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Fair Value of Financial Instruments (Tables)

3 Months Ended

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

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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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
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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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