v3.23.2
MARKETABLE INVESTMENT SECURITIES
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE INVESTMENT SECURITIES MARKETABLE INVESTMENT SECURITIES
The following table presents our Marketable investment securities:
 As of
 June 30, 2023December 31, 2022
Marketable investment securities:
Available-for-sale debt securities:
Corporate bonds$271,848 $160,559 
Commercial paper834,132 687,927 
Other debt securities17,255 17,695 
Total available-for-sale debt securities1,123,235 866,181 
Equity securities99,627 118,790 
Total marketable investment securities, including restricted amounts1,222,862 984,971 
Less: Restricted marketable investment securities(11,455)(11,056)
Total marketable investment securities$1,211,407 $973,915 
Debt Securities
 
Available-for-Sale 

The following table presents the components of our available-for-sale debt securities:
 AmortizedUnrealizedEstimated
 CostGainsLossesFair Value
As of June 30, 2023    
Corporate bonds$269,338 $2,622 $(112)$271,848 
Commercial paper834,135 — (3)834,132 
Other debt securities17,273 — (18)17,255 
Total available-for-sale debt securities$1,120,746 $2,622 $(133)$1,123,235 
As of December 31, 2022    
Corporate bonds$160,494 $125 $(60)$160,559 
Commercial paper687,956 — (29)687,927 
Other debt securities17,785 — (90)17,695 
Total available-for-sale debt securities$866,235 $125 $(179)$866,181 

The following table presents the activity on our available-for-sale debt securities:

For the three months ended June 30,For the six months ended June 30,
2023202220232022
Proceeds from sales$99,368 $8,886 $137,477 $37,904 
 
As of June 30, 2023, we have $1,090.0 million of available-for-sale debt securities with contractual maturities of one year or less and $33.2 million with contractual maturities greater than one year.
Equity Securities

The following table presents the activity of our equity securities:

For the three months ended June 30,For the six months ended June 30,
2023202220232022
Gains (losses) on investments, net$(5,715)$(22,752)$(12,821)$8,263 
 
Fair Value Measurements

The following table presents our marketable investment securities categorized by the fair value hierarchy, certain of which have historically experienced volatility:
Level 1Level 2Total
As of June 30, 2023
Cash equivalents (including restricted)$437 $602,325 $602,762 
Available-for-sale debt securities:
Corporate bonds$— $271,848 $271,848 
Commercial paper— 834,132 834,132 
Other debt securities12,922 4,333 17,255 
Total available-for-sale debt securities12,922 1,110,313 1,123,235 
Equity securities89,436 10,191 99,627 
Total marketable investment securities, including restricted amounts102,358 1,120,504 1,222,862 
Less: Restricted marketable investment securities(11,455)— (11,455)
Total marketable investment securities$90,903 $1,120,504 $1,211,407 
As of December 31, 2022
Cash equivalents (including restricted)$657 $595,814 $596,471 
Available-for-sale debt securities:
Corporate bonds$— $160,559 $160,559 
Commercial paper— 687,927 687,927 
Other debt securities15,968 1,727 17,695 
Total available-for-sale debt securities15,968 850,213 866,181 
Equity securities109,002 9,788 118,790 
Total marketable investment securities, including restricted amounts124,970 860,001 984,971 
Less: Restricted marketable investment securities(11,056)— (11,056)
Total marketable investment securities$113,914 $860,001 $973,915 
As of June 30, 2023 and December 31, 2022, we did not have any investments that were categorized within Level 3 of the fair value hierarchy.