assessed and concluded that these prices are reasonable and has not adjusted any prices received from the independent provider.

The amortized cost, gross unrealized gains and losses, fair value of those investments classified as available-for-sale, and allowance for credit losses at December 31, 2022 are summarized as follows (in thousands):

	December 31, 2022
	Amortized		Gross		Gross		Fair		Allowance for
	Cost		Unrealized Gains		Unrealized Losses		Value		Credit Losses
Corporate bonds	$	200,735	$	7	$	(7,109)	$	193,633		—
U.S. Treasuries		1,154,879		111		(15,680)		1,139,310		—
Total	$	1,355,614	$	118	$	(22,789)	$	1,332,943	$	—

The amortized cost, gross unrealized gains and losses, fair value of those investments classified as available-for-sale, and allowance for credit losses at December 31, 2021 are summarized as follows (in thousands):

	December 31, 2021
	Amortized		Gross		Gross		Fair		Allowance for
	Cost		Unrealized Gains		Unrealized Losses		Value		Credit Losses
Corporate bonds	$	228,614	$	—	$	(2,232)	$	226,382		—
U.S. Treasuries		1,014,319		20		(456)		1,013,883		—
Total	$	1,242,933	$	20	$	(2,688)	$	1,240,265	$	—

The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, and length of time that the individual securities have been in a continuous loss position as of December 31, 2022 (in thousands):

	December 31, 2022
	Less than 12 months				12 months or greater				Total
	Fair Value of				Fair Value of				Fair Value of
	Investments with		Gross Unrealized		Investments with		Gross Unrealized		Investments with		Gross Unrealized
	Unrealized Losses		Losses		Unrealized Losses		Losses		Unrealized Losses		Losses
Corporate bonds	$	39,047	$	(1,186)	$	152,837	$	(5,924)	$	191,884	$	(7,110)
U.S. Treasuries		491,633		(969)		356,610		(14,710)		848,243		(15,679)
Total available-for-sale securities	$	530,680	$	(2,155)	$	509,447	$	(20,634)	$	1,040,127	$	(22,789)

The aggregate fair value of available-for-sale securities in an unrealized loss position at December 31, 2021 was $969.0 million. No available-for-sale securities had been in a continuous unrealized loss position for greater than 12 months in 2021.  

We regularly review available-for-sale securities for declines in fair values that we determine to be credit related. In order to determine whether an allowance for credit losses was required, we considered factors such as whether amounts related to securities have become uncollectible, whether we intend to sell a security, and whether it is more likely than not that we will be required to sell a security prior to recovery. The Company also reviewed the declines in market value related to our available-for-sale securities and determined that these declines were due to fluctuations in interest rates. As of December 31, 2022, the Company did not have an allowance for credit losses related to available-for-sale securities.

The cost, gross unrealized gains and losses, and fair value of those investments classified as equity securities at December 31, 2022 are summarized as follows (in thousands):

	December 31, 2022
			Gross		Gross		Fair
		Cost	Unrealized Gains		Unrealized Losses		Value
Fixed income mutual funds	$	70,257	$	—	$	(2,620)	$	67,637
Exchange traded mutual funds		75,999		—		(8,800)		67,199
Total	$	146,256	$	—	$	(11,420)	$	134,836

The cost, gross unrealized gains and losses, and fair value of those investments classified as equity securities at December 31, 2021 are summarized as follows (in thousands):

	December 31, 2021
			Gross		Gross		Fair
		Cost	Unrealized Gains		Unrealized Losses		Value
Fixed income mutual funds	$	70,247	$	—	$	(574)	$	69,673
Exchange traded mutual funds		71,010		7,312		—		78,322
Total	$	141,257	$	7,312	$	(574)	$	147,995

A summary of the amortized cost and fair value of investments classified as available-for-sale, by contractual maturity, as of December 31, is as follows (in thousands):

	December 31, 2022				December 31, 2021
		Amortized	Fair			Amortized	Fair
Maturity:		Cost	Value			Cost	Value
Less than 12 months	$	1,045,120	$	1,039,333	$	670,584	$	670,306
12 months or greater		310,494		293,610		572,349		569,959
Total	$	1,355,614	$	1,332,943	$	1,242,933	$	1,240,265

Accrued interest income was $3.0 million and $3.7 at December 31, 2022 and 2021, respectively, and is included within the balance for prepaid expenses and other current assets in the consolidated balance sheets.

Equity Method Investments

As of December 31, 2022 and December 31, 2021, the Company accounted for the following investments in the investee’s common stock under the equity method, which are included in the investments in non-consolidated entities and non-marketable equity securities on the consolidated balance sheets (amounts in thousands):

		As of December 31, 2022			As of December 31, 2021
	Formation	Common Stock	Carrying		Common Stock	Carrying
Investee	Date	Ownership %	Value		Ownership %	Value
HyVia	Q2 2021	50%	$	11,281	50%	$	6,545
AccionaPlug S.L.	Q4 2021	50%		2,225	50%		526
SK Plug Hyverse	Q1 2022	49%		8,937	N/A		—
			$	22,443		$	7,071