Accounts receivable sold

[Table of Contents](#i77b271276a234b51923cb690f1158463_7)  
Note 2. Financial Instruments  
Cash, Cash Equivalents and Marketable Securities  
The following tables summarize our cash and cash equivalents, and marketable securities on our Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Reported as: |
| September 30, 2022 |  | AmortizedCost |  | GrossUnrealizedGains |  | GrossUnrealizedLosses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable securities, short-term |  | Marketable securities, long-term |
| Cash |  | $ | 709,497  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 709,497  |  |  | $ | 709,497  |  |  | $ | —  |  |  | $ | —  |  |
| Money market funds |  | 335,026  |  |  | —  |  |  | —  |  |  | 335,026  |  |  | 335,026  |  |  | —  |  |  | —  |  |
| Corporate bonds |  | 70,560  |  |  | —  |  |  | (3,405) |  |  | 67,155  |  |  | —  |  |  | 29,454  |  |  | 37,701  |  |
| U.S. government treasury bonds |  | 18,587  |  |  | —  |  |  | (641) |  |  | 17,946  |  |  | —  |  |  | 9,078  |  |  | 8,868  |  |
| Asset-backed securities |  | 5,624  |  |  | —  |  |  | (53) |  |  | 5,571  |  |  | —  |  |  | 3,695  |  |  | 1,876  |  |
| Municipal bonds |  | 4,780  |  |  | —  |  |  | (93) |  |  | 4,687  |  |  | —  |  |  | 4,015  |  |  | 672  |  |
| U.S. government agency bonds |  | 1,204  |  |  | —  |  |  | (65) |  |  | 1,139  |  |  | —  |  |  | —  |  |  | 1,139  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total |  | $ | 1,145,278  |  |  | $ | —  |  |  | $ | (4,257) |  |  | $ | 1,141,021  |  |  | $ | 1,044,523  |  |  | $ | 46,242  |  |  | $ | 50,256  |  |

  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Reported as: |
| December 31, 2021 |  | AmortizedCost |  | GrossUnrealizedGains |  | GrossUnrealizedLosses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable securities, short-term |  | Marketable securities, long-term |
| Cash |  | $ | 754,802  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 754,802  |  |  | $ | 754,802  |  |  | $ | —  |  |  | $ | —  |  |
| Money market funds |  | 343,012  |  |  | —  |  |  | (2) |  |  | 343,010  |  |  | 343,010  |  |  | —  |  |  | —  |  |
| Corporate bonds |  | 115,507  |  |  | 9  |  |  | (398) |  |  | 115,118  |  |  | 1,042  |  |  | 35,065  |  |  | 79,011  |  |
| U.S. government treasury bonds |  | 42,976  |  |  | —  |  |  | (48) |  |  | 42,928  |  |  | —  |  |  | 22,251  |  |  | 20,677  |  |
| Asset-backed securities |  | 32,031  |  |  | —  |  |  | (40) |  |  | 31,991  |  |  | —  |  |  | 10,999  |  |  | 20,992  |  |
| Municipal bonds |  | 7,628  |  |  | —  |  |  | (15) |  |  | 7,613  |  |  | 516  |  |  | 3,657  |  |  | 3,440  |  |
| U.S. government agency bonds |  | 1,201  |  |  | —  |  |  | (1) |  |  | 1,200  |  |  | —  |  |  | —  |  |  | 1,200  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total |  | $ | 1,297,157  |  |  | $ | 9  |  |  | $ | (504) |  |  | $ | 1,296,662  |  |  | $ | 1,099,370  |  |  | $ | 71,972  |  |  | $ | 125,320  |  |

  
The following table summarizes the fair value of our available-for-sale marketable securities classified by contractual maturity as of September 30, 2022 and December 31, 2021 (in thousands):  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | September 30, 2022 |  | December 31, 2021 |
| Due in 1 year or less  |  | $ | 35,157  |  |  | $ | 59,737  |  |
| Due in 1 year through 5 years |  | 61,341  |  |  | 139,113  |  |
| Total |  | $ | 96,498  |  |  | $ | 198,850  |  |

  
The securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As interest rates increase, those securities purchased at a lower yield show a mark-to-market unrealized loss. Our unrealized losses as of September 30, 2022 and December 31, 2021 are primarily due to changes in interest rates and credit spreads.  
Accounts Receivable Factoring   
During the third quarter of 2022, we entered into factoring transactions on a non-recourse basis with financial institutions to sell certain of our non-U.S. accounts receivable. We account for these transactions as sales of accounts receivables and include the cash proceeds as a part of our cash flows from operations in the Condensed Consolidated Statements of Cash Flows. Total accounts receivable sold under the factoring arrangements was $22.9 million during the three months ended September 30, 2022. Factoring fees on the sales of receivables were recorded in other income (expense), net in our Condensed Consolidated Statement of Operations and were not material.11
