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Cash, Cash Equivalents, and Investments
 12 Months Ended
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Investments Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 December 31,
 20222021
Cash$180,959 $185,624 
Money market instruments415 537 
Cash and cash equivalents181,374 186,161 
Corporate bonds164,055 73,088 
Asset-backed securities26,890 37,655 
Agency bonds15,858 2,802 
Treasury bills11,332 18,912 
Municipal bonds624 4,998 
Current investments218,759 137,455 
Corporate bonds374,440 481,218 
Treasury bills44,214 39,753 
Asset-backed securities33,539 43,940 
Sovereign bonds1,924 2,119 
Agency bonds— 16,077 
Municipal bonds— 641 
Non-current investments454,117 583,748 
$854,250 $907,364 
The Company’s cash balance included foreign bank balances totaling $160,611,000 and $142,009,000 as of December 31, 2022 and 2021, respectively.
Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; treasury bills consist of debt securities issued by the U.S. government; municipal bonds consist of debt securities issued by state and local government entities; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of December 31, 2022 and 2021 were denominated in U.S. Dollars.
Accrued interest receivable is included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $3,620,000 and $3,037,000 as of December 31, 2022 and 2021, respectively.
The following table summarizes the Company’s available-for-sale investments as of December 31, 2022 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$167,558 $— $(3,503)$164,055 
Asset-backed securities27,607 — (717)26,890 
Agency bonds16,143 — (285)15,858 
Treasury bills11,602 — (270)11,332 
Municipal bonds635 — (11)624 
Non-current:
Corporate bonds394,576 561 (20,697)374,440 
Treasury bills44,333 79 (198)44,214 
Asset-backed securities35,144 103 (1,708)33,539 
Sovereign bonds2,095 — (171)1,924 
$699,693 $743 $(27,560)$672,876 
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2022 (in thousands):
 Unrealized Loss
Position For Less than
12 Months		Unrealized Loss
Position For Greater than
12 Months		Total
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$285,087 $(9,591)$187,153 $(14,609)$472,240 $(24,200)
Asset-backed securities47,582 (2,299)2,495 (126)50,077 (2,425)
Treasury bills32,614 (465)102 (3)32,716 (468)
Agency Bonds15,858 (285)— — 15,858 (285)
Sovereign bonds967 (67)957 (104)1,924 (171)
Municipal bonds624 (11)— — 624 (11)
$382,732 $(12,718)$190,707 $(14,842)$573,439 $(27,560)
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of December 31, 2022, 2021 or 2020. Management currently intends to hold these securities to full value recovery at maturity.
The Company recorded gross realized gains on the sale of debt securities totaling $133,000 in 2022, $246,000 in 2021, and $4,283,000 in 2020, and gross realized losses on the sale of debt securities totaling $315,000 in 2022, $10,000 in 2021, and $164,000 in 2020. Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive loss.
The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2022 (in thousands):
<1 Year1-2 Years2-3 Years3-4 Years4-5 Years5-7 YearsTotal
Corporate bonds$164,055 $167,661 $94,417 $63,101 $48,796 $465 $538,495 
Asset-backed securities26,890 12,755 12,587 8,197 — — 60,429 
Treasury bills11,332 2,429 6,384 17,758 17,643 — 55,546 
Agency bonds15,858 — — — — — 15,858 
Sovereign bonds— 967 957 — — — 1,924 
Municipal bonds624 — — — — — 624 
$218,759 $183,812 $114,345 $89,056 $66,439 $465 $672,876