Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Summary Of Assets and Liabilities that are Measured at Fair Value on a Recurring and Nonrecurring Basis

The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands):


	As of December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	1,149,302	$	1,149,302	$	—	$	—
Certificates of deposit	6,791		—		6,791		—
Restricted cash, current and noncurrent
Certificates of deposit	18,707		—		18,707		—
Marketable securities:
Marketable securities	35,135		35,135		—		—
Total	$	1,209,935	$	1,184,437	$	25,498	$	—


	As of December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	507,317	$	507,317	$	—	$	—
Certificates of deposit	6,844		—		6,844		—
Restricted cash, current and noncurrent
Certificates of deposit	45,048		—		45,048		—
Marketable securities:
Marketable securities	234,153		234,153		—		—
Total	$	793,362	$	741,470	$	51,892	$	—

Summary of Investments Under Investment Agreements

The following table presents the details of the investments purchased under such Investment Agreements during the year ended December 31, 2022 (in thousands):


Entity (1)	Share Amount	Investment Amount
Fast Radius	2,000	$	20,000
Energy Vault	850	8,500
Tritium	2,500	15,000
Rigetti	1,000	10,000
Allego	2,000	20,000
Starry Group Holdings	2,133	16,000
Rubicon Technologies	3,500	35,000
Total	13,983	$	124,500

—————

(1) Investments are in publicly-traded marketable securities at the time of investment.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details