CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

6 Months Ended

Jun. 30, 2022

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

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash equivalents include items almost as liquid as cash with maturity periods of three months or less when purchased, and short-term investments include items with maturity dates between three months and one year when purchased. As of June 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents and short-term investments were composed of:

	June 30, 2022
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments
Cash		$	7,173	$	—	$	—	$	7,173	$	7,173	$	7,173	$	—
Money market funds	Level 1	217,498		—		—		217,498		217,498		217,498		—
Certificate of deposits and term deposits	Level 2	486,770		—		—		486,770		486,770		140,829		345,941
AFS securities (1)
U.S. Treasury bills	Level 1	547		—		(10)		537		537		—		537
Government and governmental agencies	Level 2	7,786		—		(32)		7,754		7,754		—		7,754
Corporate debt securities	Level 2	139,567		11		(738)		138,840		138,840		1,514		137,326
		$	147,900	$	11	$	(780)	$	147,131	$	147,131	$	1,514	$	145,617
HTM securities (2)
Corporate debt securities	Level 2	$	89,945	$	—	$	(213)	$	89,732	$	89,945	$	—	$	89,945
		$	89,945	$	—	$	(213)	$	89,732	$	89,945	$	—	$	89,945
Total		$	949,286	$	11	$	(993)	$	948,304	$	948,517	$	367,014	$	581,503

	December 31, 2021
	Fair value level	Adjusted cost basis			Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments
Cash		$	3,139		$	—	$	—	$	3,139	$	3,139	$	3,139	$	—
Money market funds	Level 1	64,668			—		—		64,668		64,668		64,668		—
Certificate of deposits, notes and term deposits	Level 2	565,089			—		—		565,089		565,089		140,995		424,094
HTM securities (2)
U.S. Treasury bills	Level 1	199,981			8		—		199,989		199,981		—		199,981
Corporate debt securities	Level 2	104,823			—		—		104,823		104,823		—		104,823
		$	304,804		$	8	$	—	$	304,812	$	304,804	$	—	$	304,804
Total		$	937,700	937700408.11	$	8	$	—	$	937,708	$	937,700	$	208,802	$	728,898

(1) Changes in fair value of AFS securities are recorded in other comprehensive income. If unrealized loss is identified as credit loss, this loss will be recorded as finance expenses.

(2) Changes in fair value of HTM securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.

As of June 30, 2022 and December 31, 2021, all investments and equivalents mature in one year or less.

Unrealized losses from debt securities are primarily attributable to changes in interest rates. The Company does not believe any remaining unrealized losses represent impairments based on the evaluation of available evidence.

Debt securities with continuous unrealized losses for less than 12 months and their related fair values were as follows:

	June 30, 2022
	Less than 12 months
	Fair value		Unrealized loss
U.S. Treasury bills	$	537	$	(10)
Government and governmental agencies	7,754		(32)
Corporate debt securities	132,264		(738)
Total	$	140,555	$	(780)

As of June 30, 2022, no continuous unrealized losses for 12 months or greater was identified.