Fair Value Measurement |
Fair Value Measurement Available-for-sale marketable securities consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Asset-backed securities | | $ | 1,146 | | | $ | — | | | $ | — | | | $ | 1,146 | | Corporate debt securities | | 7,139 | | | — | | | (9) | | | 7,130 | | U.S. Treasury securities | | 111,469 | | | — | | | (934) | | | 110,535 | | | | | | | | | | | Agency bonds | | 2,783 | | | 2 | | | (1) | | | 2,784 | | Commercial paper | | 7,004 | | | — | | | — | | | 7,004 | | | | $ | 129,541 | | | $ | 2 | | | $ | (944) | | | $ | 128,599 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Asset-backed securities | | $ | 32,745 | | | $ | — | | | $ | (53) | | | $ | 32,692 | | Corporate debt securities | | 58,885 | | | — | | | (86) | | | 58,799 | | U.S. Treasury securities | | 231,230 | | | — | | | (469) | | | 230,761 | | Non-U.S. Government Securities | | 17,232 | | | — | | | (12) | | | 17,220 | | Commercial paper | | 282,731 | | | — | | | — | | | 282,731 | | | | $ | 622,823 | | | $ | — | | | $ | (620) | | | $ | 622,203 | |
As of December 31, 2022, 20 available-for-sale marketable securities with a fair market value of $117.2 million were in a gross unrealized loss position of $0.9 million. Based on our review of these marketable securities, we believe none of the unrealized loss is as a result of a credit loss as of December 31, 2022, because we do not intend to sell these securities and it is not more-likely-than-not that we will be required to sell these securities before the recovery of their amortized cost basis. The estimated fair value of our contractual maturities of available-for-sale debt securities are as follows (in thousands): | | | | | | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | Due within one year | | $ | 114,353 | | | $ | 500,965 | | After one but within five years | | 14,246 | | | 121,238 | | | | $ | 128,599 | | | $ | 622,203 | |
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | | | Level 1 | | Level 2 | | Total estimated fair value | | Level 1 | | Level 2 | | Total estimated fair value | Cash equivalents: | | | | | | | | | | | | | Money market funds | | $ | 191,704 | | | $ | — | | | $ | 191,704 | | | $ | 118,707 | | | $ | — | | | $ | 118,707 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Available-for-sale marketable securities: | | | | | | | | | | | | | Asset-backed securities | | — | | | 1,146 | | | 1,146 | | | — | | | 32,692 | | | 32,692 | | Corporate debt securities | | — | | | 7,130 | | | 7,130 | | | — | | | 58,799 | | | 58,799 | | U.S. Treasury securities | | 110,535 | | | — | | | 110,535 | | | 230,761 | | | — | | | 230,761 | | Non-US Government securities | | — | | | — | | | — | | | — | | | 17,220 | | | 17,220 | | Agency bonds | | 2,784 | | | — | | | 2,784 | | | | | | | | Commercial paper | | — | | | 7,004 | | | 7,004 | | | — | | | 282,731 | | | 282,731 | | | | $ | 305,023 | | | $ | 15,280 | | | $ | 320,303 | | | $ | 349,468 | | | $ | 391,442 | | | $ | 740,910 | |
We had no available for sale securities that were classified within Level 3 as of December 31, 2022 and 2021.
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