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Cash and Cash equivalents and Short-term investments
 12 Months Ended
Dec. 31, 2023
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Cash and Cash equivalents and Short-term investments Cash and 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 December 31, 2023 and 2022, the Company’s cash and cash equivalents and short-term investments were composed of:
December 31, 2023
Fair value levelAdjusted cost basisUnrealized gainsUnrealized lossesFair market valueRecorded basisCash and cash equivalents
Short-term investments (2)
Cash$9,955 $— $— $9,955 $9,955 $9,955 $— 
Money market fundsLevel 1227,166 — — 227,166 227,166 227,166 — 
Certificate of deposits and term depositsLevel 2153,169 — — 153,169 153,169 3,700 149,469 
HTM securities (1)
U.S. Treasury billsLevel 1$78,844 $55 $(110)$78,789 $78,844 $— $78,844 
Government and governmental agenciesLevel 2$24,940 $13 $— $24,953 $24,940 $— $24,940 
Corporate debt securitiesLevel 2$416,542 $486 $(149)$416,879 $416,542 $— $416,542 
$520,326 $554 $(259)$520,621 $520,326 $— $520,326 
Total$910,616 $554 $(259)$910,911 $910,616 $240,821 $669,795 

December 31, 2022
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, notes and term depositsLevel 2316,946 — — 316,946 316,946 — 316,946 
HTM securities (1)
U.S. Treasury billsLevel 1188,030 8 (540)187,498 188,030 — 188,030 
Government and governmental agenciesLevel 244,357 12 (12)44,357 44,357 44,357 
Corporate debt securitiesLevel 2304,766 1,066 (587)305,245 304,766 — 304,766 
Total$537,153 $1,086 $(1,139)$537,100 $537,153 $— $537,153 
$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.
(2)    Pursuant to a bank guaranty, $16,650 of short-term investments are pledged. See Note 12.
In November 2022, the Company transferred all of its AFS 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 December 31, 2023 and 2022, the balance was fully amortized and $445, respectively.
In accordance with ASC No. 820, 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 December 31, 2023 and 2022, 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.