Investments

6 Months Ended

Jun. 30, 2023

Investments

16. Investments

The fair values of the Company’s investments are based upon prices provided by an independent pricing service provider. Management has assessed and concluded that these prices are reasonable and has not adjusted any prices received from the independent pricing service provider.

The amortized cost, gross unrealized gains and losses, fair value of those investments classified as available-for-sale, and allowance for credit losses at June 30, 2023 are summarized as follows (in thousands):


		June 30, 2023
		Amortized			Gross			Gross			Fair			Allowance for
		Cost			Unrealized Gains			Unrealized Losses			Value			Credit Losses
Corporate bonds		$	153,969		$	—		$	(4,310)		$	149,659			—
U.S. Treasuries			298,845			—			(10,853)			287,992			—
Total		$	452,814		$	—		$	(15,163)		$	437,651		$	—

The amortized cost, gross unrealized gains and losses, fair value of those investments classified as available-for-sale, and allowance for credit losses at December 31, 2022 are summarized as follows (in thousands):


		December 31, 2022
		Amortized			Gross			Gross			Fair			Allowance for
		Cost			Unrealized Gains			Unrealized Losses			Value			Credit Losses
Corporate bonds		$	200,735		$	7		$	(7,109)		$	193,633			—
U.S. Treasuries			1,154,879			111			(15,680)			1,139,310			—
Total		$	1,355,614		$	118		$	(22,789)		$	1,332,943		$	—

The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, and length of time that the individual securities have been in a continuous loss position as of June 30, 2023 (in thousands):


		June 30, 2023
		Less than 12 months						12 months or greater						Total
		Fair Value of						Fair Value of						Fair Value of
		Investments with			Gross Unrealized			Investments with			Gross Unrealized			Investments with			Gross Unrealized
		Unrealized Losses			Losses			Unrealized Losses			Losses			Unrealized Losses			Losses
Corporate bonds		$	—		$	—		$	149,659		$	(4,310)		$	149,659		$	(4,310)
U.S. Treasuries			—			—			287,992			(10,853)			287,992			(10,853)
Total available-for-sale securities		$	—		$	—		$	437,651		$	(15,163)		$	437,651		$	(15,163)

We regularly review available-for-sale securities for declines in fair values that we determine to be credit related. In order to determine whether an allowance for credit losses was required, we considered factors such as whether amounts related to securities have become uncollectible, whether we intend to sell a security, and whether it is more likely than not that we will be required to sell a security prior to recovery. The Company also reviewed the declines in market value related to our available-for-sale securities and determined that these declines were due to fluctuations in interest rates. As of June 30, 2023, the Company did not have an allowance for credit losses related to available-for-sale securities.

The cost, gross unrealized gains and losses, and fair value of those investments classified as equity securities at June 30, 2023 are summarized as follows (in thousands):


		June 30, 2023
					Gross			Gross			Fair
		Cost			Unrealized Gains			Unrealized Losses			Value
Fixed income mutual funds		$	70,257		$	—		$	(2,504)		$	67,753
Total		$	70,257		$	—		$	(2,504)		$	67,753

The cost, gross unrealized gains and losses, and fair value of those investments classified as equity securities at December 31, 2022 are summarized as follows (in thousands):


		December 31, 2022
					Gross			Gross			Fair
		Cost			Unrealized Gains			Unrealized Losses			Value
Fixed income mutual funds		$	70,257		$	—		$	(2,620)		$	67,637
Exchange traded mutual funds			75,999			—			(8,800)			67,199
Total		$	146,256		$	—		$	(11,420)		$	134,836

A summary of the amortized cost and fair value of investments classified as available-for-sale, by contractual maturity, as of June 30, 2023 and December 31, 2022 was as follows (in thousands):


		June 30, 2023						December 31, 2022
		Amortized			Fair			Amortized			Fair
Maturity:		Cost			Value			Cost			Value
Less than 12 months		$	308,430		$	301,187		$	1,045,120		$	1,039,333
12 months or greater			144,384			136,464			310,494			293,610
Total		$	452,814		$	437,651		$	1,355,614		$	1,332,943

Accrued interest income was $2.4 million and $3.0 million at June 30, 2023 and December 31, 2022, respectively, and included within the balance for prepaid expenses and other current assets in the unaudited interim condensed consolidated balance sheets.

Equity Method Investments

As of June 30, 2023 and December 31, 2022, the Company accounted for the following investments in the investee’s common stock under the equity method, which are included in the investments in non-consolidated entities and non-marketable equity securities on the interim unaudited condensed consolidated balance sheets (amounts in thousands):


				As of June 30, 2023					As of December 31, 2022
		Formation		Common Stock		Carrying			Common Stock		Carrying
Investee		Date		Ownership %		Value			Ownership %		Value
HyVia		Q2 2021		50%		$	22,364		50%		$	11,281
AccionaPlug S.L.		Q4 2021		50%			2,547		50%			2,225
SK Plug Hyverse		Q1 2022		49%			26,480		49%			8,937
						$	51,391				$	22,443