Cash, Cash Equivalents, and Investments (Tables)

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Components of Cash, Cash Equivalents and Investments

Cash, cash equivalents, and investments consisted of the following (in thousands):

	December 31,
	2022		2021
Cash	$	180,959	$	185,624
Money market instruments	415		537
Cash and cash equivalents	181,374		186,161
Corporate bonds	164,055		73,088
Asset-backed securities	26,890		37,655
Agency bonds	15,858		2,802
Treasury bills	11,332		18,912
Municipal bonds	624		4,998
Current investments	218,759		137,455
Corporate bonds	374,440		481,218
Treasury bills	44,214		39,753
Asset-backed securities	33,539		43,940
Sovereign bonds	1,924		2,119
Agency bonds	—		16,077
Municipal bonds	—		641
Non-current investments	454,117		583,748
	$	854,250	$	907,364

Summary of Available-for-Sale Investments

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 securities	27,607		—		(717)		26,890
Agency bonds	16,143		—		(285)		15,858
Treasury bills	11,602		—		(270)		11,332
Municipal bonds	635		—		(11)		624
Non-current:
Corporate bonds	394,576		561		(20,697)		374,440
Treasury bills	44,333		79		(198)		44,214
Asset-backed securities	35,144		103		(1,708)		33,539
Sovereign bonds	2,095		—		(171)		1,924
	$	699,693	$	743	$	(27,560)	$	672,876

Gross Unrealized Losses and Fair Value for Available-for-Sale Investments

	Unrealized Loss Position For Less than 12 Months				Unrealized Loss Position For Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds	$	285,087	$	(9,591)	$	187,153	$	(14,609)	$	472,240	$	(24,200)
Asset-backed securities	47,582		(2,299)		2,495		(126)		50,077		(2,425)
Treasury bills	32,614		(465)		102		(3)		32,716		(468)
Agency Bonds	15,858		(285)		—		—		15,858		(285)
Sovereign bonds	967		(67)		957		(104)		1,924		(171)
Municipal bonds	624		(11)		—		—		624		(11)
	$	382,732	$	(12,718)	$	190,707	$	(14,842)	$	573,439	$	(27,560)

Effective Maturity Dates of Available-for-Sale Investments

The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2022 (in thousands):

	<1 Year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		5-7 Years		Total
Corporate bonds	$	164,055	$	167,661	$	94,417	$	63,101	$	48,796	$	465	$	538,495
Asset-backed securities	26,890		12,755		12,587		8,197		—		—		60,429
Treasury bills	11,332		2,429		6,384		17,758		17,643		—		55,546
Agency bonds	15,858		—		—		—		—		—		15,858
Sovereign bonds	—		967		957		—		—		—		1,924
Municipal bonds	624		—		—		—		—		—		624
	$	218,759	$	183,812	$	114,345	$	89,056	$	66,439	$	465	$	672,876