3. Cash, Cash Equivalents, and Marketable Securities

3 Months Ended

Mar. 31, 2023

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash, Cash Equivalents, and Marketable Securities

3. Cash, Cash Equivalents, and Marketable Securities

Cash, cash equivalents, and marketable securities consisted of the following at March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023		December 31, 2022
Cash and cash equivalents:
Cash	$	899,537	$	1,476,945
Money market funds	7,097		4,324
Total cash and cash equivalents	906,634		1,481,269
Marketable securities:
Foreign debt	56,499		59,777
U.S. debt	56,731		56,463
U.S. Treasury securities	520,516		—
Time deposits	730,861		980,472
Total marketable securities	1,364,607		1,096,712
Total cash, cash equivalents, and marketable securities	$	2,271,241	$	2,577,981

The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within our condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022 to the total of such amounts as presented in the condensed consolidated statements of cash flows (in thousands):

	Balance Sheet Line Item	March 31, 2023		December 31, 2022
Cash and cash equivalents	Cash and cash equivalents	$	906,634	$	1,481,269
Restricted cash – current	Other current assets	12,256		3,175
Restricted cash – noncurrent	Other assets	1,349		2,734
Restricted cash equivalents - noncurrent	Other assets	2,579		6,284
Total cash, cash equivalents, restricted cash, and restricted cash equivalents		$	922,818	$	1,493,462

See Note 9. “Fair Value Measurements” to our condensed consolidated financial statements for information about the fair value of our marketable securities.

The following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of March 31, 2023 and December 31, 2022 (in thousands):

	As of March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
Foreign debt	$	56,952	$	—	$	430	$	23	$	56,499
U.S. debt	58,376		—		1,623		22		56,731
U.S. Treasury securities	520,705		—		189		—		520,516
Time deposits	731,114		—		—		253		730,861
Total	$	1,367,147	$	—	$	2,242	$	298	$	1,364,607

	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
Foreign debt	$	59,940	$	—	$	140	$	23	$	59,777
U.S. debt	58,308		—		1,823		22		56,463
Time deposits	980,810		—		—		338		980,472
Total	$	1,099,058	$	—	$	1,963	$	383	$	1,096,712

The following table presents the change in the allowance for credit losses related to our available-for-sale marketable securities for the three months ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended March 31,
	2023		2022
Allowance for credit losses, beginning of period	$	383	$	97
Provision for credit losses, net	253		49
Sales and maturities of marketable securities	(338)		(86)
Allowance for credit losses, end of period	$	298	$	60

The contractual maturities of our marketable securities as of March 31, 2023 were as follows (in thousands):

	Fair Value
One year or less	$	1,259,325
One year to two years	69,886
Two years to three years	31,399
Three years to four years	—
Four years to five years	—
More than five years	3,997
Total	$	1,364,607