Fair value measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

Note 6: Fair value measurements

The carrying values of our accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, and short- term borrowings approximate their fair values due to the short-term nature of these instruments.

Our cash equivalents (Level 1 of fair value hierarchy) consist of money market funds and Korean market government bonds totaling $217.4 million and $242.1 million as of December 31, 2022 and 2021, respectively and short-term investments (Level 2 of fair value hierarchy) comprised of fixed time or certificates of deposit with maturity periods greater than 90 days totaling $67.9 million as of December 31, 2022. We rely on credit market data to track interest rates for other entities with similar risk profiles.

We record all debt at inception at fair value. We perform subsequent analysis on available data to evaluate the fair value of our borrowing as of the balance sheet date. We rely on credit market data to track interest rates for other entities with similar risk profiles. As of December 31, 2021, we believe the fair value of our senior notes (a Level 3 estimate) approximates carrying value due to the nature of the instruments and the lack of meaningful change to our credit profile. As of December 31, 2022, we believe the fair value of our senior notes (a Level 3 estimate) would be $1.9 million lower do the change in overall increase in interest rates during 2022. We do not believe the difference between carrying value and fair value has changed materially due to foreign exchange exposure or our credit worthiness.