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v3.23.3

Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Cash equivalents and investments: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 215,494 |  |  | $ | — |  |  | $ | — |  |  | $ | 215,494 |
Commercial paper |  |  | — |  |  |  | 21,845 |  |  |  | — |  |  |  | 21,845 |
Corporate bonds |  |  | — |  |  |  | 227,155 |  |  |  | — |  |  |  | 227,155 |
U.S. Government agency securities |  |  | — |  |  |  | 85,894 |  |  |  | — |  |  |  | 85,894 |
U.S. Treasury securities |  |  | — |  |  |  | 886,446 |  |  |  | — |  |  |  | 886,446 |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | — |  |  |  | 3,153 |  |  |  | — |  |  |  | 3,153 |
Total |  | $ | 215,494 |  |  | $ | 1,224,493 |  |  | $ | — |  |  | $ | 1,439,987 |
|  | 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 September 30, 2023 and December 31, 2022.
|  | September 30, 2023 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Aggregate Fair Value |
|  | (in thousands) |
Commercial paper |  | $ | 12,892 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,892 |
Corporate bonds |  |  | 229,363 |  |  |  | — |  |  |  | (2,208 | ) |  |  | 227,155 |
U.S. Government agency securities |  |  | 86,755 |  |  |  | — |  |  |  | (861 | ) |  |  | 85,894 |
U.S. Treasury securities |  |  | 887,854 |  |  |  | 1 |  |  |  | (1,409 | ) |  |  | 886,446 |
Total |  | $ | 1,216,864 |  |  | $ | 1 |  |  | $ | (4,478 | ) |  | $ | 1,212,387 |
|  | 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 September 30, 2023 and December 31, 2022 are as follows:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Amortized Cost Basis |  |  | Aggregate Fair Value |  |  | Amortized Cost Basis |  |  | Aggregate Fair Value |
|  | (in thousands) |  |  | (in thousands) |
Due within one year |  | $ | 1,064,497 |  |  | $ | 1,061,526 |  |  | $ | 1,089,250 |  |  | $ | 1,081,662 |
Due after 1 year through 2 years |  |  | 152,367 |  |  |  | 150,861 |  |  |  | 114,997 |  |  |  | 112,791 |
Total |  | $ | 1,216,864 |  |  | $ | 1,212,387 |  |  | $ | 1,204,247 |  |  | $ | 1,194,453 |

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