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CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
 6 Months Ended
Jun. 30, 2023
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, 2023 and December 31, 2022, the Company’s cash and cash equivalents and short-term investments were composed of:
June 30, 2023
Unaudited
Fair value levelAdjusted cost basisUnrealized gainsUnrealized lossesFair market valueRecorded basisCash and cash equivalentsShort-term investments
Cash$9,995 $— $— $9,995 $9,995 $9,995 $— 
Money market fundsLevel 1139,983 — — 139,983 139,983 139,983 — 
Certificate of deposits and term depositsLevel 2251,090 — — 251,090 251,090 7,000 244,090 
HTM securities (1)
U.S. Treasury billsLevel 1$140,031 $12 $(136)139,907 140,031 $— $140,031 
Government and governmental agenciesLevel 2$25,282 $1 $(60)25,223 25,282 $— $25,282 
Corporate debt securitiesLevel 2$374,434 $43 $(665)373,812 374,434 $— $374,434 
$539,747 $56 $(861)$538,942 $539,747 $— $539,747 
Total$940,815 $56 $(861)$940,010 $940,815 $156,978 $783,837 

December 31, 2022
Audited
Fair value levelAdjusted cost basisUnrealized gainsUnrealized lossesFair market valueRecorded basisCash and cash equivalentsShort-term investments
Cash$9,697 $— $— $9,697 $9,697 $9,697 $— 
Money market fundsLevel 1105,629 — — 105,629 105,629 105,629 — 
Certificate of deposits and term depositsLevel 2316,946 — — 316,946 316,946 — 316,946 
HTM securities (1)
U.S. Treasury billsLevel 1$188,030 $8 $(540)187,498 188,030 $— $188,030 
Government and governmental agenciesLevel 2$44,357 $12 $(12)44,357 44,357 $— $44,357 
Corporate debt securitiesLevel 2$304,766 $1,066 $(587)305,245 304,766 $— $304,766 
$537,153 $1,086 $(1,139)$537,100 $537,153 $— $537,153 
Total$969,425 $1,086 $(1,139)$969,372 $969,425 $115,326 $854,099 
(1) Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.
In November 2022, the Company transferred all of its available-for-sale portfolio to HTM as part of the Company's investment strategy. Such transfers are made at fair value at the date of transfer. The net unrealized loss on these securities at the date of transfer was $911. These securities continue to be reported in accumulated comprehensive income (loss) and are amortized over the remaining lives of the securities as an adjustment to the yield. As of June 30, 2023 and December 31, 2022, the unamortized unrealized loss balances were $20 and $445, respectively, and are reported in accumulated other comprehensive income (loss).
In accordance with ASC 820, "Fair Value Measurements and Disclosures," the Company measures its money market funds at fair value. The fair value of the money market funds and HTM securities, which is presented for disclosure purposes, is classified within Level 1 or Level 2. This is because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
As of June 30, 2023 and December 31, 2022, all investments 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.