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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of financial assets measured at fair value on a recurring basis

The following tables provide the financial assets measured at fair value on a recurring basis:

						Amortized Cost or Carrying Value						Gross Unrealized Gains						Gross Unrealized Losses Less Than 12 Months						Gross Unrealized Losses More Than 12 Months						Fair Value Hierarchy as of September 30, 2023																		Aggregate Fair Value
																														Level 1						Level 2						Level 3
Financial Assets:						(In thousands)
Cash and cash equivalents:
Money market funds						$	418,098					$	—					$	—					$	—					$	418,098					$	—					$	—					$	418,098
Commercial paper						23,311						—						—						—						—						23,311						—						23,311
Total included in cash     and cash equivalents						441,409						—						—						—						418,098						23,311						—						441,409
Marketable securities:
Debt securities:
U.S. Treasury securities						528,950						20						(1,060)						(3,999)						523,911						—						—						523,911
Non-U.S. government    securities						115,923						—						—						(2,897)						113,026						—						—						113,026
Corporate debt securities and commercial paper						2,577,183						134						(9,810)						(31,002)						16,690						2,519,815						—						2,536,505
Total debt securities						3,222,056						154						(10,870)						(37,898)						653,627						2,519,815						—						3,173,442
Equity securities						6,050						—						—						—						6,050						—						—						6,050
Total marketable    securities						3,228,106						154						(10,870)						(37,898)						659,677						2,519,815						—						3,179,492
Total financial assets						$	3,669,515					$	154					$	(10,870)					$	(37,898)					$	1,077,775					$	2,543,126					$	—					$	3,620,901

						Amortized Cost or Carrying Value						Gross Unrealized Gains						Gross Unrealized Losses Less Than 12 Months						Gross Unrealized Losses More Than 12 Months												Fair Value Hierarchy as of December 31, 2022																		Aggregate Fair Value
																														Level 1						Level 2						Level  3
Financial Assets:						(In thousands)
Cash and cash equivalents:
Money market funds						$	46,610					$	—					$	—					$	—											$	46,610					$	—					$	—					$	46,610
Reverse repurchase    agreements						200,000						—						—						—												—						200,000						—						200,000
Commercial paper						2,249						—						—						—																		2,249												2,249
Total included in cash    and cash equivalents						248,859						—						—						—												46,610						202,249						—						248,859
Marketable securities:
U.S. Treasury securities						481,463						—						(1,269)						(11,347)												468,847						—						—						468,847
Non-U.S. government    securities						149,901						—						(33)						(6,304)												143,564						—						—						143,564
Corporate debt securities and    commercial paper						2,973,844						307						(12,202)						(71,043)												5,000						2,885,906						—						2,890,906
Total marketable    securities						3,605,208						307						(13,504)						(88,694)												617,411						2,885,906						—						3,503,317
Total financial assets						$	3,854,067					$	307					$	(13,504)					$	(88,694)											$	664,021					$	3,088,155					$	—					$	3,752,176

Schedule of contractual maturities of marketable securities

The following table summarizes the contractual maturities of debt securities:

						As of September 30,												As of December 31,
						2023												2022
						Amortized Cost						Aggregate Fair Value						Amortized Cost						Aggregate Fair Value
Financial Assets:						(In thousands)
Less than one year						$	1,740,368					$	1,710,876					$	1,943,836					$	1,909,218
One to three years						1,481,688						1,462,566						1,661,372						1,594,099
Total						$	3,222,056					$	3,173,442					$	3,605,208					$	3,503,317

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- References

No definition available.

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X

- Definition

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

+ References

No definition available.

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