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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
June 30, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,141,896 $— $— $1,141,896 
Commercial paper— 130,088 — 130,088 
U.S. treasury securities7,519 — — 7,519 
Marketable securities:
Corporate bonds— 545,856 — 545,856 
U.S. treasury securities350,520 — — 350,520 
Commercial paper— 272,668 — 272,668 
Certificates of deposit— 167,027 — 167,027 
U.S. agency bonds— 13,381 — 13,381 
Non-U.S. government and supranational bonds— 9,050 — 9,050 
Prepaid expenses and other current assets:
Certificates of deposit— 1,068 — 1,068 
Restricted cash:
Certificates of deposit— 4,054 — 4,054 
December 31, 2023
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,032,675 $— $— $1,032,675 
Commercial paper— 106,268 — 106,268 
Certificates of deposit— 1,551 — 1,551 
Corporate bonds— 859 — 859 
Marketable securities:
Corporate bonds— 427,957 — 427,957 
U.S. treasury securities336,356 — — 336,356 
Commercial paper— 201,145 — 201,145 
Certificates of deposit— 132,457 — 132,457 
U.S. agency bonds— 42,250 — 42,250 
Non-U.S. government and supranational bonds— 8,983 — 8,983 
Prepaid expenses and other current assets:
Certificates of deposit— 2,542 — 2,542 
Restricted cash:
Certificates of deposit— 4,054 — 4,054 
We classify our marketable securities within Level 1 or Level 2 because we determine their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
Gross unrealized gains and losses on our marketable securities were not material in the aggregate as of June 30, 2024 and December 31, 2023. We evaluated all available evidence and did not recognize any allowance for credit losses for our marketable securities as of June 30, 2024 and December 31, 2023.
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
June 30, 2024
Due in one year or less $1,027,926 
Due after one to five years 330,576 
Total $1,358,502 
Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.