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v3.23.1

Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements of Financial Assets and Liabilities | The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at March 31, 2023 and December 31, 2022:
|  | March 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Cash equivalents and investments: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 14,126 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,126 |
Commercial paper |  |  | — |  |  |  | 20,325 |  |  |  | — |  |  |  | 20,325 |
Corporate bonds |  |  | — |  |  |  | 248,493 |  |  |  | — |  |  |  | 248,493 |
U.S. Government agency securities |  |  | — |  |  |  | 55,175 |  |  |  | — |  |  |  | 55,175 |
U.S. Treasury securities |  |  | — |  |  |  | 957,368 |  |  |  | — |  |  |  | 957,368 |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | — |  |  |  | 3,153 |  |  |  | — |  |  |  | 3,153 |
Total |  | $ | 14,126 |  |  | $ | 1,284,514 |  |  | $ | — |  |  | $ | 1,298,640 |
|  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Cash equivalents and investments: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 11,518 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,518 |
Commercial paper |  |  | — |  |  |  | 16,036 |  |  |  | — |  |  |  | 16,036 |
Corporate bonds |  |  | — |  |  |  | 261,918 |  |  |  | — |  |  |  | 261,918 |
U.S. Government agency securities |  |  | — |  |  |  | 39,965 |  |  |  | — |  |  |  | 39,965 |
U.S. Treasury securities |  |  | — |  |  |  | 876,534 |  |  |  | — |  |  |  | 876,534 |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | — |  |  |  | 3,153 |  |  |  | — |  |  |  | 3,153 |
Total |  | $ | 11,518 |  |  | $ | 1,197,606 |  |  | $ | — |  |  | $ | 1,209,124 |
Summary of Composition of Short and Long Term Investments | The following tables summarize the composition of our short- and long-term investments at March 31, 2023 and December 31, 2022.
|  | March 31, 2023 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Aggregate Fair Value |
|  | (in thousands) |
Commercial paper |  | $ | 20,325 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,325 |
Corporate bonds |  |  | 250,920 |  |  |  | 96 |  |  |  | (2,523 | ) |  |  | 248,493 |
U.S. Government agency securities |  |  | 55,791 |  |  |  | 13 |  |  |  | (629 | ) |  |  | 55,175 |
U.S. Treasury securities |  |  | 959,613 |  |  |  | 319 |  |  |  | (2,564 | ) |  |  | 957,368 |
Total |  | $ | 1,286,649 |  |  | $ | 428 |  |  | $ | (5,716 | ) |  | $ | 1,281,361 |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Aggregate Fair Value |
|  | (in thousands) |
Commercial paper |  | $ | 16,036 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,036 |
Corporate bonds |  |  | 265,875 |  |  |  | 9 |  |  |  | (3,966 | ) |  |  | 261,918 |
U.S. Government agency securities |  |  | 40,908 |  |  |  | 1 |  |  |  | (944 | ) |  |  | 39,965 |
U.S. Treasury securities |  |  | 881,428 |  |  |  | 14 |  |  |  | (4,908 | ) |  |  | 876,534 |
Total |  | $ | 1,204,247 |  |  | $ | 24 |  |  | $ | (9,818 | ) |  | $ | 1,194,453 |
Summary of Contractual Maturities of Short and Long Term Investments | The contractual maturities of short-term and long-term investments held at March 31, 2023 and December 31, 2022 are as follows:
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Amortized Cost Basis |  |  | Aggregate Fair Value |  |  | Amortized Cost Basis |  |  | Aggregate Fair Value |
|  | (in thousands) |  |  | (in thousands) |
Due within one year |  | $ | 1,164,216 |  |  | $ | 1,159,547 |  |  | $ | 1,089,250 |  |  | $ | 1,081,662 |
Due after 1 year through 2 years |  |  | 122,433 |  |  |  | 121,814 |  |  |  | 114,997 |  |  |  | 112,791 |
Total |  | $ | 1,286,649 |  |  | $ | 1,281,361 |  |  | $ | 1,204,247 |  |  | $ | 1,194,453 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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